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Milton Friedman's Point Of View On Business Ethics

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Business ethics could define as the practices of corporation and firms regarding their responsibility and their way to behave as the same as the principles that can applied to individuals’ behavior towards society. The topic sparks flame of conflict between economists Milton Friedman who stands against the topic while on the other side Colin Grant responds to the arguments of Friedman and supports the necessity of ethic in corporations. Friedman’s point of view of business could described as machinery of making money without considering society, but Colin’s point of view is that business is not isolated from society and it is a part of it. Both of the articles show three major points of discussion social responsibility, political interferes and the free-market. Friedman criticizes some of the executives’ speeches about business responsibility, which reflects a wrong image about business and corporations. According to Friedman the corporation is being treated as a person but the corporations is not a real person it can be described as a …show more content…

People choose their governments and they should operate the economy and practice its power to maintain a stable growth of business and balance the income between poor and rich. In conclusion, Friedman fights for the concepts of the soulless capitalism and shows that the benefit of the people is increasing the profits. In contrast, Colin disagrees with Friedman and argues that the arguments of Friedman do not reflect the reality how corporations act and their independence of the society is a huge logical mistake Friedman presents. Business ethics is a window dressing by corporations to advertise their brands and attract people to buy their products; a corporation can act ethically just to hide its real intentions of maximizing

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For several years, the law has treated corporations as metaphysical persons. This means that the law regards corporations as persons, but only for certain legal purposes. For example, corporations have some of the same rights as natural people do, such as the right to freedom of speech. Corporate personhood has evolved into a highly controversial topic since it was first established in the famous supreme court case, Santa Clara County v. Southern Pacific Railroad. This was a case where the Southern Pacific Railroad protested taxes placed on it by several counties in California.

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The district court decided the respondent’s motion for immediate judgment on all of the plaintiff’s philosophies; the United States Courts of Appeal on behalf of the Second Circuit confirmed the courts judgment. For the courts to conclude whether or not a company is simply an alter ego of the shareholders, that court must ponder numerous effects to comprise the nonexistence of a company bureaucracies, individual use of commingling of company assets, insufficient capitalization, statutorily executed shareholder legal responsibility, continuance of scheme by use of a company to sanction pre corporate agreements (Maffei, 2011). If the courts existed to section the shroud of a company for individual use in addition to commingling the company’s funds, the courts has to decide if the company financial dealings are actuality directed over the company’s financial records and not done over shareholders and private accounts. All companies should require separate financial records and separate income tax

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They have rights just like citizens in the United States. Much like a real human being, corporate personhood allows a corporation to have some, but not all the rights that human beings have, for example, Corporations have the rights to enter contracts with parties and to sue or be sued. The entire idea of corporate personhood began evolving back in 1868 when the 14th amendment was passed. The 14th amendment granted citizenship to all individuals born or naturalized in the United States rights.

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The commercials on the television, the advertisements placed on newspapers and the banners by big conglomerates have one thing in common: They are mostly geared towards children. Chapter 2 of the book Fast Food Nation, written by Eric Schlosser provides a history of two big American companies, McDonalds and Disney, and how their selfish desires led to marketing directed towards children. Schlosser’s central idea and usage of argumentative techniques along with bias define this chapter’s purpose as an educational work designed to reveal the antics of big money corporations. The central idea of this chapter is focused solely on the greed and selfishness of big corporations as they try to advance their business and gain profits while being

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The autobiography of Benjamin Franklin, I believe is about the two guided principles responsibility and honesty. The short story talking about how Mr. Franklin uses guided principle in his life. Now I am going to tell you more about the two guided principles responsibility, and honesty. Responsibility is about how he is responsible for his actions and his life. If Mr. Franklin would not have been able to get on the boat that the men was coming down the river on he would have been stuck there for three days.

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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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An effective government system protects the rights of its people and keeps its citizens safe from harm. The purpose of the government is to protect its citizens by securing the safety of them, and by providing for citizen 's needs. While other concerns, such as the economy and a less intrusive government may be present, a government 's duty is to provide for and protect its citizens. Without people 's concerns for how their needs will be provided or how they will be protected from a threat, the citizens will be able to live with a sense of security.

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"A society that puts equality before freedom will get neither. A society that puts freedom before equality will get a high degree of both." — Milton Friedman Milton Friedman was an economist, a writer and a "prominent advocate of free markets". He won the Nobel Prize in economics in 1976 for "his achievements in the field of consumption analysis, monetary history and theory, and for his demonstration of the complexity of stabilization policy." After watching a couple of videos of Milton Friedman and taking a look to some of his articles I can definitely say he was a really interesting and intelligent man, passionate about economics, people behaviors in the market, his studies, and his writings.

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The views for profit maximization for Milton Friedman, his a man that believes that the firm needs to be taken care off. For example, firms like the Electricity Company and ford, in this case, it seems that it should be more profitable and the society would become stronger. As for John and Michael they are more about creating a balance with firms and people. They want to make sure there is some framework in place in order to achieve an economic freedom. I see why Milton Friedman believe is “a corporation’s responsibility is to make as much money for the stockholders as possible.’’

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The quote implies that corporations engage in a deliberate strategy of manufacturing problems that they can later capitalize on by offering solutions. This approach places profitability ahead of ethical considerations, as companies deliberately withhold treatments to create shortages and maximize profits. This statement underscores the intricate interplay between corporate interests and ethical considerations, underscoring how corporations may prioritize financial gain over the well-being of people and society at large. It raises essential issues about corporate accountability regarding the products they produce and the possible implications of their actions on society. The dangers of allowing corporations to value profit over ethical and moral considerations are displayed in Atwood’s

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Utilitarianism is a teleological ethical theory based on the idea that an action is moral if it causes the greatest amount of happiness for the greatest number of people. The theory is concerned with predicted consequences or outcomes of a situation rather than focusing on what is done to get to the outcome. There are many forms of utilitarianism, having been introduced by Jeremy Bentham (act utilitarianism), and later being updated by scholars such as J.S. Mill (rule utilitarianism) and Peter Singer (preference utilitarianism). When referring to issues of business ethics, utilitarianism can allow companies to decide what to do in a given situation based on a simple calculation. Many people would agree that this idea of promoting goodness

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