Give an account of how the movie 'Wallstreet' (1987) acts as a perfect example of the Agency Theory of Ethics in action.
Solution:
The movie 'Wallstreet' portrays a very strong social context emerging on the wall street.
* Wallstreet is an American movie directed by Oliver Stone. the street in the movie takes us to the front lines of an industry that has undergone recently a decline phase-in values and ethics that once were the cornerstone of American business protocol.
* The movie has many ethical issues. Agency theory defines the firm as a nexus of contracts between different resource suppliers. two parties are central to agency theory that is the principal; who supply capitals and the other is the agent; who manage the day to day affairs of the firm in behalf of the principal.
* The movie portrays both parties that mentioned above, and the movie characters are:
- Gordon Gekko: A wealthy unscrupulous corporate player that is played by Michael Douglas and. the role played by him is quite apprecating.
- Bud Fox: A young and visionary stock broker, played by Charlie Sheen.
* There is a famous ethical quote said by Douglas:
"GREED - for lack of a better word is good, greed is right. Greed works, greed clearifies, cuts through and captures the essence of the evolutionary spirit.
The above quote is more of a ethical in nature as greed is an ethical negativity. but the movie portrays a positive term of greed which is good at some level.
As movie plays, the audience can feel the essence of greed in terms of profit maximization. It then becomes necessary to have some greed if you are earning through it by fitting in your subconscious mind that your greed will never harm the life cycle of a common man or an innocent man.
Agency theory also says to make profit without altering ethics. as per movie; In the road to predation, Bud does some acts which are against his principles to achieve the confidence of his boss.
Movies like Wallstreet have a major impact on society as to how we should use movie knowledge to spread ethical behavior in an agency.
CONCLUSION:
* The movie Wallstreet portrays a situation for the agency workers, as where the completion and the urge to make money unethically have left no room for ethical decision making.
* The movie visualized us with a dilemma that a young agency dreamer faces when one faces the practicality of the real world.
* everyone does mistakes, however as sooner one realizes his/her unethical mistakes, he/she should take his/her steps back. as the young boy, Bud does.
* Moral principals are quite handy in today's fast-changing world. where its too late when one realizes its mistake and there is no comeback.
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