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22 Jun 2010, 05:30
I am going to take gmat in two weeks,and have just started working on the AWA section..please give your comments and the score too after going through my essay...
The desire of corporations to maximize profits creates conflict with the general welfare of the nation at large.
Some people think that the corporations just aim at maximizing profits without considering the general welfare of the nation. However, others claim that corporations play a vital role in a nation’s development and welfare. This issue is a controversial one, but a closer examination reveals that organizations do want to increase their profits but this action does not create conflict with the nation’s welfare, rather, they provide a boon in a nation’s welfare and development.
One reason is that a nation’s development depends most on its both tangible and intangible assets. Thus, it can be clearly said that corporations, being one of the most important assets, play an indispensable role in a nation’s growth. They not only bring prosperity to an economy but also eradicate the root problems, like unemployment which is considered a gigantic barrier in a nation’s growth. For e.g., the IT organizations have created lot of job opportunities all over the world and simultaneously have become one of the most important factors in the economic development of a nation as a whole. Apart from benefiting a nation as a whole, they have influenced the lives of the people by giving them the exposure and a good standard of living.
Another reason is that corporations also help in the technical development of a nation. They have made the life of a common man very easy and simple with the help of their innovations and technologies. It would be weird to say that the organizations like research organizations aim solely to maximize their profits. With the introduction of the computers and other technologies, the world has become compact and very fast. Also, the productivity has increased overall. With the help of internet, we are able to connect with people within a fraction of seconds and can bring revenues by sitting at home only. Moreover, the organizations like defense one mainly aims at the general welfare of the nation.
One of the other reasons is that in addition to the technical and financial development, organizations play a crucial role in the social development. They help in setting up NGO’s and donate a lot in charity. For example, Warren Buffet, world’s second richest person and owner of the organization, Berkshire Hathaway, donated $31 billion to a charity. Moreover, the corporations help in the social development by setting up schools, colleges. Therefore, it is easily seen form the preceding paragraphs that corporations help in the overall development of a nation.
In summary, while there are arguments to be made for both sides of the issue, it is clear that organizations are one of the most important factors that contribute in social, technical and financial growth and welfare of a nation as a whole. Certainly, the organizations want to maximize their profits but their action proves beneficial to a nation. Hence, in my view, the organizations goals of maximizing profits do not conflict with the welfare of a nation as a whole.