The free market theory emphasizes a free market system. This is an economic system where the market and the consumers have an impact on the prices of commodities and services based on the demand and supply. A free market theory explains a hypothesized market that lacks monopoly or governmental interference. The exchange of product and services occurs voluntarily with the decentralization of all business arrangements.
The stakeholder theory focuses on the organizational management and the relevant entities affected by the daily activities of the company. A stakeholder or a constituency can either be a defined broadly or narrowly. On a broader perspective, they represent any individual or group affected by the operations of an organization. Examples include customers, suppliers, employees, stockholders, and media amongst others. A narrow perspective includes employees, customers, suppliers, communities, and financial institutions.
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Advocates of utilitarianism ethics have disagreed whether moral judgment should either hinge on actual or foreseeable consequences. The dilemma arises because the actual effects of actions can significantly differ from what an individual expected. According to utilitarianism, doing the right thing is based on the nature of the results it has. In assessing the actual consequences, individuals tie their actions to the best outcomes. On the contrary, the foreseeable consequences mainly deal with the expected utility and look into how the actions will impact the future.
Positive and negative rights have a fundamental difference that occurs not only in their nature but also application. When dealing with the positive rights, others are required to provide one with a good or a service. On the contrary, a negative right requires one to avoid interfering with the actions of another.
Appealing to the law to solve moral problems can be insufficient. First, some laws are rigid and thus not flexible enough to solve moral problems. Secondly, not all moral aspects are covered in specific laws for instance, in many countries; corporate social responsibility is not included in the laws of the nation. Thirdly, although laws are subject to change, morals, on the other hand, do not change.
