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The capitalistic free-market economies offered individuals the authority to dictate what to produce, sell, or purchase and determine the quantities needed in the market. With the help of prices, these economies provide customers with an incentive to reduce the volume of high-price products while allowing suppliers to shift production to high-priced commodities. Because of prices and other elements of capital economies, there has been increased interconnection between markets globally, fostering trade and the exchange of ideas. Nevertheless, the modern capitalist economy traces its roots to innovations that occurred in traditional economies before the industrial revolution. These innovations contributed to economic progress that created a channel for the revolution to occur, which, in turn, paved the way to the advanced business landscape today. Therefore, changes in the business are necessary to address the evolving economic environment and social values in the world.

While some people might argue technological advancements have negative impacts on consumers in the business world, I believe that the digital platform has improved the relationship between organizations and the public. Innovations have been the backbone of developments in the business market over the years. It is the innovations that inspired the industrial revolution and contributed to the free economies that people enjoy today. The industrial revolution paved the way for advancements in business because it promoted competition among companies and fostered increased trade across the globe. However, the business era has a negative reputation owing to increased unethical corporate practices, such as child labor and hazardous working conditions. Factories prioritized productivity over the wellbeing of employees and consumers, exposing people to health conditions and poverty. Technology advancements meant that the public had greater access to information and influence in business decisions, prompting firms to adopt moral practices to remain profitable.

Technological advancements raise moral issues in the social context of business but their benefits outweigh their dangers. Technologies evoke intense debates regarding the elimination of jobs and loss of security. Over the years, new technologies have eliminated labor-intensive jobs that needed semi-skilled laborers. Additionally, the digital age means increased online storage of sensitive information, exposing private data to security breaches and jeopardizing confidentiality. Even so, technology has created new job opportunities that require people to use their creative skills rather than physical strength. Additionally, it enhances company moral obligations and promotes ethical practices in the social context by fostering greater transparency and consumer engagement in business decisions. Therefore, technology has been integral in the changing business landscape, playing a central role in the evolution of corporate social and economic models.

Reference

Cibotti, J. (n.d.). The privatized-command economy: The financial sector’s ‘free market’veil over a paradoxical form of command economy. command_america_.pdf (d1wqtxts1xzle7.cloudfront.net) (Links to an external site.)

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What a great post and I certainly enjoyed reading it. You have made some very good and valid points so I will only respond to my opinions on the rise of technology that you mentioned throughout your post but especially the latter portion. While I agree with you 100% that technology has changed our world and society and especially our economies across the globe, I have to agree to disagree to a certain extent on certain aspects. As a teacher of 20 years working in the community college system, I’ve seen radical change in the types of students that come into our classrooms. In a sense, technology has ruined them because they were born in an era where they’ve known nothing but technology. In many ways, this is very sad. While many of us who are 40+ years or older, we grew up in a time period where we played outside, had rotary phones, no computers, no cell phones, etc. Times were much more simple when I was a child, however, I am thankful for the advancement of technology. I’ll list some things that technology has had a negative impact on.1. Technology has changed our brain function in that our brains have been rewired in a sense. When we’re stimulated with constant incoming calls, texts, changing internet pages daily, emails, etc. our brains produce more dopamine which causes a short, euphoric sensation that quickly dies and people become bored but addicted to more technology.2. Another way technology has hurt the human race is the lack of communication. Sadly, most people today only make eye contact during conversation 30-60% of the time when in fact they should be making eye contact around 60-70% of the time.3. Technology has made people more isolated in ways that make them want to correspond more with strangers than their own neighbors. Believe it or not, people have gotten to the point that they don’t even wear watches anymore but instead, they look at their phones for the time. 4. Technology also has negative impacts on sleep patterns. People are addicted to technology so much that it has had terrible impacts on the way and amount of sleep that people get daily. This can cause brain fog, tiredness, etc. Our phones can emit enough light at night to make the brain think it’s time to be awake and not asleep.5. Technology also has a negative impact on procrastination. 60% of people surveyed reported a loss in their train of thought when doing social media or answering emails during meetings and work. This can have a huge affect on job performance.6. One big thing that really hit home for me and that I’m extremely guilty of, is that we no longer have to memorize anything anymore because of technology. People don’t remember phone numbers, addresses, appointments, meetings, etc. because all we have to do is plug them into our phones today. I remember a time when I could remember every persons phone number and that is simply not the case anymore. I could go on and on, but for the sake of time, I won’t. While I do agree with you that technology has been integral in changing the business landscape and playing a huge role in the evolution of corporate and economic models, for human beings, it does have many negative impacts as well (Alender, S. 2014).Alender, S. (2014, October 15). 15 Ways Technology Is Making Us Less Human. https://https://wallstreetinsanity.com/15-ways-technology-is-making-us-less-human

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