Model Answer
0 min readIntroduction
The intersection of ethics, economics, and governance is crucial for sustainable development and public trust. Often, economic policies necessitate difficult trade-offs, raising ethical concerns about fairness, equity, and the distribution of benefits. The concept of ‘ethical governance’ emphasizes the importance of incorporating moral principles into decision-making processes, ensuring that economic growth doesn’t come at the expense of social justice or environmental sustainability. This question challenges us to navigate such a dilemma, requiring a careful evaluation of different approaches and a justification for the most ethically sound choice.
Understanding the Ethical Framework
Before evaluating specific options (which are missing from the prompt – assuming hypothetical options for demonstration), it’s essential to establish the ethical principles guiding our assessment. These include:
- Transparency: Openness and clarity in decision-making processes.
- Accountability: Holding individuals and institutions responsible for their actions.
- Fairness & Equity: Ensuring just and impartial treatment for all stakeholders.
- Efficiency: Maximizing benefits while minimizing costs.
- Rule of Law: Adherence to established legal frameworks.
Hypothetical Options & Evaluation (Illustrative)
Let's assume the following three options are presented:
- Option A: Prioritize Economic Growth at All Costs: Focus solely on maximizing GDP growth, even if it leads to increased inequality or environmental damage.
- Option B: Balanced Approach: Seek a compromise between economic growth, social equity, and environmental sustainability.
- Option C: Prioritize Social Welfare & Environmental Protection: Focus on improving social indicators and protecting the environment, even if it means slower economic growth.
Evaluating Option A: Prioritize Economic Growth
This option, while potentially leading to rapid economic expansion, raises significant ethical concerns. It disregards the principles of fairness and equity, potentially exacerbating income inequality and leaving vulnerable populations behind. The pursuit of growth at all costs can also lead to environmental degradation, violating principles of sustainability and intergenerational equity. The 2019 Economic Survey of India highlighted the need for inclusive growth, acknowledging that GDP growth alone is insufficient for societal well-being.
Evaluating Option B: Balanced Approach
This option represents a more ethically defensible position. By seeking a balance between economic growth, social equity, and environmental sustainability, it acknowledges the interconnectedness of these factors. This approach aligns with the Sustainable Development Goals (SDGs) adopted by the United Nations in 2015, which emphasize the need for integrated and holistic development. However, achieving a true balance can be challenging, requiring careful consideration of trade-offs and prioritization of competing interests. The National Policy for Inclusive Growth (2013) attempted to operationalize this balanced approach in India.
Evaluating Option C: Prioritize Social Welfare & Environmental Protection
While laudable in its intentions, this option may face practical challenges. Slower economic growth could limit the resources available for social programs and environmental protection in the long run. It could also lead to unemployment and reduced living standards. However, it strongly upholds ethical principles of fairness, equity, and sustainability. The concept of ‘Gross National Happiness’ (GNH) promoted by Bhutan exemplifies this approach, prioritizing well-being over purely economic indicators.
Chosen Option & Justification
I would adopt Option B: A Balanced Approach. While acknowledging the importance of economic growth, it is crucial to recognize that growth without equity and sustainability is ultimately unsustainable and ethically problematic. A balanced approach allows for economic progress while mitigating negative social and environmental consequences. This requires robust regulatory frameworks, effective social safety nets, and investments in green technologies. It necessitates a long-term perspective, recognizing that true prosperity depends on the well-being of all citizens and the health of the planet. The 73rd and 74th Constitutional Amendment Acts (1992) in India, promoting decentralization and local governance, are examples of policies aiming for a more balanced and inclusive development model.
Conclusion
In conclusion, navigating the ethical complexities of economic governance requires a commitment to principles of transparency, accountability, fairness, and sustainability. While economic growth is important, it should not be pursued at the expense of social justice or environmental protection. A balanced approach, prioritizing inclusive and sustainable development, offers the most ethically sound path forward, ensuring that the benefits of economic progress are shared by all and that future generations are not compromised.
Answer Length
This is a comprehensive model answer for learning purposes and may exceed the word limit. In the exam, always adhere to the prescribed word count.