ECONOMICS Adam Smith He was a Scottish philosopher during the Enlightenment. (The Enlightenment was an 18th century philosophical movement in Europe that stressed the importance of reason in analysing and investigating.) He wrote ’An Enquiry into the Nature and Causes of The Wealth of Nations’ published in 1776. His main economic ideas were: A nation’s wealth was the total value of its goods and services‚ not the value of its raw materials and precious metals. The value of these goods
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economist Milton Friedman‚ he believed that maximization of profit is the key drivers or fundamental premises in a free market economy and that corporate executives were employees of the owners of the business and that their social responsibility is towards the shareholders of the company and maximizing shareholders value. In short‚ he argued that the social responsibility of any business was to generate profits as more profits would lead to higher dividends or capital appreciation. (Milton Friedman
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Norman Bowie. Prentice Hall: Upper Saddle River‚ 2004. 1-44 Freeman‚ R. Edward. "A Stakeholder Theory of the Modern Corporation." Ethical Theory and Business. Ed. Tom Beauchamp and Norman Bowie. Prentice Hall: Upper Saddle River‚ 2004. 55-64. Friedman‚ Milton. "The Social Responsibility of Business Is to Increase Its Profits." Ethical Theory and Business. Ed. Tom Beauchamp and Norman Bowie. Prentice Hall: Upper Saddle River‚ 2004. 50-55. Mish‚ Frederick. "Exploit." The Merriam-Webster Dictionary.
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approach. 3.2 Contrasting View on Social Responsibility Friedman’s narrow classical view [Make $$$] Bowie’s middleground Mulligan’s broad socioeconomic view [SR] Classical View Management’s only social responsibility is to maximise profits Milton Friedman Managers’ primary responsibilities is to serve the interests of the stockholders doing ‘social good’ adds to the cost of doing business costs have to be passed on to consumers Christopher Stone & Kenneth Arrow reject Friedman’s articles and
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for a business. Levitt.T wrote‚ “In the end business has only two responsibilities- to obey the elementary canons of face-to-face civility (honesty‚ good faith and so on) and to seek material gain”. Milton Friedman argued that business has no social responsibilities other than to maximise profit. Friedman also argues that the corporation is an artificial person and can‚ therefore‚ only have "artificial responsibilities." "Business" is apparently an even more artificial construct and therefore we are
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companies would benefit from adopting the social responsible side‚ by mentioning Starbucks’s CEO‚ Howard Schultz in promoting corporate social responsibility in companies. Also‚ the article also compares Mr. Schultz’s viewpoint with Milton Friedman’s position. Mr. Friedman said that "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." However‚ Mr. Schultz’s corporate
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focused on reorganizing and liquidating assets. The company sold its last remaining business on September 7‚ 2006‚ which was the last chapter of Enron (Thomas‚ 2002). Enron’s Failure Archie Carroll is a known business professor who currently teaches at Terry College of Business in Athens‚ Georgia. Carroll believes in a four-segment model of responsibility‚ which is composed of economics‚ legal‚ ethical‚ and discretionary. Economic responsibility requires the company to maximize the firm’s
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Organization Change: Identity and the ‘Reading ’ of Emotion and Emotionality in a Process of Change Journal of Managerial Psychology 14(7/8)‚ pp 573-585. Davis‚ Keith. (1975 : Business Horizon). "Five Propositions for Social Responsibility". Republished in Archie B. Carrol. (1977). Managing Corporate Social Responsibility. Boston; Little‚ Brown and Company (Inc.)‚ pp. 46-51. Dawn-Marie Driscoll and Dr. W. Michael Hoffman‚ human resource plays a central role in ethics within an organization Donaldson‚ Thomas
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Ferguson BMGT 2216 Rethinking the Social Responsibility of Business The ethical issues presented in this case are the different views that each individual has on how the idea of corporate social responsibility (CSR). This dispute is between Mr. Milton Friedman‚ John Mackey‚ and T.J. Rodgers; all of which has a different outlook on CSR. The definition of CSR refers to the responsibilities that business has to the society in which it operates and to those actions that a business can be held accountable
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Conclusion: Kingspan showed a great engagement with stakeholders. Great emphasis was put on workforces’ education‚ training and their safety. The company has set up a graduate programme to enhance learning and training of individuals and also‚ to assist them in development of self-awareness. In analysis of Kingspan’s Annual Report 2016 it was also established‚ that the company continuously engages in improving the environment. Kingspan enforces initiatives which prime goal is to reduce waste‚ water
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