Occupy wall street movement Essay Example | Topics and Well Written Essays - 1500 words

Occupy wall street movement - Essay Example The sentiment becomes contagious and spreads to all countries of the world. 1. What are the Moral and economic implications involved in the movement?   Moral implications of the movement reflect in recklessness on the part of few powerful corporations as in the case of Enron or powerful industry like financial services as in the case of subprime crisis which has not only affected various stakeholders and the nation, but destroyed the fabric of the system. The government’s policies in dealing with the crises have been in favour of the corporations at the cost of the common man. Pittman (2008) states that â€Å"Without the government money, Goldman, Merrill Lynch & Co.,  Morgan Stanley, Deutsche Bank AG and other firms could have become some of the biggest creditors in a bankruptcy filing by AIG, the world's largest insurer, because of its billions in losses on  subprime bonds  and corporate debt.† Disintegration of the system over a period of time is the root cau se of various economic and social issues which led to the uprising of this movement. The decay in the system erodes the values of democracy and demoralizes our capitalist society. The renaissance in thinking which forms the basis for the movement indicates the spiritual strength of the society and the nation which calls for a change. Economic development in a country is possible and sustainable only in a healthy society with equality in opportunities. Moral and economic implications are inseparable. Tax cuts to the rich corporate companies in the name of encouraging industrial development, and subsidies in the name of social welfare to protect insurance companies and financial deregulation measures in the garb of liberalization, hitherto gone unnoticed by the public or misinterpreted in press to the benefit of big corporate entities have been brought under public debate. This has given rise to the questions related to issues such as morality of the corporations and relevance of the capitalism. Greed of the companies, for example pharmaceutical companies and the patent laws which protect them in their exploitation of the general public has become the common subject for public discussion. The dilemma of common men in prioritizing their resources even between rent and food under inflationary conditions led them to unite under â€Å"We are the 99%† that reflects the economic inequality and lack of distribution of wealth. It is now believed that increase in wealth of 1% can be equated to the losses of the rest. Since Wall Street symbolizes the economic power of 1%, it lends focus to the agitations. Poverty has become the single most economic issue to be tackled by the nation, and obviously, this responsibility cannot be left to the 1%, going by the experience. The technological innovations in the field of software development and telecommunication though increased the complexities in the manipulation of the system by the corporations on the one hand the same developments and rise of social networks have opened new opportunities and avenues for cohesiveness in the society and its self-realization. 2. How can we theoretically analyze the implications? According to utilitarian theory, good actions form the basis for overall happiness. The underlying cause of actions in the case of subprime crisis or other major financial scams is greediness on the part of the corporate companie