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Law, democracy, and even the market economy cannot survive in the absence of generally accepted and deeply ingrained moral commitments and ideals. What does this statement mean to you? Give an example in the context of today’s world. (150 words) [UPSC 2017]
The Role of Shared Moral Values in the Functioning of Law, Democracy, and Market Economy
The statement underscores the importance of shared and entrenched moral values for the effective functioning of law, democratic governance, and market economy. Without these common values, these systems struggle to achieve their intended outcomes.
Law: Legal systems rely on public trust and ethical compliance. For instance, in recent times, corruption scandals like those involving Satyam Computers have highlighted how a lack of ethical standards can undermine the efficacy of legal frameworks and erode public confidence in the rule of law.
Democracy: Democratic governance depends on public engagement and respect for democratic norms. The recent Capitol Hill riots in the U.S. demonstrate how a breakdown in shared democratic values and respect for institutional norms can threaten the stability and functioning of democratic processes.
Market Economy: A market economy functions on trust and fair practices. For example, the Volkswagen emissions scandal exposed how deviation from moral values and ethical obligations can lead to severe repercussions, including loss of consumer trust and significant financial losses.
In essence, shared moral values are foundational for the effective operation of laws, democratic institutions, and market economies, as they foster trust, compliance, and integrity.