Free Market
Business prosper in an open market because of
healthy competition and of profit motivation. Enterprising individuals find
great rewards as they maximize the use of their skills and take advantage of
their unique product or service. It is not their fault to have created wealth
for themselves in use of business acumen, and in providing the market with the
best product suited for its need. Many things we enjoy today find their origin
from creative individuals who risked time, effort and money to make them available
for us.
Free market fueled by competition and freedom to
innovate is such a wonderful economic arrangement. In this economic set-up,
goods and services, people and capital, ideas and skills flow and are exchanged
freely to create. They go where they are needed and most useful, where there is
also higher incentive and bigger chances for profit. As a result, new products
are created, and more varied services are offered for the benefit of those who
has means and need of it.
In a free market, despite of competition and
because of the freedom to innovate, a person can realize full potentials and
contribute to the economic progress. A person normally finds fulfillment in his
achievements and success. In free market, through hard work and skills, a
person can succeed and create enormous wealth.
Free market favors the person by making
available what he needs. It promotes the person by giving him freedom to create
and have the best. Yet lately it is being condemned for being against the
person, for the destruction, for the loss, for the marginalization and
alienation of the human person. How can the free market admired for the best
and the wealth it creates becomes demonized for the problems it did not intend?
They said, Brexit was a choice against the free
market and Trump won due to the sentiment against the imbalance created by the
free market. Its like hearing Bicolanos throwing away that famous saliva
inducing Bicol Express. It is not possible, its unimaginable. But the point is,
not everything is beautiful in a free market economy. Oftentimes, many are
there for nothing but money. In effect, abuses happen, people felt neglected
and nature ruined. This latter situation calls for ethical examination, to find
out what went wrong and how can this be avoided and be made better.
Ethics for free market is a self-correcting
mechanism. Like anything else around us, free market has its own failures that
must be corrected. The Paris Climate Agreement, the Sarbarnes-Oxley Act,
Anti-Money Laundering Law, Gina Lopez of DENR attempt to correct what is wrong
in free market, and cry for the necessity of ethics in business.
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