Discuss when greed and selfishness in businesses go too far and become a hazard to society.

I think that Marx would argue that greed and selfishness is intrinsic to capitalism.  The presence of extreme and obscene wealth and extreme and shocking poverty represents how capitalism has already gone too far.  Marx would make the case that capitalism is a “runaway train” in which it has already gone too far in society.  Its presence has to be stopped.  For Marx, this requires ownership of the means of production to be public and not private.  Privatization under capitalism has led to a “no limit” approach in which the very wealthy have consolidated their power over the very poor without any limitations or regulations (Fieser, J. & Moseley, 2012).

Stepping back into your shoes again, contrast your system of values and ethics concerning greed and self-interest with the system of values of Smith or Marx.

Human beings are driven by greed, weather it is a benefit or a position for someone to attain higher status in life. Adam Smith said that, “It is not from the benevolence of the butcher, the brewer, or the baker, that we expect our dinner, but from their regard to their own interest” (Smith, 1776: 26-27). This statement explains that it is the self-interest of individuals that causes people to trade. This trade pushes an economy in a forward progression, which creates a more profitable living situation for the individuals in the economy.

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.

When I was recruited in the Army about a decade ago, I planned to work so hard so that I could be recognized or promoted to another rank, so that my salary could increase and I can have a better life. I believe that self-interest and greed are good while utilized positively for personal and professional growth, it makes one achieve certain things he/she desired in life.

Reference:

Fieser, J. & Moseley, A. (2012). Introduction to business ethics. San Diego, CA: Bridgepoint Education, Inc.