Question 1(a) · 10 marks · 162 words written
Opening · a definition
Ethical capitalism refers to taking care of humans, environment and profits at the same time to ensure sustainable development.
E.g. Reducing the compensation of top executive during recession.
Body · points
Causes for desire for limitless wealth
Values of materialism by western nations overpowering the value of sacrifice in India
Rise in Consumerism & demand for unnecessary high value goods E.g. Spending $ 1 million of 15 minutes in space ship
Worth of person is recognised by possession of assets, cloths E.g. Having an iphone as status symbol
However, there is scope for ethical capitalism
(1) Ensure code of ethics for the business organisation (2) Role of big business people in leading by example E.g. Narayan Murty Compassionate Capitalism (3) Reviving old values of Sacrifice, Selflessness through media & cinema (4) Effective socialisation right from childhood, E.g. Schooling, Parenting
Close · a way forward
Thus, to save our society from destroying all the environment & inequality, all of us must practice compassion in wealth creation.