Ethical practices in banking have become an increasingly important topic in recent years, reflecting growing concerns about financial integrity and corporate responsibility. This theme has appeared in several IELTS Writing Task 2 questions over the past few years, and its relevance is likely to continue in future exams. Based on analysis of past IELTS exams and current trends, we can expect questions related to ethical banking practices to appear with moderate frequency.
One question that has appeared in recent IELTS exams and closely aligns with this topic is:
Some people think that banks should not invest in the arms industry. Others believe that banks should be free to invest where they choose. Discuss both views and give your opinion.
Let’s analyze this question and provide sample essays for different band scores.
Question Analysis
This question presents a classic IELTS Task 2 structure: discussing two opposing views and providing a personal opinion. The key aspects to address are:
- The view that banks should not invest in the arms industry
- The opposing view that banks should have freedom in their investment choices
- Your personal opinion on the matter
The question touches on several important themes:
- Ethical responsibility of financial institutions
- Freedom of business operations
- The controversial nature of the arms industry
- The role of banks in society
Sample Essay 1 (Band 8-9)
In today’s complex financial landscape, the question of whether banks should have ethical limitations on their investments, particularly regarding the arms industry, has become a subject of heated debate. While some argue for restrictions on such investments, others advocate for complete freedom in banking decisions. This essay will examine both perspectives before presenting my own viewpoint.
Those who oppose bank investments in the arms industry often cite moral and social responsibility as key factors. They argue that financial institutions, as pillars of society, should prioritize ethical considerations over profit. By investing in weapons manufacturing, banks indirectly contribute to global conflicts and human suffering. Furthermore, such investments can tarnish a bank’s reputation, potentially leading to customer backlash and loss of trust in the financial system.
On the other hand, proponents of unrestricted banking investments emphasize the importance of free market principles and the primary role of banks as profit-generating entities. They contend that banks should have the liberty to make investment decisions based on financial viability rather than moral judgments. This view also suggests that limiting investment options could potentially harm economic growth and innovation in various sectors, including defense technology that may have civilian applications.
In my opinion, while I recognize the importance of financial freedom, I believe that banks have a significant responsibility to consider the ethical implications of their investments. The arms industry, given its potential for causing harm, should be subject to careful scrutiny. However, rather than imposing blanket bans, I propose a middle ground where banks are required to implement robust ethical review processes for investments in sensitive industries. This approach would balance the need for financial freedom with social responsibility.
In conclusion, the debate over bank investments in the arms industry highlights the complex interplay between ethics and economics in the modern world. While complete restriction may be impractical, incorporating strong ethical guidelines into banking practices can lead to a more responsible and sustainable financial system.
Ethical banking practices in arms industry investment
Essay 1 Analysis (Band 8-9)
This essay demonstrates excellent qualities that align with Band 8-9 criteria:
Task Response: The essay fully addresses all parts of the task, discussing both views comprehensively and providing a clear personal opinion with a nuanced suggestion for a balanced approach.
Coherence and Cohesion: The essay is well-organized with clear progression throughout. Each paragraph has a clear central topic, and ideas are logically linked using a range of cohesive devices.
Lexical Resource: The vocabulary used is sophisticated and precise, with natural and accurate usage. Examples include “pillars of society,” “tarnish a bank’s reputation,” and “robust ethical review processes.”
Grammatical Range and Accuracy: The essay demonstrates a wide range of grammatical structures used accurately and appropriately. Complex sentences are used effectively, such as “While I recognize the importance of financial freedom, I believe that banks have a significant responsibility to consider the ethical implications of their investments.”
Development of Ideas: Ideas are fully developed with relevant examples and explanations. The essay goes beyond surface-level discussion to explore deeper implications and propose a thoughtful solution.
Sample Essay 2 (Band 6-7)
The issue of whether banks should invest in the arms industry is a controversial topic. Some people think it’s wrong for banks to put money into weapons, while others say banks should be able to invest wherever they want. This essay will look at both sides and give my opinion.
People who are against banks investing in arms companies usually think it’s not ethical. They believe that banks have a responsibility to society and shouldn’t support industries that can cause harm. For example, weapons can be used in wars and hurt innocent people. Also, if customers find out their bank is investing in weapons, they might get angry and take their money elsewhere.
On the other hand, those who support banks’ freedom to invest argue that banks are businesses that need to make money. They say that banks should be able to choose the best investments to get good returns for their customers. Some also point out that the arms industry creates jobs and helps with a country’s defense.
In my opinion, I think banks should be careful about investing in controversial industries like arms. While I understand that banks need to make profits, I believe they also have a duty to be responsible. Maybe there could be some rules to make sure banks think carefully before investing in weapons companies.
To conclude, this is a complex issue with valid arguments on both sides. However, I feel that banks should consider the ethical impact of their investments, especially in sensitive industries like arms manufacturing.
Essay 2 Analysis (Band 6-7)
This essay demonstrates qualities that align with Band 6-7 criteria:
Task Response: The essay addresses all parts of the task, presenting both views and offering a personal opinion. However, the ideas are less fully developed compared to the Band 8-9 essay.
Coherence and Cohesion: The essay is generally well-organized with clear overall progression. Paragraphing is logical, but the use of cohesive devices is less sophisticated than in higher band essays.
Lexical Resource: The vocabulary is adequate for the task, with some attempts at more sophisticated words (e.g., “controversial,” “ethical”). However, the range is more limited compared to higher band essays.
Grammatical Range and Accuracy: The essay uses a mix of simple and complex sentence structures with generally good control. There are fewer complex structures compared to Band 8-9 essays.
Development of Ideas: Ideas are relevant and supported with some explanation, but the level of detail and depth is less than in higher band essays.
How can ethical banking practices be promoted effectively? This question often arises when discussing the role of financial institutions in society. The sample essays provided above offer insights into how this topic can be approached in an IELTS Writing Task 2 context, demonstrating different levels of language proficiency and idea development.
Key Vocabulary to Remember
Ethical (adjective) /ˈeθɪkl/: Relating to moral principles or the branch of knowledge dealing with these.
Investment (noun) /ɪnˈvestmənt/: The action or process of investing money for profit.
Controversial (adjective) /ˌkɒntrəˈvɜːʃl/: Giving rise or likely to give rise to controversy or public disagreement.
Responsibility (noun) /rɪˌspɒnsəˈbɪləti/: The state or fact of having a duty to deal with something or of having control over someone.
Implications (noun) /ˌɪmplɪˈkeɪʃnz/: The conclusion that can be drawn from something although it is not explicitly stated.
Scrutiny (noun) /ˈskruːtɪni/: Critical observation or examination.
Viable (adjective) /ˈvaɪəbl/: Capable of working successfully; feasible.
Nuanced (adjective) /ˈnjuːɑːnst/: Characterized by subtle shades of meaning or expression.
Key vocabulary for ethical banking practices
In conclusion, the topic of ethical practices in banking, particularly regarding investments in controversial industries like arms manufacturing, is likely to remain relevant in IELTS Writing Task 2 questions. To prepare effectively, practice writing essays on similar themes, such as:
- The role of banks in promoting environmental sustainability
- Balancing profit and social responsibility in the financial sector
- The impact of ethical banking practices on economic growth
Remember to structure your essays clearly, develop your ideas fully, and use a range of vocabulary and grammatical structures appropriate to your target band score. Feel free to practice by writing your own essay on this topic and sharing it in the comments section for feedback and discussion.