Essay on Business and Social Responsibility

Essay on Business and Social Responsibility

Length: 1512 words (4.3 double-spaced pages)

Rating: Powerful Essays

Open Document

Essay Preview

The problem that was investigated consisted of a question that Milton Friedman posed in one of his articles, which was featured in The New York Times Magazine in 1970. The question was, “What does it mean to say that “business” has responsibilities” (Friedman, 2007, p. 173)? Friedman (1970) elaborated on how businesses cannot have assigned responsibilities. Furthermore, he described how groups or individuals should be the only ones that can hold responsibilities, not businesses. He stated that associating responsibilities with the word business is too ambiguous. I will examine three discussion questions and three compare and contrast questions which Jennings (2009) posed in a case study that is related to Friedman’s (1970) article “The Social Responsibility of Business is to Increase its Profits”.
The first discussion question posed was, “How does Dr. Friedman characterize discussions on the “social responsibilities of business”? Why (Jennings, 2009, p. 79)? Friedman (1970) characterized the discussions on social responsibilities as one hundred percent unadulterated socialism. Friedman (1970) characterized these discussions in that manner because he felt that a corporate executive should focus solely on making profits and not on social aspects. He mentioned how people who conduct and express themselves in this fashion are positively reinforcing and supporting the actions of individuals that have been weakening the foundational blocks of free society. Friedman (1970) posed a question which was the crux of his 1970 article “The Social Responsibility of Business is to Increase its Profits” where he investigated the true contextual meaning of what responsibilities mean to businesses. Friedman describes how businesses cann...


... middle of paper ...


...the agents to be the gatekeepers for keeping the corporation alive. While some of Dr. Friedman’s opinions came across bold and harsh, ultimately I feel that he presents a strong case for developing a profit-motivated company that does not treat its stockholders inappropriately.



Works Cited

Friedman, M., (2007). The Social Responsibility of Business Is to Increase Its Profits. In W. Zimmerli, M. Holzinger, & K. Richter (Eds.), Corporate Ethics and Corporate Governance (pp. 173-178). Retrieved from http://www.springerlink.com/content/978-3- 540-70817-9/#section=263556&page=2&locus=0


Jennings, M. (2009). Business ethics: Case studies and selected readings. Mason, OH: South- Western Cengage Learning.


Stambor, Z. (1996). Employees: A company's best asset. Monitor Staff, 37(3), 28. Retrieved from http://www.apa.org/monitor/mar06/employees.aspx

Need Writing Help?

Get feedback on grammar, clarity, concision and logic instantly.

Check your paper »

Business Ethics : Ethical And Social Responsibility Essay

- In understanding business ethics it can be problematic in the sense that, this area is vast, often surrounding many concerns such as corporate social responsibility, difficult decision making to name a few. Furthermore, it generally addresses the entire scope of responsibilities and obligations that a company has to each of its stakeholders like consumers, employees, shareholders, suppliers and the society. Business ethics is the study and examination of moral and social responsibility in relation to business practices and decision-making in business (Author Unknown, n.d.)....   [tags: Corporate social responsibility, Business ethics]

Powerful Essays
1236 words (3.5 pages)

The Ethical Business Practices And Corporate Social Responsibility Of Pharmacare

- Business performance of organizations are primarily steered through good ethics and corporate social responsibility, and such business practices have become an integral part in order to conduct successful business operations in today’s highly competitive and dynamic environment (Joyner & Payne, 2012). Ethical business practices are widely implemented in small or large enterprise as the growing need of social responsibility and environmentally proactive practices are recognized by these businesses....   [tags: Business ethics, Corporate social responsibility]

Powerful Essays
1573 words (4.5 pages)

Corporate Social Responsibility : Business Practices And Corporate Contributions

- Corporate social responsibility is a term used by business which tells us that business has a responsibility with great percentage of interest in which business is integrated social and environmental concerns in routine operations which includes stakeholders for instance employee, suppliers, customers or communities. It is said that CSR is commitment to improve the society by the business practices and corporate contributions (Lee, 2005). CSR in simple words can be described as where businesses help or show sign of interest in helping stakeholders fairly with their lives and trade....   [tags: Corporate social responsibility, Business ethics]

Powerful Essays
733 words (2.1 pages)

Essay on Business and Social Responsibility

- The problem that was investigated consisted of a question that Milton Friedman posed in one of his articles, which was featured in The New York Times Magazine in 1970. The question was, “What does it mean to say that “business” has responsibilities” (Friedman, 2007, p. 173). Friedman (1970) elaborated on how businesses cannot have assigned responsibilities. Furthermore, he described how groups or individuals should be the only ones that can hold responsibilities, not businesses. He stated that associating responsibilities with the word business is too ambiguous....   [tags: Social Responsibility Essays]

Powerful Essays
1512 words (4.3 pages)

Business Social Responsibility Essay

- According to Riahi (2009), organisations (FirstGroup plc etc) can in fact be deemed as social units deliberately constructed to seek specific goal. In such respect, further resonating catalytic for pro and pessimistic dialogue: Milton Friedman argued within a 1970 New York Times magazine article that the only “social responsibility of business,” is to “increase its profits.” “The corporation,” he wrote in his book, Capitalism & Freedom, “is an instrument of the stockholders who own it, if the corporation makes a contribution, it prevents the individual stockholders from himself deciding how he should dispose of his funds.” (M....   [tags: Social Responsibility Essays]

Free Essays
624 words (1.8 pages)

The Social Responsibility Of A Business Essay examples

- Business Community Social responsibility is the part of the framework of an organization or individual which makes up an obligation to act for the benefit of society. There are many different ways act out social responsibility. The social responsibilities of a business can be classified according to the businesses relationships to the general public, customers, employees and investors. The companies that make their product or service with the rooted mindset of benefiting the community and the world around them do this by providing things like scholarship funds, all natural products, biodegradable storage, and or just by treating the consumer as well as the employees as individuals rather th...   [tags: Social responsibility]

Powerful Essays
1178 words (3.4 pages)

Business and Social Responsibility Essay

- Business and Social Responsibility It is widely known that for a business to be successful it needs to provide a good or service that is desired by the public and also to obtain a profit in providing said good or service. Now while these are the most important components to a successful business, they are not the only ones. The social responsibilities of a business include the following: environmental protection and preservation, employee safety and morale, product safety for the consumer. The financial manager must keep these three social responsibilities in mind when making any and all decisions....   [tags: Social Responsibility Essays]

Powerful Essays
413 words (1.2 pages)

Essay on Social Responsibility Of A Business

- Social Responsibility of a Business Over the years, businesses have invested a lot of effort into changing their responsibilities, purpose, and social roles. These roles have been collectively referred to corporate social responsibilities, CSR and continue to shape businesses. The concept of CSR is founded on the basis of taking responsibility for the effects of a company’s activities on its stakeholders and the environment. It is thus important for businesses to take initiatives on a voluntary basis and comply with the legal provisions to boost the well-being of their stakeholders and especially the community....   [tags: Corporate social responsibility]

Powerful Essays
1136 words (3.2 pages)

Business Ethics and Social Responsibility Essay

- The notion of ethics deals with people’s behaviors within a company. Social responsibility involves a company’s moral obligations and the manner in which the organization makes its decisions. Although ethics and social responsibility are similar on a conceptual basis, each has its own unique characteristics that express their differences and its independence of the other. Ethics and social responsibility have to be present and coincide with one another for a business to be ethically sound. Ethics is the application of one’s personal beliefs and the impact on how a person makes decisions regarding the relationships involving a company....   [tags: Business, Corporate]

Powerful Essays
1807 words (5.2 pages)

Essay about Business Ethics and Social Responsibility

- This paper will compare and contrast the various interpretations of four separate authors in respect to ethics and social responsibility as they apply to business. The four articles to be reviewed are; “The Social Responsibilities of Business is to Increase its Profits” by Milton Friedman, “The Relevance of Responsibility to Ethical Business Decisions” by Patrick E. Murphy, “What is ‘business ethics’” by Peter F. Drucker and “To Be Ethical Not To Be: An International Code of Ethics for Leadership” by Ala’ Alahmad....   [tags: Business Ethics ]

Powerful Essays
2326 words (6.6 pages)