Essay on Business Ethics and Social Responsibility.
Social responsibility is an idea that has been of concern to mankind for many years. Over the last two decades, however, it has become of increasing concern to the business world. This has resulted in growing interaction between governments, businesses and society as a whole.Social Responsibility. Milton Friedman had said that the social responsibility of business is to increase profit. According to him the only aim of the business executives should lie in the maximizing the profit of their organizations and the most important measure of profit is undoubtedly the amount of money which the business makes.Paper type: Essay, Subject: Corporate Social Responsibility The Case Against Corporate Social Responsibility Dr. Karnani shows in this article from the Wall Street Journal, the pros and cons on whether businesses should be required to implement social welfare initiatives.
Therefore, Social Responsibility can be viewed as a social contract with society, whereas ethics relates to carefully thought-out rules of moral philosophy that guide individual decision-making. While business ethics relates to the effect of moral rules and principles on individual decisions.In his essay “The Social Responsibility of Business Is to Increase Its Profit” Milton Friedman, powerful economist, discusses what a business should prioritize in the economic system. Friedman declares what a business is responsible for and the guidelines they must follow.
Community Development Companies, businesses and corporations concerned with social responsibility align with appropriate institutions to create a better environment to live and work. For example, a corporation or business may set up a foundation to assist in learning or education for the public.
