Greed is Not Good: Teaching Ethics to Professionals – Essay Example
The paper "Greed is Not Good: Teaching Ethics to Professionals" is a wonderful example of a management essay. Milton Friedman, a free-market movement veteran, advocated that businesses tend to maximize their profit and returns to the owners without any responsibility in the society. According to Friedman, free-market allows companies to operate ethically in fulfilling financial obligations. However, conservatives have a different thought towards Freidman’s stand. They consider greed good. To them, qualities of self-sufficiency and rugged individualism such as chastising a poor family on their welfare are highly esteemed. Therefore, Freidman’s stand concerning the idea of the free market can be useful in a capitalist country. Those businesses that pride themselves in an ethical way tend to thrive. The companies tend to achieve growth in their profits and enhance shareholders value. Their esteemed customers also become more willing to pay and utilize the company’s product. The government can then finance its budget by obtaining funds indirectly from the public as suggested by Friedman. Based on his contemporary economic theory, under the appropriate conditions, a decentralized market economy is the best of all possible worlds. (Freidman, 1962) Gordon Gekko openly declares that greed is good. By him saying that he is a liberator of companies rather than a destroyer. A leveraged buyout in the real sense destroys the growing companies. Destroying poorly performing companies leads to monopoly, lack of competency and can lead to poor services and products. Furthermore, the employees of such firms do not have successful conclusions as they end up losing their jobs. The act of leveraging other small companies only explains the individualist theory. According to Gordon, it is only about the 10% of the population who own others and have the freedom to enrich themselves neglecting the rest of the society (Howard, 1996). I would advocate for the incubation of developing entrepreneurial processes to enhance growth and to reduce unemployment.