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 by this statement? Explain with illustration in the contemporary times. (150 words)

The statement suggests that shared moral values and obligations are essential for the proper functioning of law, democratic government, and market economy. Without them, these systems may falter.

Law: Shared moral values provide a foundation for laws, ensuring that they reflect societal norms and are respected by citizens.
Democratic government: Common moral obligations foster civic engagement, trust, and cooperation, which are crucial for a functioning democracy.
Market economy: Ethical values guide businesses and consumers, promoting fair competition and responsible behavior.

Contemporary illustrations:

Corruption: A lack of shared moral values can lead to corruption, undermining the rule of law and democratic institutions.
Political polarization: The absence of common moral ground can exacerbate political divisions, hindering effective governance.
Unethical business practices: Without a strong ethical foundation, businesses may engage in exploitative practices, harming consumers and the environment.

In conclusion, shared moral values and obligations are vital for the proper functioning of law, democratic government, and market economy. Strengthening these values in society can help address contemporary challenges such as corruption, political polarization, and unethical business practices.