DANGER IN TODAY'S SOCIETY: ETHICAL CRISIS OR ECONOMICAL CRISIS?

 DANGER IN TODAY'S SOCIETY: ETHICAL CRISIS OR ECONOMICAL CRISIS?

In simple terms, Ethics is the study of what is right or wrong in human conduct. This is a branch of Philosophy which studies moral principles. On the other side, economics is a social science that studies the production, distribution, and consumption of goods and services. Ethics and economics both revolve around humans. Both starts from household and become danger due to their crisis in a society by making or breaking that society.

DANGER OF ETHICAL CRISIS: 

Ethical crisis occur at an individual level to international level. It is a situation, where conflict arises when a given decision, scenario or activity creates a conflict with a society's ethical principles. At individual level, not caring others and want to survive with selfishness at cost of other without feeling how others are feeling i.e., lacking empathy. Best example we can bring from second wave of Corona. One irresponsible person creating a message and spreading it, without checking the fact many spreading it on social media. Further, Government unable to tackle the issue in a proper way was devastating effect on patients who effected with Corona and created panic at societal level. Ethical crisis will create threats to public safety, financial loss and reputation loss at international level, these threats are interrelated and ultimately leads to disturbances in Societal level.

DANGER OF ECONOMICAL CRISIS:

It is also occurs at individual to international level.  In simple terms, an Economic crisis is a situation in which a individuals/country's economy, which is careful management of available resources deteriorates significantly. Due to greedy behaviour and massive unchecked consumption and wastage of resources at individual level is the cause of economic crisis at large. Economic crisis that occur in an individual and national level over certain period or unexpectedly due to inadequate or wrong management. A sharp deterioration in the economic state of the country, manifested in a significant decline in production; violation of existing production relations; bankruptcy of enterprises; and rising unemployment.

DANGER OF REINFORCING ETHICAL AND ECONOMICAL CRISIS EACH OTHER AND WAY FORWARD: 

It is high time to realise that the economic crisis also concerns common ethical values and standards. Both are like two sides of a coin and both reinforce each other and their crisis become danger to society.  Gaining economic development without ethics is like 'A battle half won'. In a society Laws without ethics cannot endure, and no legal provision can be implemented without ethical consciousness based on some elementary ethical standards. For instance, an individual investing his hard earned money in an unethical business, where it is promising high returns. Here, we can observe an individual with his greediness without much hard work expecting to become rich. On the other side, the company is trying to entice with false claims and to grab money out of greedy investors. Both are not following ethics, one day both will fail in Economy and in fact , they fails the Economy. The one invested will be devastated by false high returns and lose everything which he had. The company due to false claims, not following minimum standards will be punished and be closed, becomes part of economic crisis at large. This not just an issue of individual ethics but it is also an issue of corporate ethics and concerns the economy as a whole. Hence, the failure of markets, institutions (family to political institution) calls for an ethical framework. 

Obviously ethics are not just the icing on the cake; they are not just marginal or artificially put-on features in shaping the economy. Further, only economic development can't solve issues but inculcating ethical values at individual level i.e., from school level,  and further ethical redistribution of resources, equal development of all areas and getting fruits of development to all helps to grow a society in every aspect.

As mentioned in Global Ethic Declaration of 1993, the principle of humanity, supported by the Golden Rule of reciprocity underlie all ethical values and helps to bring standards of non-violence, fairness, truthfulness and partnership in all aspects of Society. Without careful management of resources (i.e., failure economics) a society is lame, without ethical principles Society is blind. Without both, Society laden with crisis and breading ground for discontent. Therefore, Man should acts an engine of a Society and steer that with two wheels i.e., Ethics & Economics for the betterment of mankind and at large betterment of a society.

Article Written by

Syam Sundaram Addanki

Assistant Section Officer

Andhrapradesh Secretariat.