Question 1(a) · 10 marks · 167 words written
Opening
Charvaka philosophy says "Yavat jivet sukham jivet Rinam kritva sukham jivet" means one lives happy & dont think about others. Similarly other theories like Hedonism also support that one can have limitless wealth. Capitalism too was based on it.
Body · points and prose
Issues
- Inequality in society at the cost of others → Hunger, poverty, labour law violations
- Man of means for profit
- Loss of public interest if business fails → 2008 crisis, IL&FS crisis, Harshad Mehta crisis
Pursuing ethical Capitalism : Need.
It means capitalism based on ethical values like corporate governance, CSR.
Need
(1) To end the inequalities, poverty, hunger eg people in COVID lockdown were hungry & Became Poor while top 1% gained 50% of their wealth.
(2) To ensure social justice. As our preamble says |Article 39C|
(3) To avoid threat on humanity as "poverty anywhere is threat to prosperity every where" eg World War-2 due to economic depression.
Close
Hence there is need for ethical capitalism as 'Narayan Murthy' calls it as |Compassion Capitalism|