Do You Agree with Milton Friedman’s (1970) Claim That...

Do you agree with Milton Friedman’s (1970) claim that: â€Å"the only responsibility of business is to increase its profits†? Today we live in a world were companies are major actors and influence society on many levels. This is why ethics were brought into the business world. Ethical enterprises follow certain values and moral beliefs and were created with the supposed intention of using that influence in a positive way and protect what surrounds them, whether it is the people who work for the company, the rest of society, the environment etc. Ethics helps companies distinguish what’s wrong or right in a certain situation and act upon it. It bases itself on the idea that a corporation is somewhat responsible for how it affects others, hence†¦show more content†¦Many cosmetic brands like Lush or The Body Shop chose to ban animal testing and adopt a ‘cruelty free’ policy that doesn’t harm anyone during testing. The Body Shop even took it a step further by having the same testing that is usually practiced on animals done to a volunteering actress in the window of one of the ir shop to try and sensitize more people to the situation. (The Body Shop, 1992) The company used the influence it had to promote a cause that was important to them and raised awareness on the subject. This is why the installment and promotion of positive values is important. Managing by values was created to help incorporate those in the way the business is run, and benefits a company in many ways. Not only does it promote a healthy view of the brand but it also helps tie up different departments together and builds up the employee’s attachment and loyalty to the company. And although managing by values isn’t the same as corporate ethics, they are both linked, and the improvement of one helps the establishment of the other. This form of management proves that companies are not the evil they can sometimes be portrayed as. They can be humane, do the right things and project a positive image. (Dolan et. Al., 2006) But this is not always the case. Many debate on the true intentions of socially responsible businesses and question the necessity of involving ethics into the business world. OneShow MoreRelatedDo you agree with Milton Friedman’s (1970) claim that :  « the only responsibility of business is to increase its profits  » ?2913 Words   |  12 Pagesï » ¿Do you agree with Milton Friedman’s (1970) claim that  :  «Ã‚  the only responsibility of business is to increase its profits  Ã‚ »Ã‚  ? Milton Friedman was an American economist, statistician and writer, who had a massive impact on the research agenda of the economics profession. His famous words â€Å"the only responsibility of business is to increase its profits† (Friedman, Milton. 1970) led to many controversial debates on whether businesses should have ethics or if profit should be their main  goal. CorporateRead MoreAdvertising and Sex2303 Words   |  10 Pagesvarious studies to show how this strategy is not only over used, but is improperly used and viewable to all consumers, including young children. The advertising industry has taken a low blow at society and needs to focus their attentions on preserving human decency and uphold a higher standard of moral concern. What are we really dealing with here? As time grows older, the acceptance of more and more ideals is growing by the second. Not only ten years ago were standards different. I rememberRead MoreSexual Harassment in the Workplace2294 Words   |  10 PagesSEXUAL HARASSMENT Sexual Harassment in the Workplace Business Ethics Philosophy Class 218 Sexual Harassment in the Workplace What is sexual harassment? According to the Equal Employment Opportunity Commission (EEOC), sexual harassment is a form of sex discrimination that violates Title VII of the Civil Rights Act of 1964. 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