Common Welfare Essay Example | Topics and Well Written Essays - 1250 words

Common Welfare - Essay Example One of the first elements that define common welfare is with regards to the fact that the very same values that are used to fulfilling interpersonal relationships are also used towards fulfilling the needs of broader society; namely cooperation, appreciation, democracy, confidence building, and solidarity. With respect to the way in which this would work within and implementation level, it must be understood that this particular aspect of the theory is inarguable and must be accepted due to the fact that it is been proven to work throughout society and to be true as a whole. A secondary core element of this economic and social theory is that a fundamental shift must be made away from seeking profit and dominance within a given market alone. Instead, individuals should seek to maximize the common good. With respect to this particular approach, it must be denoted that this is an idyllic vision of the way in which a business interactions should take place; and one that is unlikely to su cceed in the real world. A third core element of the common welfare approach is the understanding that a regulatory framework is needed in order to encourage the shift away from a competition and profit based approach. This could foreseeable be engaged; however, the costs of implementing such a system, with respect to the lost efficiency that this would necessarily entail, could be massive. A fourth key factor of the theory is that the more effective/better the common welfare is, the more legal advantages will be passed along to the company in question; i.e. lower taxes, reduced customs/duties, loan rates etc. Although this may be true, the ultimate time that would take for the common welfare approach to signify a total and complete change to the entire economy could be far longer than might be expected; thereby leading to a breakdown in the system. A fifth cornerstone that is noted is that the financial balance sheet, the gold standard that has been used to measure success within p revious models, must become a secondary balance sheet alongside the common welfare balance sheet. The difficulty in this is that elements of common welfare are extremely difficult to measure; as compared to their more numeric and quantitative economic counterparts. This calls into question the efficiency or effectiveness of that such an approach could engender. Items 6 points to the fact that once a company is free of the drive to continue to promote profitability, it can then focus upon growing to the optimal size; keeping in mind that this optimal size does not necessarily denote complete domination of the market. The shortcoming that is inherent within this particular approach is the fact that such an approach decreases the incentive that a firm has to continue to provide a high quality of goods/services and merely seeks to survive. Item 7 discusses the way that cooperation and solidarity can become evidenced within firms that espouse the common welfare approach. This may indeed be true; however, once again, the incentive to cooperate and work together to