Comments on: Revisiting Adam Smith: Defending Capitalism http://businessskeptic.firstrulecorp.com/2007/10/29/revisiting-adam-smith-defending-capitalism/ Rational Thought For Business and Economics Sat, 31 Jul 2010 00:04:35 +0000 http://wordpress.org/?v=2.2.1 By: K. Brothers http://businessskeptic.firstrulecorp.com/2007/10/29/revisiting-adam-smith-defending-capitalism/#comment-15 K. Brothers Mon, 07 Jan 2008 14:23:39 +0000 http://businessskeptic.firstrulecorp.com/2007/10/29/revisiting-adam-smith-defending-capitalism/#comment-15 As we all know business ethics discourse does not resonate very well in executive circles so I will keep this short and sweet. Ultimately we're responsible for what we sell and how we sell it. We're responsible for the effects (and the side effects) of our actions. It is 100% our decision. Whatever the decision is, you need to own it. If you can't look that decision to market a product or service in the mirror, market something else. It's that simple. As we all know business ethics discourse does not resonate very well in executive circles so I will keep this short and sweet. Ultimately we’re responsible for what we sell and how we sell it. We’re responsible for the effects (and the side effects) of our actions. It is 100% our decision. Whatever the decision is, you need to own it. If you can’t look that decision to market a product or service in the mirror, market something else. It’s that simple.

]]> By: Michael Carow http://businessskeptic.firstrulecorp.com/2007/10/29/revisiting-adam-smith-defending-capitalism/#comment-6 Michael Carow Mon, 29 Oct 2007 18:57:14 +0000 http://businessskeptic.firstrulecorp.com/2007/10/29/revisiting-adam-smith-defending-capitalism/#comment-6 The article on Defending Capitalism hits an important truth of our present society. We seem to have developed into a “if it feels good, do it” or “if it good for me, it is good” society. Freedom is great, but it comes with responsibility. If you look at two of the largest industries that we have in the US today, Trillion Dollar Industries, they seem to have forgotten that they have a responsibility to their customers. The two Industries that I refer to are the Food Processing and Sickness Industry (Health Care). We do have an epidemic today in our country. We are getting fatter and suffering from many aliments that are unnecessary. The source of the problem is nutrition or the lack there of in our lifestyle. Instead of addressing the source, we medicate it. Why is the problem growing so fast, because it is very profitable. I want to be clear, I am not against profit. Forward thinking and the motivation for profit is what drives innovation. Without innovation, we would not have the freedom or lifestyle that we have today. It is, however, critical that we do not pursue profit at the expense of the very people we should be trying to serve. If you serve others and do what is right, you will have profit. Not only can you win in the short term, but you can have something that will be sustainable. Let’s get back to focusing on the big picture and not the quick win. The article on Defending Capitalism hits an important truth of our present society. We seem to have developed into a “if it feels good, do it” or “if it good for me, it is good” society. Freedom is great, but it comes with responsibility.

If you look at two of the largest industries that we have in the US today, Trillion Dollar Industries, they seem to have forgotten that they have a responsibility to their customers. The two Industries that I refer to are the Food Processing and Sickness Industry (Health Care).

We do have an epidemic today in our country. We are getting fatter and suffering from many aliments that are unnecessary. The source of the problem is nutrition or the lack there of in our lifestyle. Instead of addressing the source, we medicate it. Why is the problem growing so fast, because it is very profitable.

I want to be clear, I am not against profit. Forward thinking and the motivation for profit is what drives innovation. Without innovation, we would not have the freedom or lifestyle that we have today. It is, however, critical that we do not pursue profit at the expense of the very people we should be trying to serve.

If you serve others and do what is right, you will have profit. Not only can you win in the short term, but you can have something that will be sustainable. Let’s get back to focusing on the big picture and not the quick win.

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