The statement underscores the critical role that commonly shared and widely entrenched moral values and obligations play in sustaining the proper functioning of key societal institutions, namely the law, democratic government, and the market economy. Without a shared moral foundation, these institutions are at risk of dysfunction and chaos. In contemporary times, this assertion is evident in various global scenarios. For instance, in the realm of democratic government, a lack of shared moral values can lead to a breakdown in trust between citizens and their elected representatives, resulting in political polarization and governance challenges. Additionally, in the market economy, the absence of ethical principles may lead to unethical business practices, financial crises, and a loss of public confidence. The statement thus emphasizes the indispensable role of moral values in maintaining the integrity and effectiveness of fundamental societal structures.
Decoding the Question:
- In the Introduction, try to define moral values and obligations.
- In Body, discuss moral values and obligations to law, democratic government and market economy.
- In Conclusion, try to write an opinion.
Answer:
Moral values refer to a set of principles that guide an individual on how to evaluate right versus wrong. Moral values are connected to fundamental human emotions and experiences that motivate us in distinctive ways. Obligation is an act or course of action to which a person is morally or legally bound; a duty or commitment. It is a universally accepted principle that governs the day-to-day activities of life. Such principles are important in maintaining unity, harmony and honour among people and society. Moral values along with obligations are crucial for better functioning of law, democratic government and market economy.
Moral Values and Law:
- Usually laws are public expression of morality which codifies the basic principle of conduct which a society accepts.
- Modern society has gradually replaced all those laws which were not in consonance with moral principles of recent times, for example slavery, which was once legal has been outlawed across the globe, respecting human dignity.
Moral values and Democratic Government:
- Democracy represents a set of decision-making institutions that embody respect for the equal worth of all citizens.
- This ensures that even powerless people get the right to express their preferences through democratic means.
- Values like equality, fraternity, liberty and justice are indispensible for proper functioning of a vibrant democracy.
- It has been seen that whenever moral values and obligations were bypassed by democratic regimes, tyrannical leaders have emerged.
- This trend could be seen in many African democratic nations that compromise on moral principles in disguise of democracy.
Moral Values and Market Economy:
- Market economy is based upon efficient market functioning and self corrective mechanisms but there are instances when it has been observed that in absence of moral values the market economy created havoc.
- The global financial crisis (2008-09) was a result of keeping moral principles at an arm’s length.
- Immoral principles like excessive greed and irrational exuberance where the unsustainable investment behaviour was observed raised a big question mark on the basic principle of market economy.
Thus, the values of morality and responsibility should be inculcated in the conscience of individuals which will best serve the purpose. These observations can be aptly summed up in the words of Gandhi where he contended that commerce without morality and politics without principles are sins.
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