Download Self-Interest or Community Interest As read in Chapter 2 of the

Self-Interest or Community Interest
As read in Chapter 2 of the course text, 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 again, contrast your system of values and ethics concerning greed and selfinterest 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?
Your initial post should be at least 250 words in length. Support your claims with examples from required material(s)
and/or other scholarly resources, and properly cite any references. Respond to at least two of your classmates’ posts
by Day 7.
Writing from the perspective of Adam Smith, an economic recession is caused from personal self-interest, private
ownership and market competition (Fiesar, J. & Moseley, A., 2012, pg. 2.2). The recession of 2008 came directly
from greed. When Fannie Mae and Freddie Mac started approving every one and their brother for a house loan, the
banks that were backing these mortgages failed as the defaulting began. It's a trickle down effect from there. This is
a prime example of when greed and selfishness go too far. The competition of the financial industries ended in
disaster- not only for them, but for those who took on loans they had no business trying to make the payments on.
Money was flowing into these businesses faster than they could count it- until is abruptely stopped.
My own system of values and ethics follows that of Adam Smith's thinking. I look out for my own personal interests
(family) over others. I do not believe the government should be involved in economic production. Yes, there are times
when it has been necessary for them to step in, but to think we, as citizens of the U.S,. could not have the right to
own our own business and be dictated to by the government is a scary thought to me.
Interesting though, when I think of the ethical perspective of the military (I was active duty Marines for 21 years), I
believe it's more like Marx's thinking. If I look at it as a separate entity, everything is so regimented with ranks and
how everyone is treated. It is an effort of protecting our country, not a selfish worrying about one's self- especially for
those in battle. Instead, it is a team effort that is a government-controlled operation.
Reference:
Fiesar, J. & Moseley, A. (2012). Introduction to Business Ethics. San Diego: Bridgepoint Education, Inc.