Peter F. Drucker and Milton Friedman were two immensely successful men who made a huge impact on the business world during their lifetimes. As a matter of fact, their contributions in both theory and practice are still felt today. Both men were well-educated, leaders in their field, teachers, award winners, and published authors. One noted difference, however, was their backgrounds which were vastly different.
Peter Drucker was born in Austria during the early 1900’s of wealthy parents who were both professionals. His father served in a high government position as a lawyer and economist while his mother studied medicine (Beatty, 2005). Because of their affluence and influential place in society, Drucker’s parents surrounded themselves with the intelligentsia of their day, and thus, exposed young Drucker to some of the most profound thinkers of the period. For instance, he came into contact with Freud during this period. His parents often hosted gatherings for groups of modern thinkers in which lively discussions related to the arts and sciences was the rule of the day. Being privy to the musings of such intellectuals introduced Drucker to new ideas and ways of thinking (The Drucker Institute, 2011). Such an early introduction to genius and ingenuity made him a keen observer of people and paved the way for Drucker’s educational and professional achievements. Ultimately it was his fascination with people that lead him to the field of management.
Milton Friedman was also born in the early 1900s. Unlike Drucker, however, he was born in the United States to poor parents of Eastern-European background. Instead of spending time in the company of the intellectual elite, his family s...
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...eved at http://www.nationalaffairs.com/doclib/20080708_1981632whatisbusinessethicspeterfdrucker.pdf
Friedman, M. (1970, September). The social responsibility of business is to increase its profits. The New York Times Magazine, 18-36. Retrieved at
Jennings, M. M. (2009). Business ethics case studies and selected readings. Mason, OH: South-Western Cengage Learning.
Makower, J. (November, 2006). Milton Friedman and the social responsibility of Business. Retrieved at http://www.worldchanging.com/archives/005373.html.
The Drucker Institute. (2011). Peter Drucker – about Peter Drucker. The Drucker Institute.com. Retrieved at http://www.druckerinstitute.com/link/about-peter-drucker/
The Nobel Foundation. (2005). Milton Friedman - autobiography. Nobelprize.org. 13 Mar 2012 Retrieved at http://www.nobelprize.org/nobel_prizes/economics/laureates/1976/friedman.html
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