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Not all companies are viewed as equal in the land of free trade.
In the contemporary global economy which is dominated by free trade, the governments have very little say when it comes to influencing how consumers view the industry’s products neither can they discriminate against specific products availed in the market by the operating sectors. Even though there are consumer protection laws which protect consumers against exploitation by industries, still there is room for companies to manipulate their products in such a manner that is profit-generating (Meyer, p.533). The essay will thus explain the ethics behind the public or consumers view the industries in the same way.
As an advocate for industries, I will provide some reasons why I do not believe that some consumers are exploited base on the quality of services rendered by the Payday loan industry are unethical. Indeed, payday loan industries are unfairly targeted due to false accusation of long term loans that take consumers a long time to repay the overdue completely. Generally, short term loans generate lesser profits that cannot sustain the industry in the market (Ehrlich, p.341). This leaves them limited options but introduces policies that favour them against the consumers for them to maintain their existence in the market. If the lenders are not kept borrowing in debt, the industry would extinct in the face of the competitive market. Besides, if borrowers repay their loan quickly, the lenders will earn very little profit.
The Payday loaning industries have ethical obligations to protect their consumers, just like any other company in the market. In the modern world of business, enterprises can cater to both its best interest and that of the consumers conjointly. For instance, the payday loan companies give a loan that is paid for some prolonged period with a manageable interest (Meyer, p.533). The loan is meant to support those who are financially unstable to overcome their financial problems and maintain their productivity in the market. These loans can be distributed to be repaid for a longer time giving the consumers’ ample time with reasonable terms of repaying the loans. Thus it proves that the industry takes care of its consumers alongside promoting their interests as well.
Works cited
Ehrlich, Sean D. The politics of fair trade: Moving beyond free trade and protection. Oxford University Press, 2018.
Meyer, Timothy. “Free trade, fair trade, and selective enforcement.” Columbia Law Review 118.2 (2018): 491-566.