Q. Without commonly shared and widely entrenched moral values and obligations, neither the law, nor democratic government, nor even the market economy will function properly. What do you understand with this statement? Explain with illustration in the contemporary times.
Moral values and obligations are an essential part of the functioning of a harmonious society. Law, market and government are all elements that aid the functioning of the society in one manner or the other. But all these become infructuous in the absence of values that should guide them. E.g., law has already abolished untouchability but he morality that is a part of the caste system also compels people of certain caste to go manual scavenging as an occupation in the market
In the context of democratic government we can see how the Trump administration has not adhered to democratic values of conceding elections once defeated and it has led to the capitol hill protests in the USA. The lack of moral obligation of the Trump administration to leave office and welcome the new president via the peaceful transfer of power had led to this improper functioning.
In the case of market economy the same has been seen in the fugitive economic offenders that India has had in recent times. No matter how strong laws we made or how robust the institutions we have had the people such as Mehul Choksi and Nirav Modi lacked moral obligations and values which led t such offences.
Law is a force of social change. But any law is as good as the people who follow it and people who implement it. So, without an intrinsic moral obligation to obey the law any law can become infructuous. E.g., the practice of dowry still exists in our society as both parties feel that it is proper to indulge into it despite the law sanctioning against it.
To conclude, moral values and obligations are internal means to have a good society. Law, market or democratic government etc are external forces. Unless we are not ethical and moral internally no external force can impose it upon us.