Social Responsibility Of Business Milton Friedman, The...

It was Milton Friedman, the famous nobel prize winning economist, who once said there is 0:12 one and only one social responsibility of business—to use its resources and engage 0:18 in activities designed to increase its profits so long as it stays within the rules of the 0:23 game. Friedman s comments characterize one of two perspectives related to business social 0:28 responsibility. On one hand we know that the primary objective of a business is the attainment 0:34 of profits. But does that mean that profits are the only factor that business managers 0:40 should consider when making decisions? 0:43 Before we go into greater detail on the different perspectives related to social responsibility, 0:48 lets define the term. Social responsibility can be defined as a businesses obligation 0:54 to make decisions that ultimately benefit society. The issue that I m sure you re beginning 0:59 to realize, is how does a business engage in actions that benefit everyone? This is 1:05 a very difficult task, however business managers must be able to balance these competing interests. 1:11 But lets get back to Friedman and the shareholder model. Friedman felt that business social 1:16 responsibility was pure and unadulterated socialism, and even compared businesses that 1:22 engage in social responsibility efforts to government institutions. So why is Friedman 1:28 so adamantly opposed to social responsibility? Well there are in fact a few different reasons. 1:35 First lets take a lookShow MoreRelatedFriedmans View On Corporate Social Responsibility1775 Words   |  8 PagesCorporate Social Responsibility The answer to the questions of Why does a business exist? and What purposes does/should it serve within society? are not agreed upon by all. The concept that companies having social obligations beyond their economic benefit is controversial (Chandler Werther Jr., 2014). This paper will briefly examine the viewpoint of the well-known economist, Milton Friedman, whose assertions have been very influential in the debate surrounding corporate social responsibility (CSR)Read MoreDescribe the 2 views of Corporate Social Responsibility.2548 Words   |  11 Pagescorporate social responsibility of organizations. Opinions about businesss social responsibilities lie mainly between two extremes. At the one extreme is the classical view that states business is an economic institution directed towards profit whose only responsibility to society is to provide goods and services and to return maximum benefits to shareholders (Robbins, Bergman, Stagg and Coulter, 2003: 136). The Nobel Prize win ning economist Milton Friedman endorsed this classical view. Friedman saidRead MoreDrugs Should be Legalized Essay5001 Words   |  21 Pages$770 per person per year, and that figure does not include the money spent by state and local government in this quot;warquot; (Evans and Berent, eds. xvii). nbsp;nbsp;nbsp;nbsp;nbsp;The second cost of this quot;warquot; is something economist like to call opportunity costs. Here, we have two resources which are limited: prison cells and law enforcement. When more drug crimes take up law enforcements time and when more drug criminals take up cells, less ability to fight other crimeRead MoreManagement Course: Mba−10 General Management215330 Words   |  862 PagesManagement Course: MBA−10 General Management California College for Health Sciences MBA Program McGraw-Hill/Irwin abc McGraw−Hill Primis ISBN: 0−390−58539−4 Text: Effective Behavior in Organizations, Seventh Edition Cohen Harvard Business Review Finance Articles The Power of Management Capital Feigenbaum−Feigenbaum International Management, Sixth Edition Hodgetts−Luthans−Doh Contemporary Management, Fourth Edition Jones−George Driving Shareholder Value Morin−Jarrell LeadershipRead MoreOne Significant Change That Has Occurred in the World Between 1900 and 2005. Explain the Impact This Change Has Made on Our Lives and Why It Is an Important Change.163893 Words   |  656 Pagesperspectives on the past) Includes bibliographical references. ISBN 978-1-4399-0269-1 (cloth : alk. paper)—ISBN 978-1-4399-0270-7 (paper : alk. paper)—ISBN 978-1-4399-0271-4 (electronic) 1. History, Modern—20th century. 2. Twentieth century. 3. Social history—20th century. 4. World politics—20th century. I. Adas, Michael, 1943– II. American Historical Association. D421.E77 2010 909.82—dc22 2009052961 The paper used in this publication meets the requirements of the American National Standard

Constitutional Democracy Essay Example For Students

Constitutional Democracy Essay In the formulating of a constitutional democracy, the Framers wereinfluenced by two governmental theories: John Lockes natural rightsphilosophy and the ideals of classical republicanism from the Greeks andRomans. Lockes philosophy pondered on the importance of individual rightsand self-interest. People who live under a certain government have a social contractwith their political representatives, or the government. The have anagreement that as long as the government protects the natural rights of thepeople, then they consent to give up a portion of their freedom and abideby all the laws of the said government. George Washington, one of theFounders of the US Constitution, told members of the Tuoro Synagogue in1790, Happily, the government of the United States that gives to bigotryno sanction, to persecution no assistance, requires only that they who liveunder its protection should demean themselves as good citizens in giving ittheir effectual support. However, what happens when the government stopsworking for its people. The Right to Revolution allows for assembly ofthe people to overthrow the government. Since the Constitution was really a compilation of all the knowledgeand wisdom from the past, it is very obvious that much thought and time wasput into the writing of this document. Its ideas and principles wereworking for the citizens of the United States up to this present time. TheUS government is still the authority of the country and despiteoccasionally being questioned, has never been overthrown. We agree withWebster that the US Constitution is a collection of the wisdom for allages. Some people might think that theres no way for it to include allthe knowledge and wisdom for all of time. Some of its addressed items areslightly indirect. One such clause that contains enough elasticity to bebroad and cover a wide range of rights is the necessary and properclause, which enables Congress to create the necessary and proper laws inorder for them to carry out the powers delegated to them by theConstitution. There are also the 27 Amendments to the Constitution thatwas written and appro ved to protect the individual and in the 14thSelective Inclusion Clause to demand that states now protect individualrights. This Constitution, with the help of the ninth Amendment ofunenumerated rights, was left broad enough to cover every aspect ofcitizenship, government and the protection of natural rights. An empire of reason could be considered a system under which thecountry is run on sensible and realistic views and principles: views thataccentuate on common welfare, principles that are broad enough to refer toall people yet still strict enough as to restrict certain unreasonablebehavior, and views that address the people with a sense of authority thatstill leaves room to show respect towards its citizens. It is reasonableto assume the American Republic is an empire of reason. Many great mindsworked together to create this miracle at the Philadelphia Convention.Thomas Jefferson argued that although the Constitution was well written, itstill needed a Bill of Rights, which it later received. While Jeffersonwas President, his Secretary of State, James Madison, continued his workwithin the government. He highly approved of the idea of the federalgovernment being that natins ultimate authority over each individualstates government. Both ideas of Jefferson and Madison were incorporatedin the Constitution, and add to the sensibility and reason of theConstitution as a whole. In 1990, Czech President Vaclav Havel imposedupon the US Congress, Wasnt it the best minds of your countrywho wroteyour famous Declaration of Independence, you Bill of Human Rights, and youConstitution? those great documentsinspire us all; they inspire usdespite the fact that they are over two hundred years old. They inspire usto be citizens. Alexis de Tocqueville, a French aristocrat, believed thatdemocratic citizenship was the equivalent of enlightened self-interest. Hewas also extremely impressed by Americas experiment with democracy, andhow well it worked. With observations made by important figures from oldcountries, it is only fair that we call the American Republic, since it hashad such an impact on the world since it was established as well. Nowonder we stand straight when we pledge allegiance to our country through aflag salute of a nation with liberty and justice for all.