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Business ethics in corporate world
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In the article Accountants Save the World by Peter Bakker, one of his casual claims is that “to address current economic crises in a systematic way, we must begin to demand a return on social and natural capital as well. ”1 As a result, Bakker felt that shareholders would not recognize a company's' social accomplishments if it is not captured in financial reports. However, it could be that shareholders do not put social capital into financial statements because they believe that the only social responsibility of business is profits, like Milton Friedman. Therefore, demanding a return on social and natural capital would be ineffective if the majority of shareholders agree with Friedman's view.
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In the article “Created Equal,” Milton Friedman argues that other people have advantages over others and that “life is not fair” but he also explains how we also benefitted from the unfairness we disapprove of. He goes in greater detail how an elite fighter such as Muhammad Ali makes millions of dollars every time he fights and steps into a ring, but people that work “normal” jobs don’t get the same amount of pay. Muhammad Ali trained and practiced his entire life to get to the status he was in, but not everyone can devote or is willing to devote their entire life and time into fighting. Friedman also considered how luck and chance plays a role and the way we make decisions, he said that people with an equal amount of chips can be big winners or big losers depending on the cards that they get by chance and how they decide to play the cards they get. Friedman also argues how people the people that make their own choices run bearing the risk and consequences of their decision.
In today’s modern society technology plays a huge role in everyday life. Technology has a big position in education. Today students use laptops for school on an everyday basis to take notes, work on assignments, and research. Many people agree that, when it comes to education, technology can either be very harmful or very helpful. Timothy D. Snyder, a history professor at the University of Yale has written five award-winning books.
Davis (as cited by Khalidah, Zulkufly, & Lau, 2014) defined Corporate Social Responsibility (CSR) as “… the firm’s consideration of, and response to, issues beyond the narrow economic, technical, and legal requirements of the firm. It is the firm’s obligation to evaluate in its decision-making processes the effects of its decisions on the external social system in a manner that will accomplish social benefits along with the traditional economic gains, which the firm seeks. It means that social responsibility begins where the law ends. A firm is not being socially responsible if it merely complies with the minimum requirements of the law, because this is what any good citizen would do.” A firm will not survive without the support of both the stakeholders and shareholders, thus the CSR proposes the indication which stats that a firm can never exist In a vacuum (Khalidah et.
My Values of Equality Milton Friedman, an American economist, in his article “Created Equal”, points out his concept about “Created Equal”. Friedman discusses the different ways that humans are considered to be equal, and then he declares three specific categories for human equality: equality before God, equality of opportunity and equality of outcome. Friedman argues that the first equality is the Founders’ use, the second equality is compatible with liberty, and the third equality is socialism. Equality is such a beautiful word that everyone should appreciate, and Friedman claims his points about its concept from his own comprehension. I really respect Friedman’s points about equality; however, there is something critical about equality which
Corporate social responsibility means that businesses have wider responsibilities than simply to their shareholders – they also have responsibilities towards other stakeholders, as well as the environment. Scholars such as Robert Solomon believe that businesses should take on these responsibilities, as they have a duty to behave ethically. Solomon believed that a person should follow their own personal values and attempt to stay ethical no matter whether they are at home or at work. Others, such as Milton Friedman and former British Prime Minister Margaret Thatcher, argue against the idea of corporate social responsibility, believing that the only responsibility of a business is to increase its profits for its shareholders. Friedman went on to argue that for a business to take money from their profits to fund corporate social responsibility projects is equivalent to stealing money from shareholders and is therefore unethical.
Thomas Friedman has mistaken some of my generation’s ignorance as my entire generation. Friedman says he’s shocked that we are less radical and politically engaged than we need to be but more optimistic and idealistic than we should be. He thinks that all we do is party and not give a damn about the world we live in. Friedman also says that we don’t care about worldly issues and are too online and too quiet for our own good. I disagree with Friedman’s statement about my generation because we do care about political and worldly issues, maybe just not in the way his generation did.
