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Ethics in Society

In: Business and Management

Submitted By twiggg87
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Question 5:
Explain why you agree or disagree with Hare’s contention that the market requires or presupposes ethics.

I both agree and disagree with Hare’s belief that the market requires ethics. I do agree that an efficient and successful market requires ethics. In order for a market to be successful and efficient, certain rules must be followed. As Hare states, “…there could be no efficient market unless people could trust one another” (1998). If both parties trust each other in the market than both parties win; for example, a consumer purchases a new car, he or she trusts that it is new through and through, just as the dealer trusts that the consumer has a viable and trustworthy payment method. There are standards for essentially every sector, and so long as those are generally followed, an efficient market will allow businesses to prosper and consumers to get trusted goods and services.
On the flip side, a market can still exist without ethics. It is true that this market has a slim chance to operate efficiently, but none the less, it is still a market with buyers and sellers and supply and demand dictating prices. There are multiple examples of unethical markets; the drug trade, war torn countries entire systems, dealings with terrorists/pirates and more. There are little to no ethics in these markets, but they do exist and function, albeit not efficiently. Even if there are standards, many times both the buyers and the sellers will short the system. It is almost expected and accounted for. In essence, a market exists wherever there are buyers and sellers; but an efficient market requires the use of standards and common…...

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