During this week we covered the ethical and legal consequences within decision making in businesses. We reviewed the different components that contribute to ethical business development and operation. Suppose you could mandate a set of ethical rules that all businesses would be required to follow, either primarily adopting capitalist or socialist practices, or outcome-based or duty-based ideologies. For your discussion, respond to the following prompts:

Evaluate if it would be better if businesses were given such universal mandates, or allowed to decide independently of an official mandate. Justify your rationale on which would be better and why considering potential legal complications tied to agency. Formulate and execute alternative plans accordingly.