business ethics
VincentL
NoxiousMarket.pptxLECTURE ON THE MORAL LIMITS OF THE MARKETS DEBRA SATZ
ARE ALL MARKETS ETHICAL?
HOW CAN WE TELL IF MARKETS ARE MORAL OR IMMORAL?
ARE CERTAIN PRODUCTS OR SERVICES MORE OR LESS MORAL/IMMORAL?
Odd markets
Satz provides a framework for us… https://www.youtube.com/watch?v=xNKu2EYJs58&feature=player_embedded
Framework
Four Parameters:
Some markets produce harmful outcomes for individuals
Some market produce harmful outcomes for society
Weak Agency: limited to no control of actions
Extremely vulnerable people
Framework
Four Parameters:
Some markets produce harmful outcomes for individuals
Stock market crashes
Grain markets
Coffee markets
POOR OUTCOMES FOR SPECIFIC PEOPLE
Framework
Four Parameters:
Some markets produce harmful outcomes for society
Child Labor
Bonded Labor
POOR OUTCOMES FOR PEOPLE & SOCIETY
Here lower prices, indentured servants…
Framework
Four Parameters:
Weak Agency – limited control or knowledge of your actions
Selling your ability to have a child
Rationality is bounded
POOR OUTCOMES FOR PEOPLE & SOCIETY
Framework
Four Parameters:
Vulnerable People
When someone is doing something out of necessity, rather than out of exchange…the market is immoral
Noxious Markets
| Source: WEAK AGENCY Inadequate information about the nature and/or consequence of a market | VULNERABILITY Market in desperately needed goods, one supplier Originates in poverty and destitution Participants have unequal needs |
| Outcome: Extreme Harm to Individuals Produces destitution Produces harm to the basic welfare and or agency interest of the individual | Outcome: Extreme Harm to Society Promotes dependence Undermines democratic governance |
Titanic Example
Two types of passengers
Some who could afford lifeboats
Some who could not afford lifeboats
Is it ethical to allow people to make this choice?
Titanic Example
NO –
The choice is a function of financial resources and information
Faulty information – weak agency
Awful outcomes for individuals
Creates a noxious market
Trade in Toxic Waste
NO –
The choice is a function of financial resources, information and vulnerability
Vulnerability in bargaining position
Weak agency
Poor outcome for society
