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Anonymous Posted 15 years ago
Essay & Composition Writing
Please grade my GMAT essay
Group #1: Analysis of Issue
The desire of corporations to maximize profits creates conflict with the general welfare of the nation at large.
Discuss the extent to which you agree or disagree with the opinion stated above. Support your views with reasons and/or examples from your own experience, observations or reading.
The author of the above statement believes that corporations that run with goal to maximize their profit can conflict with the nations general welfare. The issue in hand has many aspects. Some people may believe that in a capitalistic economy the sole goal of a corporation is to maximize its profit and it may using any means. But other believe that corporations should take the environment and other factors while making decisions, not just factor in profits. I would like to support the latter argument for the following reasons.
Firstly corporations can no longer shy away from their responsibilities to the environment and their nation. An industry that does not care much for waste treatment can save a good amount of expenses in that front. Such an industry could dispose of their wastes in nearby rivers. This can cause a lot of damage to the sea animals and also to people who use that water for drinking. As the people are affected by the companies actions they have every right to question it.
Secondly a large corporation that aims solely to maximize profits could use its power to destroy any small corporation that wants to enter the field. This can lead to monopoly in trade and customers will also suffer because there will be no market control on the price of products in case of a monopoly. As only one company produces that product, the company can charge a large amount to the customers who have no choice but to pay up.
Lastly corporation or industries that aim to maximize profits will not make quality products. They make products that do not last. This leads to a waste of natural resources and also leads to waste management problems.
Corporations do feel the need to fulfill their responsibilities. This has lead to many CSR, or Corporate Social Responsibility initiatives spearheaded by many large corporations. SHELL and British Petroleum both have invested heavily in research for alternative fuel, the success of which could reduce their profits drastically.
The desire of corporations to maximize profits creates conflict with the general welfare of the nation at large.
Discuss the extent to which you agree or disagree with the opinion stated above. Support your views with reasons and/or examples from your own experience, observations or reading.
The author of the above statement believes that corporations that run with goal to maximize their profit can conflict with the nations general welfare. The issue in hand has many aspects. Some people may believe that in a capitalistic economy the sole goal of a corporation is to maximize its profit and it may using any means. But other believe that corporations should take the environment and other factors while making decisions, not just factor in profits. I would like to support the latter argument for the following reasons.
Firstly corporations can no longer shy away from their responsibilities to the environment and their nation. An industry that does not care much for waste treatment can save a good amount of expenses in that front. Such an industry could dispose of their wastes in nearby rivers. This can cause a lot of damage to the sea animals and also to people who use that water for drinking. As the people are affected by the companies actions they have every right to question it.
Secondly a large corporation that aims solely to maximize profits could use its power to destroy any small corporation that wants to enter the field. This can lead to monopoly in trade and customers will also suffer because there will be no market control on the price of products in case of a monopoly. As only one company produces that product, the company can charge a large amount to the customers who have no choice but to pay up.
Lastly corporation or industries that aim to maximize profits will not make quality products. They make products that do not last. This leads to a waste of natural resources and also leads to waste management problems.
Corporations do feel the need to fulfill their responsibilities. This has lead to many CSR, or Corporate Social Responsibility initiatives spearheaded by many large corporations. SHELL and British Petroleum both have invested heavily in research for alternative fuel, the success of which could reduce their profits drastically.
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