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Corporate Business Responsibility - Essay Example

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Corporate Business Responsibility Name: XXXXXXXXX Professor: XXXXXXXX Institution: XXXXXXXX Course: XXXXXXXX Date: XXXXXXX Milton Friedman was one of the most recognized and acclaimed economists of all times. His theories on business related issues have been applied in many of the contemporary world corporate decision-making…
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Download file to see previous pages According to him, he opposes Milton’s theory and states that the business entity has an added responsibility of taking care of consumers and other workers on top of achieving its core purpose of making profits. These two viewpoints have had very many reviews and the comprehension and general assessment assist largely in determining the more noble theory. Both the ideas have their strong points, and this is based from the vast research and knowledge that the experts behind them have. Focusing on the views offered by Milton, he stated that the sole responsibility of a business should be to maximize profits. The positive aspect of this statement is that the business thus has the ability to offer full concentration to profit making agendas. With less association with the exterior environment, the company is assured of having maximum profits and thus leading to increased money drawn back to the company, and the subsequent result is always having the business expand to a greater aspect. However, the theory does not accommodate all aspects of contemporary business ethics. This is from the fact that the 21st century has many people taking the social responsibility of a business rather seriously for them to acknowledge the services offered. The theory is thus rather biased from the fact that people pay more attention to a business that offers more attention to them. If a company involves the community through various activities such as brand testing before marketing and other social responsibilities like funding several events and offering financial aid, people are personally attached. This personal attachment is rather necessary in that it assists in ensuring that the community offers much attention, and to the company and the company has an upper hand in the competitive atmosphere in the location. Another aspect that is rather expounded by Milton from his theory is that a business thus has the ability of remaining anonymous by carrying out its activities in private without letting in the general public in its ideas. This privacy policy is advantageous as it assures the company of originality and assurance that there will not have any theft of concepts and ideas that the company comes up. Moreover, it is said that a company that keeps to itself gets respect from the community in that it portrays its ability to have a financial bearing without assistance from others (Shaw & Barry, 2004, 232). However, looking at the 21st century from a general perspective, going through with Milton’s theory is not the best decision that a company, whether big or small, should take up. The best advice to follow is that relating to Edward Freeman. Caring about the welfare of the workers is one key point to the success of many companies. For instance, a company that sets standards to which the employees have to reach and subsequently gifts the employees that actually attain the standards is well on the course to success. The gifts may come in different packages depending on the success rate of the employees. These may range from family picnics to even salary raises. All these work better to offer motivation for the employees that eventually leads to better corporate results. Freeman and Milton have diverging corporate viewpoints but bear the same subsequent goal for each business criteria taken. The goal is success of the company. Caring about customers is also very ...Download file to see next pagesRead More
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