7 Jul 2018
Does Morality Impede Economic Development ?
Debate 6
This is a long-standing debate with a constantly renewed formulation, which can be discussed in both the macroeconomic or geopolitical sphere. For example, one could ask: “Should diplomacy free itself from the moral framework of human rights? ». From a microeconomic point of view, directly concerning the majority, many still debate if «Companies should be ethical? », «Is capitalism ethical?”, or again, “Does planned obsolescence meet consumer needs?”. But are moral individuals capable of an ethical stance, can economic systems have a moral code, or rather, are these the prerogative for individuals?
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As it is set out, the question in this debate implies that companies’ economic and financial performances are impeded when factoring in criteria other than financial ones – CSR criteria such as the climate aspect, respect of standards and environmental questions going against Milton Friedman’s dictum that “Corporate social responsibility for businesses is to increase profits.” But is there really conflict between financial performance and CSR requirements? Otherwise companies focused more on the outside world, towards their business and societal environments, would have better operational performances than those of similar companies less responsive to societal and environmental challenges.
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