• Join over 1.2 million students every month
  • Accelerate your learning by 29%
  • Unlimited access from just £6.99 per month

In this assignment I will discuss whether profit can coexist with ethical responsibility. I will look into ethics in businesses and corporate social responsibility in regards to Milton Friedmans (1970) article in the New York Times Magazine.

Extracts from this document...

Introduction

"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" Friedman, M. 1970 The New York Times Magazine New York Times Company The article from which the quotation is taken, consider ideas of ethics in business and corporate social responsibility and ends with the unambiguous conclusion presented in the article. However, larger corporations do strive to promote their efforts on the corporate responsibility front. Why is this? In this assignment I will discuss whether profit can coexist with ethical responsibility. I will look into ethics in businesses and corporate social responsibility in regards to Milton Friedman's (1970) article in the New York Times Magazine. I will further look into the efforts that large corporations put towards promoting corporate social responsibility. Milton Friedman (1970), in the article "The Social Responsibility of Business is to Increase its Profits" feels that businesses are an 'artificial person' and have 'artificial responsibilities'. ...read more.

Middle

There is a clear link between ethics and profit. However, with some businesses change their attitudes, others just become negligent regarding this issue. A survey reported by Conal Walsh (2006), conducted by "Frazier Consultancy" on more than 1,300 customers, shows that there is concern regarding the top companies being unethical. Business that made the unethical list by customers was firm such as "McDonald, Nike, Shell, Addidas, and Coco-cola". Prem Sikka (2008) in his article "The Corporate Kleptomaniacs" feels that large businesses are hypocritical in the sense that they say they believe in Corporate Social Responsibility, but they use this as an excuse to "Maximise profits". Their use of "Price Fixing" has been a key player in exploiting customers. The big businesses are meant to set example for small businesses, but are nether the less are but a bad example to them. However, certain businesses have started to consider ethics as a way forward. Businesses such as John Lewis Partnership have implemented ethical trading as part of the day to day running of the business. ...read more.

Conclusion

They have acted responsibly towards climate change, reducing waste, using natural resources, funding charities and communities and trading ethically. These policies will have an impact on retailers similar to Marks and Spencer's because they will have to introduce similar policies, or they may lose out on potential customers. Ben Eavis (2011) head of Corporate Responsibility at Sainsbury's reports that the ethical values that have been put onto shelves, products such as "fair trade" have been bought on the rise. Ben states that "Fair Trade products have raised a great deal since the credit crunch" This implies that consumers are actively aware. Sainsbury's have felt that "converting to fair trade is the right thing to do". Been feels that although consumers want cheap products, they are still choosing to buy the ethical range. This has benefited Sainsbury's in terms of profitability. In conclusion, it is clear that many businesses use Ethics and Corporate Social Responsibility as a way in maximising profits and exploiting customers. However, this has changed for many businesses and many businesses have dedicated their process of implementing ethics and corporate social responsibility into the main purpose of their business. ...read more.

The above preview is unformatted text

This student written piece of work is one of many that can be found in our University Degree Management Studies section.

Found what you're looking for?

  • Start learning 29% faster today
  • 150,000+ documents available
  • Just £6.99 a month

Not the one? Search for your essay title...
  • Join over 1.2 million students every month
  • Accelerate your learning by 29%
  • Unlimited access from just £6.99 per month

See related essaysSee related essays

Related University Degree Management Studies essays

  1. Marks & Spencer China

    Indeed, the main desire of a company is to create benefits if the domestic market is saturated, they need to internationalise. And often, retailers will investigate very well on the market needs and if it is quite promising, they are going to settle in the country.

  2. Ryanair assignment - analysis and enviromental concerns

    � Customers are very price sensitive. � Ryanair and EasyJet limit one another's growth "rout wise", need for peaceful co-existence, or routes could become battleground (e.g.: London-Rome). � Face increase in air traffic control charges. As more planes fly in the sky, especially in the new regional airspace.

  1. General Management - organisation, leadership and theories.

    Finds areas of interest Tunes out dry subjects Looks for opportunities, new learning. Resists distractions Easily distracted Fights or avoids distractions; Tolerates bad habits; knows how to concentrate. Capitalized on the fact that thought is faster than speech. Tends to daydream with slow speakers.

  2. Innovation For Business Success. It is possible to be innovative in both large ...

    Direct labour is about 40% of the value add in this type of operation, hence the company has strategically positioned itself to include a "China option", of having manufacturing done there, rather than in Sydney. GPC developed and implemented its China strategy in 2009 to deliver flexibility and cost advantages as follows (see box)

  1. BUSINESS PLAN FOR ESTABLISHMENT OF

    2nd edition. New York, McGraw-Hill. 48. Trichet, J. (2009) The ECB's enhanced credit support. Keynote address by Jean-Claude Trichet, President of the ECB at the University of Munich, 13 July 2009. [online]. Available from:http://www.ecb.europa.eu/press/key/date/2009/html/sp090713.en.html [Accessed 22th July 2009] 49. Ulwick, A.W. (2002) Turn customer input into innovation. Harvard Business Review, January, 2002, p.91-97.

  2. Corporate Social Reporting. How linked are corporate social policies and rhetoric to social ...

    As a consequence, a company can choose how to communicate its CSR progress in whatever way it finds suitable. This is an issue because stakeholders who wants to have information have rights to such an account, and the report must provide objective and complete information.

  1. Describe the main principles of Corporate Social Responsibility and discuss the realities of such ...

    Within the organisation, the management transformation process takes part with the input being effected by organising, planning, controlling and leading. This benefits the output of the managing process by giving more back to the job and also to society. Each managers style can vary depending on the environment the way they decide to lead impacts heavily on the workforce.

  2. Critical Analysis of the Corporate Social Responsibility Program at Deutsche Post DHL

    At the end, I conclude that Deutsche Post DHL is seriously engaging in corporate social responsibility but the company does not stop thinking about its financial performance. 2. Introduction The discussion about companies? social and corporate responsibility is gaining importance in the past years.

  • Over 160,000 pieces
    of student written work
  • Annotated by
    experienced teachers
  • Ideas and feedback to
    improve your own work