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 abruptly 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 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.
Fiesar, J. & Moseley, A. (2012). Introduction to Business Ethics. San Diego: Bridgepoint Education, Inc.