PHI208 WK3 Reading Quiz Essay

According to the text, __________ refers to biochemical or genetic changes that cause cell mutations and that account for predictable for age-related diseases.

Milton Friedman’s shareholder theory of management says that the purpose of a business is to make money for the owner or the stockholders of the business. Friedman says that there is only one social responsibility for the business: to use its resources in order to increase

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).

What Friedman implies is that shareholders should only be concerned with maximizing profits and not be obligated to be “socially responsible.” In that case, the manager would only have one priority, to maximize profits. However, what if that manager determined that social endeavors is the best option to maximize profits? This would make the corporation socially responsible while still maintaining maximum profits. The argument presented by Friedman in this case is that while the manager is performing as expected by maximizing profits, this type of “social responsibility is frequently a cloak for actions that are justified on other grounds rather than a reason for those actions.”

This is where Friedman and Mackey have similar ideas. They both believe that being socially responsible will in effect generate more revenue and profit in the long run, but the difference is that Friedman is only interested in pouring the money back to the investors. Because of this I would have to say that Friedman is following a Philanthropic model of CSR. Friedman thinks with an economic model of CSR driving his motivation, but he will also do anything to create profit; even if that means using social responsibility as a means to an end. Friedman probably uses reputation management to build his image as a company solely because he thinks it is a good business decision and not because he genuinely cares

Subsequently, Denning may have misinterpreted Friedman’s main argument. The actual title of Friedman's article is "The Social Responsibility of Business is to Increase its Profits". Denning hastily substituted the word "sole" for "social" and misinterpreted Friedman’s argument to be that that the sole purpose of the firm is to make money for shareholders. This is not true. The main issue Friedman was tackling was the social responsibility of business; the responsibility that it has to the society. In fact, the word “sole” was not mentioned even once in the

The first source is a quote by Milton Friedman that criticizes the view of corporate officials needing to abide to a “social responsibility”. He claims that, in a free market economy, corporate officials only have one goal, to increase profits for their business. So long as it's done without deception, fraud and engages an open and free competition. It is obvious that Martian Friedman is a supporter of capitalism. Capitalism is an economic and political system in which a country's trade and industry are controlled by private owners for profit, rather than by the state or province. It is a right-wing ideology built on the foundation of individualism. It encourages freedom of action for individuals over government control. The source presents Milton is a supporter of individualism and classical liberalism. He favors an economy focused on making profits for the individual with little to no government intervention. Ideologies that

According to Milton Friedman, all of the following are reasons not to use corporate funds to serve social causes EXCEPT:

Milton Friedman continues with Smith’s line of logic as he asserts that the chief concern of the businessman must be to make a profit under socially acceptable means and that the defining of “social responsibilities” must be left in the political sphere. Celgene’s chief executive, John Jackson, was the primary force behind the company’s decision to raise prices. Jackson’s actions are perfectly ethical according to Friedman who writes, “What does it mean to say that the corporate executive has a “social responsibility” in his capacity as a businessman? If this statement is not pure rhetoric, it must mean that he is to act in some way that is not in the interest of

Jackson and Raftos (1997) referred to whistle blowing as an avenue of last resort. Employees find themselves in these situations when the authorities at their organisations have failed to take actions on reported issues affecting that organisation. Wimot (2000) likened whistleblowing to a spectrum. At one end of this spectrum whistleblowing would only cause minimal pain and scars on the stakeholders and organisation while on the other end is the worst scenario where the whistleblowing effects are turbulent and often experienced to be negative to all those involved (ibid).

a. Milton Friedman’s philosophy of corporate responsibility is that “social matters are not the concern of business people and that these problems should be resolved by the unfettered workings of the free market system”. As harsh as it may sound, what he mean course to say was that a business has “to make as much money as possible while conforming to basic rules of society”. Meanwhile, Archie Carroll’s philosophy states that a business has “four kinds of social responsibilities” that a firm must address in their corporate social responsibility, which are economic, legal, ethical and philanthropic duties. Clearly they have two very different views. Friedman sees that a business’s ultimate goal is to generate profits, then comes the legal and ethical responsibilities it must fulfill. To Friedman, there is no need to be philanthropic because the firm’s job is only to make money for the economy, and it is the economy’s obligation to be philanthropic with the profits. Carroll agrees with Friedman that a company must be profitable, then be legal by obeying the law, and be ethical to avoid harm. However, Carroll believes it is also desired and in the best interests of the company to be philanthropic because it will “create a good corporate citizen”. Friedman has an economic view whereas Carroll has a social view. In my opinion, Archie Carroll’s philosophy on corporate social responsibility is more accurate. The social pyramid model he made to go with his views makes

According to Cosans (2009 pp. 391-399) with the taking of limited liability (restricted responsibility) Friedman must have taken the business in a way to be socially affiliated and well-established as well which also leads and supports the ethical and logical roots of CSR and for the re-establishment of the reliability to

Milton Friedman wrote in his famous 1970’s article in The New York Times Magazine, that “the one and only social responsibility of business, is to increase profits for shareholders.” Milton Friedman's view on business responsibility accentuates the importance of maximizing firm's value. He pointed that the “there is one and only one social responsibility of business –to use its resources and engage in activities designed to increase its profits so long as it stays within the rules of the game, which is to say, engaged in open and free completion without deception or fraud’’ and by taking on the burden of social cost, the business becomes less efficient (Milton Friedman, 1962).

Milton Friedman was an American economist, statistician and writer, who had a massive impact on the research agenda of the economics profession. His famous words “the only responsibility of business is to increase its profits” (Friedman, Milton. 1970) led to many controversial debates on whether businesses should have ethics or if profit should be their main goal. Corporate social responsibility has many definitions, as its interpretation is quite loose, so I have chosen one that relates the most to this essay, given by the World Business Council for Sustainable Development, in 2000: “Corporate social

Friedman argues that the only responsibility a business has to society is to act in its own self-interest to create revenue and remain successful in the economic system (158).Created to make a profit by providing a task or service, a business must “use its resources and engage in activities designed to increase its profits” (Friedman 164). A business could use any tactic to gain a profit as long as they remained “within the rules of the game” (Friedman 164). The rules implied that no deception or fraud could take place while the corporation obtained their profit.