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Consequentialism and social inequality

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Lawrence W.
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  1. Introduction
  2. Definition of Indian financial system
  3. Types of Indian financial system
    1. Organized sector
    2. Unorganized sector
  4. Securities and exchange board of India (SEBI)
  5. SEBI guidelines for commodity futures trading
  6. Regulatory framework in India
  7. Types of futures contracts
  8. History of trading
  9. Growth of commodity futures in India
  10. Role of exchange in futures trading
  11. Functions of futures markets
    1. Price discovery
    2. Speculation
    3. Hedging
  12. Reseach design
    1. Objective of the study
    2. Scope of the study
  13. Methodology of the research
  14. Findings and interpretations
  15. Bibliography
  16. Conclusion

Everybody in society strives to some degree to be good people. However, being a good person does not always come easily. What is a good person anyway? When one begins to think about what needs to be done to be considered a good person, questions begin to arise. The realm of moral philosophy is concerned with these types of questions. One prominent moral theory that many different theorists have aligned themselves with is consequentialism. This theory stems from the notion that many people in society have, and it states that an action can be judged as right or wrong based on the consequence that it produces. For example, to kill another is wrong because it yields a negative consequence: death. As such, immoral actions are those that result in bad outcomes, and moral actions are those that result in good outcomes.

[...] We will use questions of welfare and social inequality as a basis for assessing these consequentialist ideas and the possible criticisms that they attract. From this it will be clear that consequentialist theory can be used in many ways, as different consequentialists have different ideas about how the utility calculation should be made, but it is clear that the classic notions of utilitarianism are not enough to justify a complete redistribution of wealth from the affluent to the non-affluent. A problem with the early utilitarian theory is that it is possible that it comes at odds with our prevalent notions of justice, particularly distributive justice. [...]


[...] According to him: act is wrong if and only if it is forbidden by the code of rules whose internalization by the overwhelming majority of everyone everywhere in each new generation has maximum expected value in terms of well-being The calculation of a code's expected value includes all costs of getting the code internalized.? (Hooker, 2000: 32). Hooker's rule-consequentialism provides a means for avoiding very bad situations that classic utilitarianism might allow. There is a lot to this theory. It is indirect because the actions are assessed on how well they follow ideal rules. [...]


[...] Utilitarianism and consequentialism often does not allow for personal choice, it requires moral considerations to be made in all circumstances. This according to Williams is a problem. (Williams, 39). This applies to the debate about social equality and the redistribution of resources, which are often personal choices, and according to Williams ought to not necessarily be subject to moral considerations. There is another problem with consequentialism, and that is that is does not always pay respect to the notion of friendship and special obligation. [...]

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