Normative economy

Drug companies exist within a market economy and cannot be expected to deviate from the norms of that economy. By law, corporations have a "duty to put shareholders Interests above all others and no legal authority to serve any other interests" (Bakan 2004 36). Corporations are amoral they need to obey the law, but beyond that their obligation is to be as profitable as possible. Corporate social responsibility or anything that reduces profitability in the long term violates the corporation s fiduciary duty to its shareholders and leaves it vulnerable to a civil lawsuit. 

Social responsibility under the present conditions of globalization reflects the whole complex of relations within the framework of a market economy. The most important component of social responsibility is the essence of business and its contribution to economy. But, business cannot exist isolated from society. It depends on a multitude of factors, important among which are human, organizational, and financial resources. Eventually, recognition of the economic potential of a country as a main element of the NSS will be the norm. 

Were one to um up Marx s analysis and critique of capitalism in one sentence, I do not believe one could do better than to say that alienation prevents the tvorkers from perceiving the injustice of exploitation. This captures both the normative view that exploitation is unjust, and an explanatory claim about the appearance of justice It is instructive to compare capital fetishism with capital as alienated labour. Although both rest on illusions, the nature of the illusory beliefs differs. Capital fetishism, like fetishism in general, is an illusory perception of how the economy works. Capital as alienated labour is possible because the workers have an unfounded belief about the entitlement of the capitalist to the means of production. The first is an illusion about causality, the second an illusion about morality. Both illusions are natural, almost compelling, within the framework of a capitalist economy. 

Globalization will be a key element of the knowledge-based economy. Capital, market and human resources will travel around the world transcending national boundaries. Thus when one engineer sleeps, his customers, suppliers and competitors will be busily working on the other side of the globe. A global business culture with 24-hour service readiness will become the norm. 

The environment includes the society, nature, technology, economy, as well as norms and values, among which the society has the greatest influence on the other elements of the environment It affects the ecological understanding (nature), influences the development of technologies, defines the economic framework, and represents specific norms and values (Riiegg-Stiirm 2005). 

ABSTRACT The expected utility theory is currently the normative theory underlying the rational choice under risk. In this paper, we challenge the expected utihty theory and question its status as a normative theory for rational decision making when a limited number of risk-reward opportunities are involved. We show that the maximum expected utility principle in cases of a limited number of risk-reward bets is fundamentally flawed. It hides the net loss associated with risky prospects and can be very detrimental for decision making in various sectors of the economy. 

In developed economies, the textile industry has placed great emphasis on compliance with environmental regulations, which are strictly enforced. The record of the industry in general has been exemplary. Many manufacturers have gone far beyond required levels of environmental protection. Excellent waste treatment systems and fairly sophisticated pollution prevention programs are the norm. Further improvements in these settings will develop along one of two hues of attack. 

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