Velasquez Chapter 4
Chapter Overview
In chapter 4, students will encounter and explore multifaceted perspectives regarding the ethics
of market economies. Utilizing techniques of critical inquiry and investigation, learners will
evaluate the ethical implications of economic practices such as competition, monopoly, and
whether regulation or government intervention helps or hinders healthy economic functioning.
In-and-Out of Class Activities
Reflective Response
1. Summarize the main ideas of the three primary economic models. In your perspective,
describe the potential strengths and weaknesses of each approach.
2. How would you describe the phenomenon of perfect competitiveness in a market structure?
Do you feel that this state of equilibrium can be maintained in the long run? Why or why not?
Discuss the factors you feel may contribute to market instability.
3. Compare and contrast the concepts of utilitarianism and capitalist justice. Do you feel that a
capitalist approach is compatible with a utilitarian view of ethics and morality? Why or why not?
Give specific examples to support your perspectives.
Group & Team Collaboration
1. With your team, research an example of a corporate monopoly (either in the United States or
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any legislative interventions that were taken to manage, control, or dismantle the monopoly.
2. Imagine that your team is involved in a court case in which a large tech firm has been accused
of conspiring with competitors and price fixing Internet service. Divide the team into two groups.
3. Imagine that your team comprises the leadership of a grocery store chain. Using the supply
Intellectual Discussion
1. Lecture Point: Bribery and business ethics
Questions to Ask Students: Do you feel that bribery is an inherent or necessary part
of global business endeavors? Why or why not? Create an example in which
corporate bribery adheres to a utilitarian moral construct of business ethics.
Online Alternative: Do you feel that bribery is an inherent or necessary part of global
business endeavors? Why or why not? Locate an article or news story that describes an
example of corporate bribery, and describe the results of the situation.
2. Lecture Point: Antitrust initiatives and moral law
Questions to Ask Students: Using the ethical principles of utility and capitalist
justice, evaluate the moral efficacy of the Sherman Antitrust Act of 1890. Provide
examples to support your perspectives.
Online Alternative: Locate a court case which relates to the Sherman Antitrust Act. Using
3. Lecture Point: Competitive vs. non-competitive markets
Questions to Ask Students: Compare and contrast the strengths and weaknesses of a
competitive versus a non-competitive market. Which system do you feel offers the
most stability and fiscal health to consumers? Use specific examples to illustrate
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your points.
Online Alternative: Locate an example of both a competitive as well as a non-competitive
market. Discuss which system seems to offer the most stability and fiscal health to
consumers. Use specific examples to illustrate your points.