Question

Compare and contrast the pros and cons of industrial policies applying ethical considerations of economic restructuring caused by international trade.

Answer 1

Pros:

1. At times, Industries cross the boundaries in order to earn profit and without any such policies of government intervention the economy will completely be affected and so the ethical considerations are taken into account while restructuring the policies. This is done in order to prevent legal problems.

2. Creating positive work atmosphere among the peers so that the people in the industry are aware of their capabilities and skills thereby affecting the efficiency of the industry. If this so happens, problems will be solved quickly through proper reporting in a timely manner.

3. Building a reputation through ethical consideration builds up a goodwill in the economy which later on increases the output by maximising profits and its trade essentials.

Cons:

1. Negative influence of the people in the industry sometimes affects the working environment presuming that the ethics as said by the higher cadre people is right. The vision of the leader should always comply with the industry.

2. Management should properly support the team and the rules or say ethics will be definitely be applicable for them even. Without their proper ethical standards and support there will be no positive environment and there will be no such thing as leader non-complying with ethics.

3. Sometimes coping to high standards of ethics can be complicated. Situation occur sometimes where there will be positive output to the economy but not complying with ethics and this might sometimes be ignored for such good economic restructuring,