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Lecture 5

Week 5 - Lawrence Souder.docx

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Western University
Philosophy 2730F/G
Ryan Robb

Lawrence Souder 10/16/2012 3:17:00 PM Review  Deontology – think the right action is the one you chose freely and the right motive  Utilitarianism – thinks the right action is the one you chose freely and that will benefit the maximum number of people A Free Market Model for Media Ethics  The point: o The central elements of Adam Smith’s idea capitalism can be replaced by analogy to serve as principles of media ethics in democratic societies when combined with his ethical thinking  The media has ethical duties to maintain the integrity of the system  Introduction o As a set of private businesses, global mass media needs an ethical system that is drawn from the ethical resources of the “free market” o An integrated version of Smith’s economic and ethical work can generate that ethical system o The financial news sector will be used as a demonstration of the effectiveness of that model The Free Market and Flow of Information in Democracies  The media represents a special care of economic analysis since the search for profit is often at odds with the search for truth  Decision makers in the mass media want their own ethics system, not the same one that applies to journalists  The basis assumption behind Adam Smith’s economic thinking is that economic thinking is that economic systems are a mechanistic component of a mechanistic universe o This means these systems are predictable and can be explained by identifying four points that are casually related and serve as the primary, distinct elements of the closed system:  The free market  For Smith is a combination of psychological, social and political decisions that allow for unobstructed commerce  The free market is a multitude of individuals acting in their own self-interest in the production of wealth  So the free market creates wealth  Wealth  According to Smith, wealth was not an end in itself, it is valuable because wealth leads to an increase in happiness  Wealth improves the overall conditions of
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