Philosophy and Modern Business

Philosophical concepts apply to contemporary business issues, especially with respect to the ethical rightness or wrongness of the growing dominance of local markets by mega-conglomerates such as Wal-Mart and Costco. On one hand, those organizations operate perfectly legally and within the traditional framework of Markey supply and demand; on the other hand, there are fundamental philosophical criticisms that apply. For example, is it ethically appropriate for large companies to maintain their profit margins by dominating the employment opportunities available in the region and then paying such low salaries to their employees that many of them are perpetually part of the class of the working poor who must rely on public assistance programs? In effect, those companies shift the burden of healthcare...

On many occasions, those decisions typically involve perceptions of where the lines are requiring honesty when dishonesty might be much more convenient or more beneficial from a selfish perspective. Basic philosophical concepts such as applying abstract reasoning and objective principles are tremendously helpful. They allow us to remove ourselves from personal situations and apply objective principles instead of relying on personal interests of perspectives. That, in general, may be the most valuable application of philosophical reasoning beyond it formal study in an academic setting.