Friedman: The purpose of a business is to maximize profits while adhering to law and ethics. Primarily‚ this argumentation is based on the notion that corporations‚ as legal persons‚ cannot have responsibilities like natural persons. Secondary‚ Friedman’s argumentation is based on the principle of ownership and employment. By not complying with the duty of serving the owners’ interest (maximum profit)‚ a manager would allocate resources artificially and arbitrarily. This spending would be unjust
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Freeman and Friedman offering opposing views to answer the question “What is business’s responsibility?” Freeman puts forth what he calls the “stakeholder theory” while Friedman advocates for the “stockholder theory.” Freeman’s stakeholder theory identifies different “stakes” that influence an organization. Each of these parts is integral to the well-functioning of the organization. Included in these categorizations are employees‚ shareholders‚ communities‚ and customers. Freeman advises organizations
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“Stakeholder” theory of management‚ two different views about the purpose and aims of a business. 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 its profits as long as the business stats within the rules that are assigned‚ as for example to compete in free competition and without
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My personal reaction to the article was a positive one in the sense that it was a clear message and made sense. However‚ I feel the article was repetitive and a little too drawn out. I realize the importance of the examples and the different perspectives of managing stakeholders and putting yourself in their position. I learned a lot from this article‚ but it became tedious in the last seven pages. Milton Friedman’s article went into grave detail the social responsibilities of an individual
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Here is my perspective after watching “Corporate social responsibility” video last week Frist of all‚ I think CSR is the good way to firms development sustain. In other word CSR is a way for companies to benefit themselves while also benefiting society. In today as consumer’s awareness about global social issues continues to grow‚ so does the importance these consumers place on CSR when choosing where to shop. CSR plays an importance role effect to consumer decision when they paid for any product
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The European Union defines Corporate Social Responsibility (CSR) as “a concept that an enterprise is accountable for its impact on all relevant stakeholders. It is the continuing commitment by business to behave fairly and responsibly and contribute to economic development while improving the quality of life of the workforce and their families as well as the local community and the society at large.” In broader terms‚ CSR means a collection of policies‚ programs and practices adopted
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Will Freeman and Bridget Jones Will Freeman is a 36-year-old man. He is shallow‚ wealthy and irresponsible playboy‚ who has no surviving family and lives alone in a roomy‚ elegant London apartment. He’s never had a job in his life. He’s had lots of girlfriends‚ but he always dumps them within a few weeks. One day he realizes that his friends are all involved with the responsibilities of married life and that leaves him alone in the cold. Will is a bored swinger who dumps woman after woman
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his theory‚ which is called the “Efficiency Perspective”. In every article and book that I have read about social responsibility‚ Friedman’s “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 even moral obligation to the firm should be to maximize profits always. There is however one condition that makes his perspective more complicated‚ not only for me‚ but also
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three peer reviewed/scholarly journals and compare and contrast each author’s ethical perspective. The articles were: What is Business Ethics by Peter F. Drucker‚ 1981‚ The Social Responsibility of Business is to Increase its Profits by Milton Friedman‚ 1970 and The Relevance of Responsibility to Ethical Business Decisions by Patrick E. Murphy‚ 2010. Ethical Perspectives of Friedman‚ Drucker and Murphy Peter F. Drucker is known as the man who invented management
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Cathy Freeman didn’t care about be rich or famous she just wanted to have a loving family and a life she would not regret. Cathy has had an up and down relationship status. She first fell for her manager Nick Bideau of six years; they broke up because it was too hard on her but Nick still stayed her manager and her friend. In 1999 Freeman married a Nike executive‚ Sandy Bodecker who was 20 years older than her. After her success in Sydney she took a break to nurse Bodecker through a bout of throat
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