Ethics in a free market economic system Essay Example | Topics and Well Written Essays - 2000 words

Ethics in a free market economic system - Essay Example This is partly the concept of a free market is inextricably tied to capitalism which is an equally if not more abrasive topic. Essentially, â€Å"natural† market forces, and individual innovation as well as the underlying notion that hard work and ingenuity are rewarded by success drive a free market economy. The reason for the existence of businesses is to make a profit, ergo, successful business in the free market is bound to make the most profits irrespective of what they are dealing with or its effect on the community or even other business. The free market promoted competition which in turn provides the best possible products to customers at the most affordable price. Ideally, when a new product is launched, it starts off at a high price and then as competitors copy it the cost eventually reduces.While this paper does not offer an answer to the age-old question of the ethics of the free market economy; it will examine the various arguments that have been put forward suppo rting or disproving the assertion that the free market is an ethical and moral paradigm. A market can only be as ethical as the participants that ran it, ultimately it cannot exist in a vacuum and it is in most cases a reflection of a specific cultural environment. Far too little attention has been afforded to the connection between the free market and the totality of culture, in the most discourse on the subject, the fact that the market economy is depended on a framework of ethical presupposition is rarely ever addressed.