Final answer:
The correct answer is "b) Unscrupulous Business Practices" because it describes actions that prioritize profit over ethical considerations using unfair or dishonest methods. Industrialists can choose between solely profit-driven approaches or adopt ethical practices for the welfare of their workers and society.
Step-by-step explanation:
The student's question deals with industrialists who prioritize profits over ethical considerations, engaging in practices such as cutting costs at the expense of worker welfare, employing corrupt business tactics, and focusing on financial gain instead of social responsibility. The appropriate label for such industrialists and their actions is "b) Unscrupulous Business Practices". This definition fits because it refers to business practices that are dishonest, unfair, or lacking moral integrity.
It's important to understand that while some industrialists may follow the economic approach that portrays people as self-interested, focusing on profit maximization, there are those who believe in "Welfare Capitalism", which postulates that more humane treatment of workers can lead to increased productivity and benefits for both workers and the company. Moreover, history shows us that many businesses create codes of ethics to regulate their practices and address issues such as bribery, discrimination, and the pursuit of environmental and social goals, seeking to balance profit with a sense of responsibility towards society and their employees.