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Milton Friedman's Argumentative Analysis

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Milton Friedman’s quote on “there is one and only one social responsibility of business---to use its resources and engage in activities designed to increase its profits” can actually be seen in different perspectives. Company can also be socially responsible by contributing towards the community through what they do best: excelling in economic terms (Brusseau, 2012). When corporations are making profits, most of it gets sent back into the economy and everyone benefits. Jobs are created, and those that already exist get some added security. More successful corporations mean the increase of the country’s economy, which in turn lead to a social benefit for the society that offers better living conditions. However, there is also the argument that …show more content…

Business world on the other hand, should do their job by complying with the regulations and operating profitably at the same time. However in my opinion, I do think that companies have a responsibility to pursue social good. Business corporations are the one and only biggest organization and also the most powerful entity to be able to influence and offer social good towards the society. Paul Hawken in the article “The Ecology of Commerce” stated that “Business is to increase the well-being of humankind through service, creative invention, and ethical action.” Since business is created to satisfy the needs that the society requires, it is understandable for business to satisfy the sustainable wants by the people. This is also supported by John Mackey, founder and CEO of Whole Foods, stating that “In the customer-centered business, customer happiness is an end in itself, and will be pursued with greater interest, passion, and empathy than the profit-centered business is capable of (2005).” Businesses perspectives are also changing greatly, where Aneel Karnani describes “Large companies now routinely claim that they aren't in business just for the profits, that they're also intent on serving some larger social purpose

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John Colter and Tom Murphy, where two men who had the same dream. The dream of exploring Yellowstone park. Yellowstone park is in Wyoming Both men had packs Johns weighing thirty pounds and Toms weighing around 70/80 pounds with every thing he need to live including... food, A portable stove, camera gear, down jacket, huge warm mittens, a small emergency kit, a headlamp, two water bottles, and a three pound sleeping bag, john on the other hand had a thirty pound pack, some ammunition and his gun John Colter's shelter was much different from Tom Murphy's . For John Colter's shelter he had a trading fort. Tom Murphy however had only a tarp tied onto a stick frame with rope.

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“When the President does it, that means that it is not illegal.” These words were uttered by former President Richard Nixon in an interview shortly after his impeachment. Regardless of the sociopolitical implications of such a statement, Nixon stated an important historical fact: that those in authority usually believe they are above the law. Throughout different periods of human history, leaders have often acted outside of their own laws for personal benefit. Whether one examines the Macedonian kingdom, the Roman Empire, or the various Islamic Caliphates, he will always find at least one leader who transgressed the laws of his nation in order to obtain a personal reward.

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Wisconsin’s First Congressional District Representative, Paul Ryan, is also the current Speaker of the United States House of Representatives. He is serving his tenth year in the House at forty-seven years old. He resides in his home state of Wisconsin where he graduated from Joseph A. Craig High School. Ryan attended Miami University where he earned his degree in economics and political science. Following college, he moved to Washington D.C. to work for the Hill and to aide Senator Bob Kasten.

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For anyone ever involved in the game at a competitive level, they understand the ultimate goal. “The Show”. Its everything a child brought up playing baseball dreams about. But it doesn 't just happen overnight. For most like Tom Pauly it means giving up most of every summer, and just about every other day of the year.

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Cynthia B. Cohen 's argument against using harm-causing reproductive technologies is, she believes it would be wrong to forge ahead with these technologies despite the significant proportion of children born with serious illness and disorders. Cohen believes that the use of reproductive technologies produces serious deficits in a small number of children and asks whether, if this is so, it would be wrong to continue to use them.

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Conscious Capitalism is a book written from John Mackey’s point of view on how Conscious Capitalism helped his company become successful. The CEO shares key points on how an entrepreneur should be able to construct a business based on four tenets that will guarantee a long and successful business for years to come. It begins with the first tenet: Higher Purpose. When an entrepreneur creates a business, the reason they most likely created it is because there was a need for something. For Mackey, his purpose of creating Whole foods was to sell organic food for people who wanted to eat healthier.

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Society’s values influence people to construct their personal mores around them, and those who do not are not accepted by society. In our society, those who have well-paying careers are valued above those who do not. So when McCandless decided against following the path society expects him to, his parents were upset. “Chris informed his parents that he had no intention of going to college. When Walt and Billie suggested that he needed a college degree to attain a fulfilling career, Chris answered that careers were demeaning ‘twentieth-century inventions,’ more of a liability than an asset, and that he would do fine without one, thank you” (114).

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Recently gaining popularity in light of the recent election, some Californian residents are calling for secession. The idea of secession is not new, especially in instances of political turmoil. In 2012, after former President Obama’s re-election, individuals from states like Texas and Louisiana began petitions that garnered enough signatures for an office of the White House to respond. However, instead of California seceding and becoming it’s own nation, what about splitting the state into two or three states? Dividing into separate states could ease feelings of unjust representation and help the further development in each state’s needs.

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Milton Friedman revolutionized free market thinking. He believed in a free market as the best solution for the stability of an economy. Basing his theories on Adam Smith’s “invisible hand”, Friedman further developed Smith’s theory. In short, Friedman’s Neoliberalism can be described through one of his quotes on the social responsibility of business, “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” (Cooney, 2012). Friedman’s belief of the market’s perfection is based on the assumption that no actor would agree to a transaction if they did not find it fitting for themselves (Friedman, 1975).

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Both Milton Friedman 's essay and Reagan’s political work focus on how to achieve a successful system based on the responsibilities of the individuals. Milton’s essay emphasized the role of creating a successful business is to uses “resources and engage in activities that are designed to increase profit so long as it stays within the rules of the game” (Friedman, pg 6). Reagan’s “Farewell Address” engaged in the idea that it is the responsibilities of the citizens to work together to make the nation stay free and strong for future generations to come. “We must keep up our guard, but we must also continue to work together to lessen and eliminate tension and mistrust” (Reagan, p 411) while enforcing the necessary actions to finish the job of

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1125 Words | 5 Pages

All other functions are underpinned by the economic role of business in society. •Legal responsibilities - Although companies have their economical fundamental role they are expected to comply with the laws and regulations of the country they operate in. The legal expectations apply to companies, as juristic entities that can act as persons, and the employees they employ regardless of their responsibility. •Ethical responsibilities - Companies are also expected to comply with the ethical norms of a society. Because these are normally not written in law and are therefore not a legal requirement it is difficult for companies to behave and follow it.

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234 Words | 1 Pages

His view is to get more profits for the firm in order to make the society stronger. In order to make for profit, there can have a possibility to help the society.

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1155 Words | 5 Pages

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.

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1377 Words | 6 Pages

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

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2662 Words | 11 Pages

A company must make a competitive return for its shareholders and treat its employees fairly. A company also has wider responsibilities. It should minimize any harm to the environment and work in ways that do not damage the communities in which it operates. This is known as corporate social responsibility, CSR (Businesscasestudies.co.uk, 2015).

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