Friedmans View On Corporate Social Responsibility

Friedman’s View on Corporate 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). Arguments, both in support of, and against Friedman’s assertions, will be presented along with examples of two organizations having contrasting attitudes regarding CSR. Lastly, the paper will examine three organizations whose literal adherence to Friedman’s view has led to the rationalization of unethical behaviors. Friedman’s Assertion Milton Friedman, a well-known and often-cited Nobel Prize winning economist, asserted that the sole â€Å"social responsibility of business is to increase profits (as cited in Chandler Werther Jr., 2014, p 5). Friedman believed that financial success and profit maximization are the only justification needed for the existence of a business; the resultant positive economic contribution is the value provided to society and, thus, its only social responsibility. He believed that the notion that companies are socially responsible, or obligated, to fulfill any other role is a deterrent to the true purpose of business in a freeShow MoreRelatedIn Response to Friedman’s View of Corporate Social Responsibility946 Words   |  4 Pagesdescribed as left of center in political spheres. Certainly, Friedman’s landmark essay The Social Responsibility of Business is to Increase Profits in the New York Times magazine was filled with many assertions that p laced him as a bulwark for a growing conservative movement who felt a vindication for the free market mechanism and skepticism for the role of government. However, while reading Friedman muse over the social responsibilities of businesses, one cannot help but notice the emergence of aRead MoreMilton Friedman1624 Words   |  7 PagesIn this essay I evaluate Milton Friedman’s essay: â€Å"The Social Responsibility of Business Is to Increase Its Profits† in 1970, on the Social Responsibility of a business and his theory, which is called the â€Å"Efficiency Perspective†. In every article and book that I have read about social responsibility, Friedman’s â€Å"Efficiency Perspective is placed centrally. During my research I found that Friedman is often criticized for being too classical. Friedman believes that manager’s foremost objective or evenRead MoreCsr(References)1138 Words   |  5 PagesHow relevant is CSR in todays business agenda? Corporate Social Responsibility is described as being a company’s ethical, economic, environmental, social and legal attitude towards its stakeholders in order to establish long-term success (Crane at el, 2008). These issues have come to have an important role in the running of a business in recent years. CSR was developed over a number of years and has been researched by professional economists. There are many arguments in favour of and against theRead MoreCorporate Social Responsibility : Ge1126 Words   |  5 Pages1. Corporate social responsibility is defined in Chapter 5 as the corporate duty to create wealth by using means that avoid harm to, protect, or enhance societal assets. Did GE in the Welch era fulfill this duty? Could it have done better? What should it have done? By using the definition in the text book there is no question that GE created wealth. In the case study the author uses the example of an investor who put $100 into GE in 1980. If that investor would hold on to the GE stock that investorRead MoreEthical And Legal Importance Of Social Responsibility1612 Words   |  7 Pages(1575)An Analysis of the Ethical and Legal Importance of Social Responsibility in Corporate Culture This business study will analyze the ethical and legal importance of social responsibility in corporate culture. Friedman (1970) defines the dangers of ‘social responsibility† as a threat to the individualism and profit motives of corporate executives that must serve the corporation before the larger society. More so, Friedman argues that the corporation is an â€Å"artificial person† that relies onRead MoreEvaluation: Ethical Perspectives on Social Responsibility Essay1143 Words   |  5 Pageson Social Responsibility This paper evaluates Cohen’s article on social responsibility and considers how his perspective and ideas align in comparison with other management experts including Drucker and Friedman. Some key components that are included in the evaluation are: †¢ A definition of the concept of social responsibility. †¢ What Cohen identifies as the social responsibility of a business to the workers, stakeholders, and society as a whole. †¢ How Cohen’s perspective of the social responsibilityRead MoreMilton Friedman Main Points Summary1272 Words   |  6 PagesA Summary of Milton Friedman’s CSR Main Points argues against the concept of social responsibility. He further states that using resources will increase profits while staying in the game rules of business. Business responsibilities require that the business must act responsibly by reducing the price of the product produce so that it eliminates inflation. Ensuring the products produced stay within the environmental laws and regulation to reduce pollution. When a business hires the less skilled orRead More Business vs. the Environment Essay1423 Words   |  6 Pagesso many responsibilities. Aside from making a profit, they are forced to take on a different responsibility, one that involves the environment. Even though, they already have many regulations set by the government, they are still being asked to answer to the call of helping out the rest of society take of nature. This essay will discuss the pros and cons of corporate responsibility for the environment through the agent-of-society and agent-of-capital views. The agent-of-society view holdsRead MoreAnglo American Corporate Social Responsibility1501 Words   |  7 Pagessaid to have responsibility†¦Ã¢â‚¬ , the improvement of the notion of Anglo-American corporate social responsibility (CSR) has rapidly expanded. This essay will review the important concept around Anglo-American CSR, its development and provide a verdict on the extent whether liberalisation, globalisation, and developments in the markets for debts and equity are impacting the tradition view of an Anglo-American public corporation and the nature of its social responsibility. 2. Tradition view of Anglo-SaxonRead MoreStarbucks Code Of Ethics1601 Words   |  7 Pagesdog eat dog world I find myself asking what companies are willing to do to make a profit. Do they care about their social, economic or environmental responsibilities? Many companies/ organisations stand for great causes and give money to charity but, is there anything else going on behind the scenes? Today stakeholders and consumers demand business to take more social responsibility and business practices. With greater ethical practices companies are more likely to see an upward trend in profits

Essay on The Power of Education in a Young Mens Life

Throughout life young adults and adolescents tend to be faced with many challenges that alter the out come of their adult years by either benefiting or harming it. This is evident in â€Å"The Pact,† by Drs. Sampson Davis, George Jenkins, and Rameck Hunt, and â€Å"Gifted Hands: A Ben Carson Story,† by Ben Carson. These two books are similar in multiple aspects such as: the influences, and environment the characters are exposed to; the characters goals and struggles; and the purpose for writing the books and the lesson learned from reading the books. All of these aspects together develop an underlying theme that both stories have in common. The theme is that education is the key to a tranquil life, meaning life will be easier if you mentally invest†¦show more content†¦Likewise they had alike attitudes because at one moment of all of the men’s lives they realized that education was the key to accomplishing their goal, and made it their main priority. The authors from â€Å"The Pact† implemented their â€Å"education centered† attitudes, primarily after they decided they would become doctors, when they began to threat their academics as a healthy completion to motivate and help each other (Davis et.al). However, Ben Carson possessed this goal and attitude earlier than the other men, but he still had the same ones. Ben Carson’s mother is who gave him the educational mindset because she would never let Carson settle for less (Carson 30). Carson has also had the goal of becoming a doctor since he was a little boy due to being exposed to missionary doctors in the Bible (Carson 24-25). Moreover, the four men were also composed of several differences, primarily in their struggles and triumphs. The three men from â€Å"The Pact† were forced to deal with the conflicts that came with living in a rough neighborhood. While, Ben Carson had to face racism from people in his school environment. Davis et.al cites that the roughness of their neighborhoods were so bad to where it became the norm and how many just accept the fact that they will never make it out and end up dying there (66-67). Ben Carson mentions one key momentShow MoreRelatedDiscrimination Against Women s Rights1410 Words   |  6 Pagesdon’t have the privilege to do anything still. But all these struggles and suffering has led to the women who are in power today. Unlike the women in the Western countries, women in Sudan have a whole different issue and fewer opportunities. Women are challenging the discrimination prescribed in the legal code. Islamic laws are very strict on their women and give all the power to men. In addition, women have the rights to make their dreams come true and accomplish their goals. They have the rightsRead MoreWOMEN AND POLITICAL RIGHTS1515 Words   |  7 Pages The thing women have yet to learn is nobody gives you power.   You just take it.  This quote tells that women power are not given there should take it and that is possible if you are well educated and have peoples support. Political power a person in authority gains the right to influence and pressurize the official policy that can serve his interest well. The least important component of power is money â€Å"money can buy you everything in this world but it can never buy you happiness†Read MoreCompare And Contrast Roosseau And Rousseau1251 Words   |  6 Pagesautonomy (p. 219-221). Wollstonecraft (1792) argued that reason and limit one’s liberty. She argued that those who have resorted to extremes, such as slaves and mobs, have done so because they are outside authority. By granting women equivalent liberty to men, Wollstonecraft suggests that they will be bound by the same reason and authority; women will therefore not feel the need to excessively ab use any limited liberty they have access to (p. 56). Reason Rousseau (1962a) was hesitant to accept that reasonRead MoreThe Differences Between Athens and Sparta - Essay760 Words   |  4 Pagesinfluential powers in ancient Europe, were quite different in many ways. Some of the main differences between Athens and Sparta were their governments, their education systems, their people’s rights, and the way their people were treated as a whole. They had completely different forms of government. They had educational systems that taught things almost completely opposite of each other, one military-based and one more focused on the arts. Also the people had different rights. Athenian men had moreRead MoreNegative Effects Of Masculinity1478 Words   |  6 Pagesbeing strong and rigid, that preconception of what men should like is harmful and reprehensible. However some may still ask: what is wrong with being a man? The answer lies within the definition of masculinity. American culture classifies masculinity as tough, egotistic, powerful, and collected. We use the phrase, â€Å"man up† to exercise power over others while remaining toughened to oneself. â€Å"To be a man† is to play into the stereotypes projected onto young boys by society, with little room for individualismRead MoreEducation in Nazi Germany1334 Words   |  6 PagesEducation In Nazi Germany Adolf Hitler and the Nazi party heavily focused their attention and effort towards the German youth. It was Hitlers goal to create a super race of pure young, Aryan men so that the country would be ready for a long European war, where the Nazis wished to expand their empire. They did this by changing what children learnt in school and creating certain youth groups for both girls and boys. These changes in the education and youth structures largely affected theRead MoreHow Do the Ideas Espoused by Mary Wollstonecraft and Other Feminist Writers of Her Time Relate to Women Today?1302 Words   |  6 Pages In A Vindication of the Rights of Woman, Mary Wollstonecraft presented and developed ideas that were groundbreaking and new for her time. She believed the only way women could view their social roles objectively and differently was through education. Her ideas were â€Å"unambiguously feminist, although by modern standards, they may seem outdated† (â€Å"History of feminism†). But I believe her ideas and theories have relevance for women today inasmuch as todays woman is not as well educated as sheRead MoreEssay about Women and Men of the Victorian Era1343 Words   |  6 PagesWomen were subject to these ideals and practices without any legal or social rights or privileges. In the literary titles by Frances Power Cobbe, Sarah Stickney Ellis, Charlotte Bronte, Anne Bronte, John Henry Cardinal Newman, Sir Henry Newbolt, and Caroline Norton, the positions, opinions, and lifestyles of men and women during the Victorian era were clearly defined. Men in the Victorian e ra were raised to be intellectually and physically sound in order to be skillful in the workplace and the militaryRead MoreGender Equality And Women s Rights1274 Words   |  6 Pagesan education, while Catalyst reaches out to women to carry out equal pay, equal participation in the workplace, and remove discrimination. UN Women attains to human rights for women. Throughout history women have fought for gender equality in the workplace and in education, and every year organizations like AAUW, Catalyst, and UN Women have gotten closer to balancing equality. Improving education for women and girls continues to stay the goal for AAUW. The article â€Å"Girls’ education andRead MoreEducation And The Portrayal Of Women1619 Words   |  7 PagesDuring the Victorian Era, the right to a proper education for women was at the forefront of politics. Although England has Queen Victoria in parliament, nevertheless woman face oppression daily on the basis of their gender; primarily through the lack of education they receive throughout their lifetime. The struggle for education causes men and woman to compose multiple types of literary critiques to argue the social structure that currently exists in their society. The main statement made in political

How the Writers Shape or Craft Each Text to Meet the Expectations Free Essays

Examine how the writers shape or craft each text to meet the expectations of their respective audience, purpose and context Excerpt from Weblog and extract from Vernon God Little by DCB Pierre Text B is in the form of a blog, which is an online diary updated regularly by its author. Text C is an extract from the novel Vernon God Little by DCB Pierre. Both authors target a young adult audience through use of a casual tone to engage the reader and gain empathetic response. We will write a custom essay sample on How the Writers Shape or Craft Each Text to Meet the Expectations or any similar topic only for you Order Now The weblog writer uses colloquialisms such as ‘gutted’, and elision; ‘Whatcha’ DCB Pierre engages a young audience through use of a teenage protagonist. The weblog starts in medea res with use of the discourse marker ‘So after another†¦ ’ creating an informal ambience. This also suggests that the audience are regular readers of this particular blog, as they are expected to understand what the conversation is referring back to. The writer uses contractions; ‘Isn’t’ which reassures the informal tone. A similar tone is used in Vernon God Little, as the protagonist directly addresses the reader throughout; ‘You’d remember Clarence somebody’. nd uses the present tense to further engage the reader; ‘I sit waiting†¦ ’ The weblog writer uses parenthesis to convey to the reader a further thought on the previous statement; ‘On the plus side (a very small plus size)’ This further engages the reader and makes them feel as though they are directly involved with the writer. The main purp ose of both texts is to entertain, however both also inform the reader of the protagonist’s current situation; the weblog writer has just received news informing them that they have not been successful in a job application. JCB Pierre’s protagonist is currently in prison; ‘I sit waiting between shafts of light from a row of doorways†¦ looks like I’m the only one they rounded up so far’ This suggests that perhaps the protagonist is innocent, or there were more people involved in the crime as he is evidently waiting for them to be arrested. The context of the weblog is that the writer has recently received a job rejection and is reaching out to his readers to gain perhaps sympathy and empathy from them. The writer uses language such as; ‘Back at square one’ Emphasising to the reader that they are disheartened by the rejection. The simile, ‘Like a punch in the stomach’ reiterates the sadness the writer is feeling and the intention was to possibly gain a sympathetic response from readers to help him feel better about himself. The context of the novel extract is that a fifteen year old Texan boy (the protagonist) has been arrested and is recalling a man who was previously arrested for a similar crime. It contains slight sarcasm or black humour, as the protagonist mentions the news coverage of the man mentioned previously, lacking any details of the crime he committed; ‘The news said how little he cares about the effects of his crimes. By ‘effects’ I think they meant axe-wounds. ’ This sarcastic humour entertains the reader whilst informing them of events prior to the arrest of the main voice in this story. The narrator’s final sentence is almost foreboding, as he states; ‘They sentenced him to death. ’ How to cite How the Writers Shape or Craft Each Text to Meet the Expectations, Essay examples

Secret Economics The Economic Impact of the Vietnam War free essay sample

This paper is an analysis of the economic impact that the Vietnam War had on the American economy. This paper attempts to estimate what the real total economic cost of the Vietnam War was to the United States. The paper concludes that a reasonable estimate of the economic impact of the Vietnam War on the American economy is that an entire years worth of productive activity was used to fight the war. The Vietnam War was the defining experience for a generation of Americans. Indeed, it is arguably one of the defining experiences of America as a whole in the Twentieth Century. Its impact on the men who fought there, the men (and women) who did not, the American military in general, American society and popular culture during and following the war has been well documented. However, it was not just a life changing experience for soldiers and protestors, or a force for social change, or even an inspiration for thousands of books and dozens of movies. We will write a custom essay sample on Secret Economics: The Economic Impact of the Vietnam War or any similar topic specifically for you Do Not WasteYour Time HIRE WRITER Only 13.90 / page War is not least an economic event. In addition to being a military defeat, a political blunder and a human tragedy, the Vietnam War was also an economic disaster.