GS4 · 10 marks · 150 words

The logic of limitless wealth lies in the basic human instinct for furthering self-interest in the form of profit. In this context, do you think there is a possibility of pursuing ethical capitalism?

Answered by 8 toppers · CSE 2022–2025

Corporate GovernanceDimensions of EthicsHuman ValuesEthical TheoriesIndian ThinkersEthics in Private and Public Life

Syllabus: Public/Civil service values and Ethics in Public administration: Status and problems; ethical concerns and dilemmas in government and private institutions; laws, rules, regulations and conscience as sources of ethical guidance; accountability and ethical governance; strengthening of ethical and moral values in governance; ethical issues in international relations and funding; corporate governance.

How toppers approached it

From 7 of the 8 answers · about 170 words.

Opening

  • No separate opening71%
  • A definition14%
  • A quotation14%

Body

  • Points and prose43%
  • Points43%
  • Continuous prose14%

Close

  • A way forward57%
  • No separate close29%
  • A summary14%

The toppers’ answers

Aditya SrivastavaAIR 1 · CSE 2023 · 154 wordsTheir whole copy

Opening

The basic human instinct are programmed with individualistic approach of ensuring survival of self.

However, in the modern age, these present as desire for limitless wealth leading to -

Body · points

  1. Compromise on value of Gandhian Trusteeship

  2. Against value of temperance

  3. Leads to compromise of collective interest

  4. Against utilitarianism → does not ensure maximum happiness of all.

  5. Promotes self over all others.

This makes it a vice which needs to be resolved via aiming for ethical capitalism -

  1. Uphold spirit of corporate social responsibility → give back part of profits to society
  2. Engage in conservation of environment for sustainability
  3. Train workers according to expertise of the company → ensure supply of trusted workers.
  4. Channelize profits towards inclusivity for better innovation and diverse opinions (held by Warren Buffet)

Close · a summary

This can help make a case for ethical capitalism to ensure Gandhi's Sarvodaya while upholding the corporate value of profitability.

More on Corporate Governance

Ethics in the private sector: boards and disclosure, corporate social responsibility, regulatory capture, business and society.

All GS4 questions on Corporate Governance