Unit 5 - Assignment PDF

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Consider the following from your own informed and educated point of view:      

How important are laws to protect the prosperity of businesses? How important are laws to protect society from the (perhaps unintended) costs of business? How important are laws to protect our Earth from the (perhaps unintended) costs of business? How important are law to protect the health of the environment? What balance should laws seek to maintain the rights of businesses and the rights of their customers? What balance should laws seek to maintain the rights of businesses and consumers and related impact on sustainability (broadly defined and interpreted)?

PORTFOLIO – UNIT 5 

How important are laws to protect the prosperity of businesses?

The laws are one of the governing criteria for the protection of rights of not only the business but their employees too. Laws are the first basis of boundary creation for the business which governs the limitations of their work system and creates a binding legal penalty for their unethical and improper actions. Moreover, this provides leverage to both employer and employee to take legal actions upon each other for their dreadful actions which forms the illegal and unethical work practices. So, yes the laws are very crucial for the prosperity of the business

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How important are laws to protect society from the (perhaps unintended) costs

of business? In today’s world, the business work with the main motive to earn and grow rather than providing efficient and sustainable products at proper value. As a result, if the laws for the protection of society are not developed, the businesses may tend to exploit the society either by exploiting their customers, or the resources of the society by gaining undue leverage on the society. Moreover, due to competition some business may tend to take some unintended decisions which cost the sustainability of the society and this is where such societal laws comes hand to prevent the rights of the society.

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How important are laws to protect our Earth from the (perhaps unintended)

costs of business? This would bring back to the earlier question where the laws are designed to protect society from businesses greed or at times unintended decisions costing the society’s fortune. In the earlier case we projected society a small environment where here the reasons remain same while society being replaced by whole Earth as a bigger environment. The Earth has unlimited opportunities and in order to win the race businesses tend to expand costing the sustainability and protection of this mega environment. Many a times it has been seen, where Earth had to suffer from the negligence of the businesses leading to vast destruction of flora and fauna

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How important are law to protect the health of the environment?

The Earth is the source of the livelihood for millions of organisms and is the reason for this global existence. Since ages, the human’s greed and dreadful acts have exploited this earth, and its habitants in various forms while continuously degrading the health of the environment leading to various global extinctions and unhealthy environment in form of global warming, acid rains, oil spills and many more. This has created a toll on the livelihood and sustainability of this planet. In order to safeguard this planet the laws to protect the health of the environment is crucial and the only way to create a healthy sustainable environment.

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What balance should laws seek to maintain the rights of businesses and the

rights of their customers?

The business and customer relationship is one of the inseparable form, where they depend on each other to grow, develop and sustain themselves. Ethically and ideally, they should

work for the development of each other as this may ensure the prosperity of both. However, it has been that both tend to exploit each other to gain undue advantage for themselves via unethical means and at times illegal too. Hence, it becomes crucial to provide a balanced form of laws for both in order to protect their rights while creating a business and a customer harmony....