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Self Interest or Community Interest

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Self-Interest or Community Interest

Adam Smith argued that self-interest is a critical element in a society's economic development. Karl Marx, by contrast, argued that society functions better when each of us is more community oriented.

Pretend you are either Adam Smith or Karl Marx, and explain economic recession from these perspectives.
- Discuss when greed and selfishness in businesses go too far and become a hazard to society.
- Stepping back into your shoes, contrast your system of values and ethics concerning greed and self-interest with the system of values of Smith or Marx.
- Discuss if the ethical perspective of a particular group to which you currently belong, or previously belonged resembles the perspective of Adam Smith or Karl Marx?

Total response is 250 words. Support your claims with examples from required material(s) and/or other scholarly resources, and properly cite any references.

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I pretend that I am Adam Smith. Economic recession from this perspective is that the forces of competition and self-interest work during economic recession and will help the economy recover. During economic recession, self-interest drives businesses to produce less (they experience lower demand). This leads to lower income for salary earners, and some may lose jobs (1). The workers in their self-interest spend less by buying lower priced goods and services, banks lend less because they fear the money may not be returned, and businesses lay off more ...

Solution Summary

The answer to this problem explains self-interest and community interest conflict. The references related to the answer are also included.

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