Ethical Role Of Capitalism In America
Ethics play a role in every aspect of life. Our country has been privileged enough to learn from the past mistakes and develop a nation that gives people a way to express themselves. Capitalism was one of the biggest changes that the colonists provided to the newly founded America. Our Founding Fathers developed a new understanding of how they wanted to people to be treated in America. Capitalism played an important role in the development of our nation and in turn it led to the development of the Code of Ethics for businesses. Capitalism changed America and helped establish the new laws and government following the Revolutionary War. Adam Smith came about with the intention of using Capitalism as a way to get rid of the British monopoly
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Smith believed the freedom to choose how and where to enter the market would create a good ethical foundation. In turn, management would develop a sense of ethics that would push them to do the right thing. Development of laws and government must be established to prevent monopolies as well as protect laborers from injustice. Capitalism led to much economic growth in America. Increased jobs, technology, and disposable income allowed American's to expand the economy (Collins). Immigrants moved to the United States looking for a way out of British control. With the increase in population and development of technologies the United States was able to purchase or take land that stretched from coast to coast which aided the growth of new ways to deliver goods and services to wider market. The growth generated by capitalism brought about many new regulations to create a barrier against companies that were trying to monopolize their company. The Sherman Antitrust Act of 1890 was established to prevent companies from growing past a certain point (Collins). The new regulation allowed for the smaller businesses to have a chance in the market and prevent the larger companies from forcing them out of business. Other changes in the laws forced companies to become liable for damages to consumers that could be harmed by their products. These new laws held corporations accountable for their
Smith believed the freedom to choose how and where to enter the market would create a good ethical foundation. In turn, management would develop a sense of ethics that would push them to do the right thing. Development of laws and government must be established to prevent monopolies as well as protect laborers from injustice. Capitalism led to much economic growth in America. Increased jobs, technology, and disposable income allowed American's to expand the economy (Collins). Immigrants moved to the United States looking for a way out of British control. With the increase in population and development of technologies the United States was able to purchase or take land that stretched from coast to coast which aided the growth of new ways to deliver goods and services to wider market. The growth generated by capitalism brought about many new regulations to create a barrier against companies that were trying to monopolize their company. The Sherman Antitrust Act of 1890 was established to prevent companies from growing past a certain point (Collins). The new regulation allowed for the smaller businesses to have a chance in the market and prevent the larger companies from forcing them out of business. Other changes in the laws forced companies to become liable for damages to consumers that could be harmed by their products. These new laws held corporations accountable for their