Ethical Obligations and Decision-Making in Accounting 2nd Edition by Steven Mintz, Roselyn Morris

Exercise 1

Mahatma Gandhi is quoted as saying: “Capitalism as such is not evil; it is its wrong use that is evil.” What do you think Gandhi meant by this statement? Give an example of when capitalism may have fallen short of its goal to promote the interests of society.

Step 1 of 3

Ethics:

Ethics is the set of some moral values and principal that differentiate right and wrong morally.

Capitalism:

It is a system of operating business in the country by rich people. In this system the main motive of the businesses is to earn maximum profit. Their focus is on profit only. They ignore the welfare of society.