Globalization and Changing Middle Class individuaol

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Department of Applied Social Sciences APSS2851 Globalization and the Changing Middle Class Lecture 2 Rise of the new economies – or the sinking of it? In the last lecture we said something has gone wrong in the system. What has gone wrong? How can we make sense of the world out of this fault-finding process – if it could be launched? And if there is any recommendation, would it be able to implement? We move back to an article (Friedman, 1970) by Milton Friedman (1912-2006), who was the Nobel Prize Winner in Economic Sciences in 1976, and the spearhead of neo- liberalism, which believes in the self-regulation of the market with little intervention by the government. - only people have social responsibilities – business does not - as a corporate executive, one may devote one’s income to meaningful causes, but if so, one is acting as a principal of oneself, not an agent of the owner of the business – which could be its shareholders - one may not need to do so, as there is tax system to take care of the redistribution of income - one can do good, but only at one’s own expense - there is one and only one social responsibility of business – to use its resources and engage in activities designed to increase its profits so long as it stays within the rules of the game, which is to say, engages in open and free competition without deception or fraud - what do you feel about this line of thought?
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  • Spring '16
  • Economics, Subprime mortgage crisis, Collateralized debt obligation, global financial crisis, Milton Friedman

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