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.
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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? with citations from this book:
Weiss, J. W. (2014). Business Ethics: A Stakeholder and Issues Management Approach/by Joseph W. Weiss.
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