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