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Essay / Research Paper Abstract
The way in which businesses undertake their operations in terms of moral or ethical behaviour will vary according the underlying values of management. This 8 page paper considers the different approaches and if the corporation should be seen as an agent of society. The different schools of thought are examined before the best approach is decided upon. The bibliography cites 9 sources.
Page Count:
8 pages (~225 words per page)
File: TS14_TEsocresp.rtf
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Unformatted sample text from the term paper:
the values of the business and the top management, but have been divided into two main schools of thought; that of shareholder wealth maximisation (SWM) and that of corporate wealth
maximisation (CWM). These are not particularly new schools of though and many of the arguments are not new. The school of shareholder
wealth maximisation sates that it is the shareholder who is the principle concern of the organisation (Dobson, 1999). A proponent of this school of thought was Milton Freidman, a highly
regarded economist, capitalist and Nobel prize winner. Friedman had a simple view on the responsibility of a company (Chryssides et al, 1999). Friedmans argument was that business have only one
social responsibility and that is the responsibility to their shareholders or owners; the increasing of their profits (Chryssides et al, 1999). This is the Shareholder wealth maximisation model. Milton
Friedman was a capitalist and an unwavering supporter of Laissez faire capitalism, that is freedom form intervention of any sort save that of force in the preservation of freedom (Chryssides
et al, 1999). The effect of this statement is obvious, it denies that there is any further responsibility save that of
the owners of the business (Chryssides et a, 1999, (Dobson, 1999). This argument is not quite as simple as it seems. It does not deny the existence of social responsibility,
but places a very specialised perception on it stating that business is not concerned merely with profit (Chryssides et al, 1999). 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. Therefor, if it is needed to demonstrate a social conscience
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