The book‚ Free to Choose: A Personal Statement by Milton and Rose Friedman is one which embodies‚ not only the personal views of one of history’s most influential economic authorities‚ but also provides a practical guide for understanding economics‚ as a whole. In the work‚ Friedman and his wife advocate laissez faire or “let do” economics‚ which advocates the idea that markets function most efficiently when free from government control and taxation. The book was also made into a popular television
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What criticisms does Friedman raise against business managers who engage in "socially responsible" practices? Explain. Friedman criticizes business managers who engage in socially responsible behavior by using the argument that there is a different set of criteria for social responsible behavior of a person‚ who happens to be a corporate executive (businessman) versus that same person acting as an individual in a free-society. A business manager’s main responsibility is to maximize the profit
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Briefly outline what Corporate Social Responsibility (CSR) is and how the initiatives on reporting CSR have developed over the past few decades. Explain what the Global Reporting Initiative is. Social responsibility has been a term used in business since the 1700’s with to focus then being child labour and increasing working conditions. It was only during the 1970’s when social responsibility gathered pace and a definition was given “The social responsibility of business encompasses the economic
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Future of Corporate Social Responsibility in the Philippines – What can be expected and what are the trends that would shape CSR in our country for the next ten years. Due to the slow growth of the Philippine economy‚ Corporate Social Responsibility was being implemented and practiced by the corporations. It is based on the Philanthropic stage or what we call “kawang gawa”. Philippine CSR practices are generally manifested through donations or gratuitous activities and the public views it as an
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In recent years‚ the concept of ethics and social responsibility are essential in the business world as society is increasingly paying attention on the social responsibility of the companies and the ethics of their managers. According to Post et al (1996)‚ ethics refers to standards of behaviour and moral judgement differentiating right from wrong. In addition‚ Bartol et al (2003) defined managerial ethics as “standards of conduct and moral judgement managers’ use conducting their business”. The
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The Importance of Corporate Social Responsibility in the Brand Image – Abstract The purpose of this paper is to investigate the relationship of the consumer perceptions about the branding of organizations that invest in social responsibility and the consumer behaviour regarding loyalty and willingness in paying a premium price. Reviewing the literature about Corporate Social Responsibility (CSR)‚ Corporate Social Performance and Corporate Financial Performance‚ some questions arise: do consumers
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Company: LOUIS VUITTON Essay Title: Corporate Social Responsibility: An investigation into Louis Vuitton Name: YAN JINSHAN Student Number: 17460510 Email: yanjinshan.eric@gmail.com Semester: One‚ 2014 Curtin University: Singapore Campus Tutor: Sally-Edith Yong Corporate Social Responsibility: An investigation into Louis Vuitton With the rapid development of social economy‚ the public tends to focus on the social responsibility of the company‚ as well as feedback to the
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Tutorial 1-Read the ETHICS FEATURE. Corporate Social Responsibility for Competitive Advantage. Summarize the reasons why companies are adopting corporate social responsibility initiatives. What arguments support the pursuit of social initiatives by business organizations and what arguments suggest that the role of business is primarily to make profits? My view: The Corporate Responsibility (CSR) debate is very topical. In the past when considering corporate philanthropy (charitable giving by companies)
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#33: The Case of the Fired Waitress 5. CSR ANALYSIS In this case we could not really judge if the company focused on ethical‚ legal‚ and philanthropic corporate social responsibilities all together. But they did mention about Red Lobster’s and its employees ethical and legal responsibilities. The case did not mention if Red Lobsters support any social causes or do any volunteers for the community. Therefore‚ we cannot judge whether or not Red Lobster was responsible socially or philanthropically.
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Sweden. The American left seems to be enamored with Scandinavian style socialism. Milton Friedman once noted when a student made the statement: “In Scandinavia‚ we have no poverty”. To which Friedman responded‚ “In America among Scandinavians we also have no poverty". Both statements are not true of course‚ poverty in America among Scandinavians and in the country of Scandinavia are around 6.7%. The point is Friedman understood that among the countries that practice Scandinavian style socialism (Iceland
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