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Politics, Ethics and Social Responsibility of Business
book

Politics, Ethics and Social Responsibility of Business

by Usha, Bhanu;Krishna, K. V. Murthy
October 2010
Intermediate to advanced content levelIntermediate to advanced
232 pages
9h 1m
English
Pearson India
Content preview from Politics, Ethics and Social Responsibility of Business
52
| POLITICS, ETHICS AND SOCIAL RESPONSIBILITY OF BUSINESS
The market economy is a broader term than capitalism. The market economy refers to the way resources are
allocated, whereas capitalism refers to property relations. Although, historically, the market economy has been
associated with capitalism, namely, private ownership and control of the means of production, a market allocation
of resources is not inconceivable within a system of social ownership and control of economic resources.
The three major sources of problems in a market economy are:
1. externalities,
2. income inequalities and
3. imperfections.
This results in the market not operating in the most eff cient and equitable manner. That is, this leads ...
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Publisher Resources

ISBN: 9789332506497