Q7. “Power tends to corrupt, and absolute power corrupts absolutely”. In light of this statement, critically analyze the ethical concerns associated with monopolistic practices in digital marketplaces. (10M)
Difficulty Level: Medium
Reference: TH
Why the question:
U.S. judge ordered the tech giant Google to open up its Play Store to third-party appsKey Demand of the question:
Critical analysis of ethical concerns linked to monopolistic behaviour. Examination of how absolute control in digital marketplaces can lead to unethical practices. Connect with broader themes of power, corruption, and fairness.
Structure of the Answer:
Introduction:
Start by explaining the essence of the quote in terms of power and corruption, linking it to the context of monopolistic practices in the digital economy.Body:
- Ethical Concerns of Monopolistic Practices: Discuss issues like exploitation, lack of competition, stifling innovation, unfair pricing, and control over market access.
- Impact on Stakeholders: Address the ethical implications for small developers, consumers, and market fairness.
- The Role of Power: Explore how concentration of power can lead to unethical decisions, violating principles of justice and equity in digital marketplaces.
Conclusion
Emphasize the need for checks and balances in the digital economy to prevent abuse of power, emphasizing the importance of ethical corporate behavior and fair competition for a healthy marketplace.
