Ethics Discussion Unit 4 DB: Free Market or Social Contract
This is the discussion board rubric used by the Malcolm Baldrige School of Business. It is worth 100 points. Discussion Criteria and Rubric Active participation: 3 or more posts are submitted during the week. Timely participation: The first post is submitted by 11:59p (EST) Wednesday evening. Professional communication: Posts are grammatically correct with no spelling, capitalization, or punctuation errors. Resources are used to validate the information shared and references are provided in the post to these resources. Response to questions: All questions are answered in complete detail in initial post. Evidence of critical thinking or extending information. Posts are written using personal experiences and research so that classmates are motivated to continue the conversation and enhance and explore the topics being addressed.
The primary aim of a free market is to make a profit. Competition rather than regulation keeps bad behavior in check, and companies work hard to differentiate themselves in order to make more profit. In a social contract environment, outside forces such as regulation, laws, enforcement and outside governance produce limits to a corporation’s power and reach. As a consumer, which approach are you most comfortable with, Free Market or Social Contract and why? As a business owner, which approach would you rather follow and why?
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