Question 1(a) · 10 marks · 222 words written
Opening
Basic human nature has been survival since ages. Charles Darwin has also put forward the theory of survival of fittest.
But over time, this survival instinct has transformed into garnering more wealth than others. Recent events like scam by Nirav modi, Vijay mallya are testimony to the fact that profits even through unethical means drive humans today.
Reasons for furthering self-interest in profit
Body · points
(1) To live high standard of living (2) To lead a life full of virtues of life and leave an empire (e) Lehman Brothers were considered as too big to fail when they collapsed in 2008 financial crisis
(3) It leads to hubris hypothesis among leaders that they can do no wrong
(e) Satyam scandal or Recent NSE scam where the chairman was allegedly consulting a saint to take financial decisions.
Possibility of pursuing ethical capitalism - Yes
(1) Basic human nature does have inclination towards right conduct
(2) Following role models who have shown exemplary ethical standards
(e) M visvesvaraya used his own vehicle when he retired after his farewell
(3) Narayan murthi has brought the concept of compassionate capitalism
(4) Regular and good usage of CSR (2% of profit) can lead to redistributive justice
Close · a way forward
As it's rightly said, "When there is a will, there is a way": Thus, ethical capitalism can be pursued if people are willing.