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Essay / Research Paper Abstract
Nobel Prize winning economist Milton Friedman commented 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, which is to say engages in free and open competition, without deception or fraud." This 3 page paper considers this view and discusses it in terms of corporate social responsibility and a firm's strategy. The bibliography cites 4 sources.
Page Count:
3 pages (~225 words per page)
File: TS14_TEfriedcsr.rtf
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Unformatted sample text from the term paper:
to increase profits, as this was the primary concern of the shareholders. It may appear that this is an argument that has total disregard for any social issue, but the
argument is not that simple. It does not deny the existence of social responsibility, but places a very specialised perception on it; after all a business with no social
considerations will not necessarily be maximising its profits, as many people might object on social or ethical grounds to its behaviour. Therefore, if it is needed to demonstrate a social
conscience in order to gain additional business and maximise the returns then it is permissible (Dobson, 1999). However an altruistic approach is unacceptable as this may be a waste of
resources that might otherwise be used more profitably for the benefit of the shareholders. When Freidman argues for this singular approach to
profit maximisation it is not a total disregard for social consequences, as he indicates that normally accepted ethics and moral standards should apply to the situation (Chryssides et al, 1999).
The profit being sought he will also accept should also be within the law of the land. His interpretation of the required standards is not specified and therefore, one must
assume that the moral demands which are made by society or more important than ethical customers (Chryssides et al, 1999). In short this attitude is that social responsibility is for
a business to avoid doing what society would deem wrong and which would impact on their sales directly or indirectly (Chryssides et al, 1999). Likewise, if there were benefits that
would maximise profits, such as through the enhancement of image, then the action may also be acceptable. Therefore strategic CSR may be acceptable as long as it is more profitable
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