ethics discussion post
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There is no right or wrong answer for this discussion forum. It is about looking at information and finding patterns. The overriding question is, “do societies have shared values, and do these shared values have an impact on prosperity and well-being?” Be sure to look at Adam Smith’s virtues at the end, but there are also two other sources that evaluate social values.
Adam Smith insisted that the free market could not prosper without shared virtues within a society. Can societies have virtues? Adam Smith’s virtues are below. Explore Smith’s social virtues, but also look around the “index of corruption” of transparency.org.
What are some of the patterns you see? Are there commonalities or outliers at the top or bottom of the index? Where is the US located? In 1995, we were 15th.
If this is true, it might explain why some “undeveloped” countries have become first world economically, and others have continued to stagnate or decline. You may be interested in looking at Central American countries as these have been much in the news. If this reasoning is true, are we likely to be able to develop a stable free-market democracy in countries with high corruption?
Finally, looking at Adam Smith’s virtues for society, what are some of the strengths in the US, what are some of the weaknesses, and if Smith is correct, should we be optimistic or have reason to be concerned? Does ethics in society affect overall prosperity and the proper functioning of a free market?
In every discussion forum, substantive interactions with other students are due before the forum close date and time. Initial post is due on Friday by midnight, and replies by Sunday.
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https://www.transparency.org/en/cpi/2021
On these two metrics of social ethics, Adam Smith’s virtues, and the index of corruption, is the United States moving in the right direction? Might this explain why some “developing” countries are not actually developing well others have moved from the Third World to the first world and by some measures surpassed the US. By clicking on a particular country, you can see the progression up or down.
Smith’s Virtues
Rationality: they know their own interests and avoid emotional outbursts that interfere with clear planning
Prudence: postponed gratification for long-term profit
Industriousness: hard-working, not lazy
Temperance: moderate in their demands, not greedy
Thriftiness: disposed to save money
Skillfulness: some saleable skill to make a living
Responsibility: keep commitments, safe (do no harm) and effective products, commitment to community
Share your analysis with your classmates through the discussion forum.
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