Business and Society: Principle of Rational Egoism Essay example

Business and Society: Principle of Rational Egoism Essay example

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The economic catastrophe of the 1930s radically changed society’s view of free markets. Social concern triggered government intervention aimed at solving the demoralizing problems of the Depression. These services (e.g., education, health care, transportation, environmental protection) when well designed and efficiently delivered can be of great benefit to society as a whole. Although government has stepped in and played a part in developing social insurance and assistance systems to reduce future risk since the early twentieth century, it has been done alongside the growth of corporate capitalism.
All developed economies are mixed; neither solely market-based nor regulated. Business and society are not completely isolated of each other. Business operates within society and as such, I believe, should have social obligations achieved first and foremost by government regulation. When the government seeks to allow more competition in an industry that allows near-monopolies, more harmful side effects occur than those that benefit society. Although the utility industry in the 1990s succ...

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