Wait a second!
More handpicked essays just for you.
More handpicked essays just for you.
Why corporate social responsibility is important
Business ethics quizlet
Essays about how milton friedman impact america
Don’t take our word for it - see why 10 million students trust us with their essay needs.
Recommended: Why corporate social responsibility is important
INTRODUCTION
Doing business with the proper and ethical manner is one of the factors contributing to the success of a company, whether local or multinational companies, especially in this era of globalization.
But this is contradicted by one of the economist that is very popular at one time. He is Milton Friedman. One of his arguments is about the companies having an overtly ethical policy which is titled "The Social Responsibility of Business in to Increase its Profits". Such arguments were published in the New York Times Magazine on 13 September 1970. In other words, by his argument, he means the person who carries on business only need to consider how to maximize and generate profits of the company. They just need to learn about marketing, finance, and operations.
BACKGROUND OF MILTON FRIEDMAN
Above, has stated the argument by a man which is named Milton Friedman. Milton Friedman was a very popular economist at one time. He was born on 31 July 1912 in Brooklyn, New York. He was the youngest son of Sarah Ethel (Landau) and Jeno Saul Friedman.
In 1928, he was graduating from Rahway High School. After that, he was awarded a competitive scholarship to continue his studies at Rutgers University and in 1932 he was finishing his studies at Rutgers University. In the field of economics, Milton Friedman was lucky to know two great men. They were Arthur F. Burns and Homer Jone. Through them, he was exposed to the highest scientific standards and hard economic theory.
1932 to 1933 was the first year that he was in Chicago. There he was met with a group of very smart students all over the world, Jacob Viner, Frank Knight, Henry Schultz, Lloyd Mints, Henry Simon. From there he also acquain...
... middle of paper ...
...an-autobio.html> [14 October 2011]
(2011) THE PRIME MINISTER'S CSR AWARDS [online] available from [15 October 2011]
Andrew (2011) TakingITGlobal [online] available from [15 October 2011]
Joel Makower (19 November 2006) Joel Makower [online] available from [16 October 2011]
Chris MacDonald (n. d.) Business Ethics [online] available from [16 October 2011]
(n. d.) BusinessDictionary.com [online] available from [16 October 2011]
(n. d.) International Business Ethics Institute [online] available from [16 October 2011]
Friedman a person that was raised of changing the status quo and thinking differently took the inspiration of many past economics such as Keynes, and challenged them. Most notably was Friedman’s view on the free market system and the choices we have today. Friedman was a strong supporter of riding ourselves of drafts, governmental regulation of markets, the healthcare and education industries; this list go on forever in what Milton Friedman thought was wrong for the US and many other countries. Though Friedman was a pioneer in opening up and showing the free market to those that were willing to listen, many didn’t full understand the hold that not moving to a free market can have on a
Friedman was one of the most significant supporters of free market. He provided a solution for inflation and fluctuations in the short-run. He is considered a major “friend” to free market economy and liberalism. Many fear his impact will die off, but the significance of his works to our economy show that would be a hard thing to
Keyen’s is also the author of one of the famous economic books called The General Theory Of Employment, Interest And Money. Milton Friedman, a supporter of the free market, was born in 1912 in New York. 4th child of a Jewish family that had emigrated from Ukraine. Although he was interested in pursuing mathematics after graduation, the horrible stare of the national income motivated him to take economics instead. Friedman attended Rutgers University and earned numerous degrees from the University of Chicago and Columbia University.... ...
Milton Friedman is a well-known economist and writer from Brooklyn, New York. His influential writing has sparked many debates on the limits of a company’s duty to perform Social Responsibilities within a society.
First thing let us start with a little overview of what Milton Friedman exposed in his article. It seems that the whole point of his essay revolves around one basic statement which clearly says that the only social responsibility of business is to use its resources and engage in activities designed to increase its profits so long it stays within the rules of the game (Milton Friedman, the social responsibility of business is to increase profit).
In today’s global society, a Code of Ethics policy is used to label established, acceptable behaviors among that industry’s business associates, potential investors, and the corporation’s executive officers and employees, and most important, the consumer (Ethics Resource Center, 2003). In an attempt to promote an increased efficiency and productivity potential level, among employees and prospective clients, a corporation’s standard Code of Ethics should guide its members toward a more in-depth examination of their personal moral activity, and how these actions affect the people or acquaintances they encounter. A company should utilize this strategy as a model for the professional behaviors and responsibilities of its constituents, and proves the occupational advancement of that business. Ethics are important in every level of a corporation, but specifically in the day-to-day actions of its members, and the image the company broadcasts to its associates is fundamental in building a stable business foundation. These pledges are a vital communication tool used to covey the firm’s standards for business operations, and predominantly, its relationships with the surrounding communities (Ethics Resource Center, 2003).
Business ethics simply can be defined as the application of business values in the business practice of a company (Seawell 2010, p. 2). For a multinational company, business ethics is one of the critical aspects need to be taken into account in business decision-making processes. Failure to give attention on ethics may bring consequences on company’s reputation (Meyer & Jebe 2010, p. 159). The company is expected not only to pursue its own profits but also contributing to the environmental and social welfare of the community where it operates (Svensson & Wood 2008, p. 308).
Ethics is fast becoming an essential aspect of business in the modern world leading to a positive public opinion as well as investment, partnerships, employee retention, assets protection, productivity & team work.
Samuelson was born on May 15, 1915. It can be inferred that he was intelligent; he enrolled in the University of Chicago at the age of sixteen. The beginning of his love for economics, or as he stated, his rebirth, started at 8:00 a.m on January 2, 1931, when he attended a lecture on Malthus' economic theory. During the lecture, he was astounded by his ability to comprehend economic equations to the point where he suspected that he was “missing out on some mysterious complexity.” (Samuelson)
Milton Friedman presents a compelling argument in “The Social Responsibility of Business is to Increase Profits” by arguing that businesses need to focus only on increasing their profits and integrating social responsibility will only hurt them as a company. Since “only people can have responsibilities” (Friedman 52), Friedman argues that businesses as a whole do not have any type of real responsibilities because there is not a singular person for these responsibilities to fall on. Corporate executives are people as well and may feel they have social responsibilities to society but these “are the social responsibilities of individuals, not of business” (51). In terms of corporations, the businessmen are the ones that hold the responsibility of the company. Friedman argues that the only responsibility these managers hold is to those who own the corporation, the shareholders. If the individuals themselves want to contribute to social responsibility they must do it with their own money in their personal lives, but they should not use social responsibility in
Friedman, Milton. An Economist's Protest: Columns in Political Economy. Glen Ridge] N.J.: T. Horton, 1972. 6-7. Print.
To recapitulate, business that incorporates ethics in their business strategy will ultimately achieve business success due to their long term commitment to their consumers, nay business environment.
Friedman, M., (2007). The Social Responsibility of Business Is to Increase Its Profits. In W.
In the business world there are many fundamental aspects and situations that can lead to several issues. In order to find an optimal and professional solution, business decision makers need to apply moral and ethical standards. And it is at that moment in which business ethics perform its role. Business ethics, which is in charge of examine how companies and individuals should act in business situations, is very essential in order to reach a common agreement and to work within the laws of business and solve an arisen dilemma. Working of the hand of ethical business companies, employees, investors, directors, and even individual officers can be beneficiated and obtain most favorable outcomes.
As mentioned earlier, ethical business communication takes different forms, such as management of staff and employees to suppliers and customers. A wide range of writing exists with the significance of ethics in business communication; most disappointments in business credit to the absence of morals in their business operation, and affirm that ethics is the basic achievement of authoritative development and achievement elements. It's basic as building associations with partners and utilizing moral practices. The believability of the association assumes a part in guaranteeing productivity. It can be said that ethics are a vital segment in business achievement. Since business contacts is likewise the center of business procedures, then, ought to be joined morals in business correspondence procedure to make certain long haul gainfulness and great relations with the proprietors of hobbies. Janet and Chaney (2012) mentioned out that there is a direct correlation between ethical business communication and customer loyalty. Ethical business communication plays a role in the development of a loyal customer base because of the ethical manners of the company when it comes to communications command. Ethical business communication helps to create a positive image of the organization in the workplace, which helps in attracting