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Ethics and Wealth - Essay Example

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Ethics and Wealth

Those who own wealth do so area under discussion to a communal mortgage, so to speak. And, in the Catholic social tradition, the lien is held by an authority senior than that of any bank.
If wealth is produced by contributing with others in the application of advancing knowledge to further the common good, then its creation does not produce scarceness, but profusion. The significant scope here is contribution and instrumentation. The production of wealth ought to support contribution, not prohibiting; profusion, not scarceness.
Wealth is a tool, certainly not an end in itself. Its societal conclusion is communal justice and, "communal justice is essentially communal participation--not only access to the distribution of material goods but also to the very process of wealth creation" (Simona Beretta, pp. 137-38).
According to Adam Smith the Creation of wealth includes the four factors of production that are land, labor, capital and organization. The ethical part related to land is that whether the land or resources which are owned by the owner is fairy inherited or owned.
There shouldn't be illegal act for obtaining the resource for production of wealth. For example people prepare illegal papers to show ownership of the land and claim to be the owner of such land which doesn't belong to them. This is unethical part.
Generally la


Generally labor is the mental or physical work which is done for the sake of reward. Ethical part in this factor is that the mental or physical work done to create money should be acceptable by the society and its norms and values.



For example the burglars do unethical physical work to create or to produce money. Ethically production of wealth includes labors working in restaurants, shopping malls, hospitals etc.



Creation of wealth also includes the capital and organization. Capital is the manmade resource which could be used by the organization to produce goods and services. Now ethics has to do much with it. The capital employed to earn profit is the right of every organization but again it should not commit such illegal actions to earn profit which are not tolerated by the society.



Reflection on the Catholic tradition on wealth Robert Kennedy, in "Wealth Creation within the Catholic Social Tradition," indicates the past of Catholic philosophy on wealth from its scriptural sources to the present encyclicals. In this institution, wealth is evaluated ethically in light of the human profession. The resources of the earth are destined to please our desires in society and to create genuine profusion, but they can easily divert us from idol and turn out to be a nuisance to both wealthy and deprived.




For example the production of such medicines which are off low quality and can affect the health of the consumer. This is not ethical way to produce wealth. It takes us towards materialistic approach and away from God .Organizations should be careful to avoid unethical activities to create wealth.




Role of ethics in distribution of wealth:

"Wealth is the same as manure. If you pile it all in one place, you burn the plants under ...Show more

Summary

Wealth is a gift from God in the Catholic social tradition. The nature of wealth is misunderstood if its control is engaged to show that a well-off person is more privileged by God than a deprived one. Instead of encouraging such individual haughtiness, the reward of wealth is destined to encourage individual responsibility for human harmony…
Author : fschroeder
Ethics and Wealth essay example
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