‘The Business of Business is Business’. This quote by the great economist Milton Friedman from his 1970 Times magazine article has sparked off a long running significant debate when it comes to the ideology and the reasons for existence of a business entity…
Download file to see previous pages...
Mainly there are three different schools of thought or approaches on ‘Corporate Social Responsibility. They can be classified as: Neoliberal approach Neo-Keynesian Radical Political Economy In the Neoliberal approach, Corporate Social Responsibility is defined as the basic and fundamental set of policies, codes or guidelines which drives the basic running of a business (Lockwood, 2012). It is mainly based on the viewpoint articulated by Friedman that the main social responsibility of a business is to effectively use its resources and employ those activities which increase the profits of the business as long as it engages in free and open competition without any deceptive and fraudulent activities (The Guardian, 2009). In an article, a neoliberal journalist, Ahaner (2012) rightly pointed out that the main flaw of Corporate Social Responsibility is that the businesses justify their existence by acting on higher moral grounds. According to Riley (2011), the main idea of pursuit of profit not being associated with public good simply does not match up. Adam Smith had rightly said that “it is not from the benevolence of the butcher, the brewer or the baker that we expect our dinner, but from their regard to their own self-interest”. Although most of the neoliberal advocates agree that Corporate Social Responsibility hinders the achievement of the primary purpose of the business, they agree that it will be profitable for the companies in the long run if they adopt Corporate Social Responsibility in their policies (Jedrzei, 2007, pp. 669-681). Furthermore, Yuan (2011, pp. 75-92) adds that even if Corporate Social Responsibility hinders the businesses profit making, it is imperative to note that it can be used as an important insurance strategy to lower the risks of adverse media campaigns, consumer backlash to corporate behavior and government intervention. On the other hand, Cai (2011) defends that the advocates of Neo-Keynesian have a wider approach by recognizing the active role of the business stakeholders. However, there is no general definition of Corporate Social Responsibility and it is mainly construed as having no formal and external set of regulations by both the stakeholders and the state. The Neo-Keynesian theory is different from that of the neoliberal perspective is many ways. The main difference is that the Neo-Keynesian recognizes that market failures or lack of corporate awareness can have negative impacts on the corporate behavior (Thomsen, 2010, pp.139-142). Advocates of neo-Keynesian are mostly concerned with the corporation environmental policies, regulations and policies related to workplace and mainly the environmental and economic consequences of a business activity. Marquez and Fombrun (2005, pg. 304) explain that advocates also entertain the thought of a positive role of the state in enforcing regulations and policies of Corporate Social Responsibility. The third school of thought, The Radical political economy has a skeptical stance on Corporate Social Responsibility by following a different view point on the existence and the abuse of corporate power in terms of both global and local economies. They argue that global business giants possess enormous power which they use for their own self interest, at the expense of the human society and the
...Download file to see next pagesRead More
Cite this document
(“Business Essay Example | Topics and Well Written Essays - 3000 words”, n.d.)
Retrieved from https://studentshare.org/business/1393919-see-attachment
(Business Essay Example | Topics and Well Written Essays - 3000 Words)
“Business Essay Example | Topics and Well Written Essays - 3000 Words”, n.d. https://studentshare.org/business/1393919-see-attachment.
For instance, the suppliers, employees, and products and services of a business organization are influenced by it. In addition, government policies, employees, suppliers, and competitors exert substantial influence on a business organization. As such, the effect of the environment on a business is inversely proportional to its size (Dyer & Ross, 2008, p.
1). This paper briefly summarizes the enormous business potential in the USA as witnessed at one of the major business events known as “Denver Gift, Home, Jewelry & Resort Show” held in Denver, Colorado from February 26, 2011 to March 1, 2011. To encourage the manufacturing and sale of Native American products, Denver Gift, Home, Jewelry & Resort Show hosted 450 exhibitors selling nearly 4000 types of products including jewelry, furniture, gifts, cosmetics, stationery, handicrafts, garden accessories, interior decoration, etc.
Mihaly Csikszentmihalyi (2003) Introduction: The unethical employment practices of Nike as well as the retail giant Wal-Mart; the trading of ‘blood diamonds’ by De-Beers; or the Enron Scandal are all examples of companies and events wherein the businesses acted unethically.
Maryanna identified the business opportunity embedded in this trend and decided to take advantage of it by starting a naming business. Yes, the founding of Marayanna’s business was customer driven in the sense that she started her business only when she realized that their existed demand for the right type of names.
The main objective of a security plan in e-business is to “protect the privacy of the people with whom you do business and safeguard your IT and other information assets.” (Rapalus, 2001)
Information is a significant business asset for any
The two partners have to adopt a partnership form of business so that they may share the management roles and all the risks that can be encountered. This is a good form of business, as the profits that will be attained
KFC also customises its products and services to meet regional demands. The company is not all about the products but also the services that it offers to the customers. Both products and services are vital for the company. The company targets a wide range of
Shareholder owned business organizations are principally accountable to their external investors, in which they are expected to take responsibility in maximizing financial returns. Contrary to this accountability
Among the other factors important in the essay will include the processes of making a business strategy, and implementing it within the environment of the business. The competitive strategy model provided by porter will have importance
10 Pages(2500 words)Essay
GOT A TRICKY QUESTION? RECEIVE AN ANSWER FROM STUDENTS LIKE YOU!
Let us find you another Essay on topic Business for FREE!