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Essay / Research Paper Abstract
This is a 5 page paper that provides an overview of business ethics. In particular, the existence of a social responsibility on the part of businesses is analyzed. Bibliography lists 3 sources.
Page Count:
5 pages (~225 words per page)
File: KW60_KFpheth2.doc
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Unformatted sample text from the term paper:
of those businesses and the public in general. For example, the disastrous managerial practices of Enron which condemned hundreds of workers to a fate of poverty. One has the tendency
to feel as if these cases represent ethical lapses from the philosophical perspective because of an underlying conceptual belief that there exists some inherent obligation for corporations to act in
accordance with social responsibility. In other words, a business is ethically obligated to act not just in accordance with whatever actions will generate the most profits, but also to behave
ethically and promote the general well-being of society. However, not everyone agrees with such an analysis, such as Milton Friedman, who asserts that the only "social responsibility" businesses have is
to generate a profit. This paper will present Friedmans argument, its implications for business ethics, and potential counterarguments. This paragraph assists the student
in presenting a summary overview of Milton Friedmans view of business ethics. Certainly one of the most controversial of all views was developed in the 1970s by analyst Milton Friedman.
Up until this point, it was widely believed that businesses held some inherent obligation to society as a whole to behave in a certain manner, or to take actions that
promote the overall well-being of society as a whole. It is easy to popularize noble-sounding sentiments such as these, but not as easy to publicly rebuke them as Friedman did,
providing a thorough rational argument at the same time. Friedmans argument works thusly. He begins by attesting to the belief that the philosophical notion that businesses have some inherent social
responsibility is outdated and inapplicable to contemporary society because of the unprecedented expansion of both business and the society in which it play its role (Friedman, 1970). Moreover, he calls
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