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Managerial Economics: Welfare Corporate Social Responsibility

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Lawyer/Lecturer
Level
General public
Study
criminal law
School/University
USIU

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Language
documents in English
Format
Word
Type
case study
Pages
5 pages
Level
General public
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  1. Introduction
  2. Discussion
  3. Multinational corporates
  4. Conclusion

Free market theory was a dominant theme of the 1780s propagated by economists such as Adam Smith. Amongst other things was its exclusive resolve that there should be minimal government involvement in the business of the economy if any at all. It was the era of the industrialization concerned with maintaining of internal advantages for the succession of competition within local markets therein maximizing profits for its shareholders (as its sole and ultimate objective) (Bakan, 2004). Proponents of this model argued that the market, in the absence of government control, would naturally adjust itself into a state of equilibrium by matching the aggregate demand to the aggregate supply for demanded commodities; the prevailing prices for commodities would be a reflection of the expectations of buyers versus the willingness to pay by consumers for consumer goods (Hoetzlein, 2010).

This thought was advanced by economists of the free market school of thought into the neo-liberalism economics. This new school of thought emerged a century later following the burst of free market ideals, growing out of the existing liberalism economics theory. What therefore was this old liberalism theory all about? Economic liberalism prevailed in America in the 1800 and early 1900 granting individuals the right to make profit in an increasingly unregulated market. Profit was therefore pursuable at no restrictions; an anything goes analogy that would soon plunge the world into unfathomed crisis a few decades later.

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