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According to Milton Friedman, "Business has only one social
responsibility – to make profits (as long as it stays within the legal
and moral rules of the game established by society). Few trends
could so thoroughly undermine the very foundations of our society
as the acceptance by corporate officials of a social responsibility
other than to make as much money for their stockholders as
possible." Explain why you agree or disagree with such a statement.
Additional information:
Milton Friedman was the recipient of the Nobel Memorial Prize in
Economic Sciences in 1976.
"Not looking to your own interests but each of you to the interests
of the others" (Philippians 2:4, NIV).
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Assignment Instructionsprior to posting. You may also click the three dots in
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References
Sprinkle, G. B., & Maines, L. A. (2010). The benefits and costs of corporate social responsibility.
Business Horizons, 53(5), 445-453. https://doi.org/10.1016/j.bushor.2010.05.006
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The economic philosophies of Milton Friedman have greatly influenced the business
world with the statement that the sole social responsibility of a business is to just maximize its
profits. Unfortunately, his statement does not resonate with my personal beliefs. Friedman’s
argument is based on a traditional capitalist mindset, highlighting the role that businesses are just
profit-generating entities. This point of view tends to overlook the finer details of modern
business dynamics.
Modern business dynamics tends to reach far beyond the boundaries of profit
maximization by also encompassing social, environmental, and ethical responsibilities, referred
to as corporate social responsibility (Sprinkle and Maines, 2010). First, businesses operate within
society, thus relying on its community, infrastructure, and workforce. Because of this, businesses
should contribute toward the maintenance and improvements of these societal entities. Secondly,
the modern world is seeing more consumers prioritize ethical considerations in their purchasing
decisions. Businesses that disregard this aspect of business risk losing monetary gain in their
respective markets.
Philippians 2:4, "Not looking to your own interests but each of you to the interests of the
others," suggests that there is a moral directive that can be extended to the world of business.
This verse can imply that there is an obligation to look after each other or interests before
yourself. Thus, this cannot be applied to Friedman’s theory. Research suggests that businesses
that do demonstrate a commitment to other considerations of social responsibility reap the
benefits of increased reputations, customer loyalty, and long-term profitability. Sprinkle and
Maines (2010) state the additional benefits of social responsibility, such as tax deductions from
donations, free advertising, increased employee retention and motivation, and customer loyalty.
Respectfully, I disagree with Friedman’s theory. Social responsibility should not only just
be profit-making though it is an essential aspect of businesses’ survival. Social responsibility
should also include positive contributions to society.
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References
Response to Shelby:
I agree that Milton Friedman’s statement comes across as harsh. The statement implies
the importance of profit for businesses to survive and, essentially, to keep the lights on. I also
concur with your stance that businesses serve a broader purpose beyond just profit maximization.
In today's world, the corporate ethos encompasses the drive for financial gains and the
pursuit of positive societal impacts. The evolving economic landscape increasingly emphasizes
incorporating your addressed term, “stakeholder theory.” By integrating socially responsible
practices into their business models, companies can create or enhance brand loyalty, attract
talent, and inspire innovation. More importantly, businesses are finding that these socially
responsible practices can coexist with profitability.
I also agree that the overarching narrative for businesses should be to prioritize the
customer. In light of your biblical interpretation of this topic, businesses indeed have a moral
obligation to act responsibly, and the unchecked quest for wealth can ultimately lead to harmful
consequences. In response to those who disagree, it is also worth noting that a business that
prioritizes its social responsibilities can still profit and be highly successful. We see numerous
Christian-value-based companies in our local communities that practice this philosophy and have
seen significant financial success. A great example is Chick-fil-A. Chick-fil-A is one of the most
popular and successful restaurant companies in the U.S. Manko (2022) found that the most
significant factors that contributed to the company’s success were its human-oriented customer
service and good employee relations.
References
Manko, B. A. (2022). Analyzing an Unconventional Success Story: Chick-fil-A Fast Food
Restaurants in the USA. Management, 26(1), 1. https://doi.org/10.2478/manment-2019-
0087
Despite the notice, please see the attached email correspondences pertaining to the
uncompleted work and Skyreach's stated intention to continue the project post-8th June. It was
explicitly acknowledged that the home renovation had not been completed, and there was a
stated commitment to its completion, a commitment that was unfortunately never fulfilled.
The issue at hand lies not only in the incomplete work, but also in the quality control
process. It is concerning that the county inspectors approved and cleared inspections for tasks
that had not even been completed. Furthermore, Skyreach proceeded to install items such as
HVAC systems and ductwork without procuring the necessary mechanical permits. We were left
with unfinished and substandard work, issues that were duly noted during a walk-through
conducted by Sean Donaldson from Code Enforcement.
Due to the lack of a timely response and the necessity to make the house habitable, we
were compelled to hire other contractors to rectify the existing problems. I am puzzled as to how
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this situation correlates to the termination agreement we signed for the loan approval. The work
performed by Skyreach did not meet the required codes and regulations, and the necessary
permits were not secured. These concerns have been corroborated by Mr. Butler and Mr. Darcy,
who provided a detailed Construction Assessment.
I respectfully request a comprehensive investigation into this matter, as it is essential to
hold the concerned company accountable for its actions. I am deeply convinced that Skyreach
should not evade repercussions for the aforementioned discrepancies.
I understand. Despite the notice, please see attached for email traffic about the incomplete
work and Skyreach’s intent to complete the project after 8 June. They noted that they did not
complete the work and that they intended to complete it, which was never completed.
Additionally, the issue here is that we had inspectors sign off and pass inspections of
items that were not even completed. Skyreach also installed items that they did not pull a
mechanical permit for, such as HVAC, and ductwork. They left us with incomplete substandard
work, to which at the time the Sean Donaldson from code enforcement did a walk through and
noted all the issues. Since a response was not provided in a timely manner and we had to make
the house livable we had to hire someone else to come and fix all the issues.
I don’t understand how this part is associated with the termination we signed in order to
get a loan. The work they performed were not completed to code, and proper permits were not
pulled. Even Mr. Butler and Mr. Darcy provided a Construction Assessment of all the issues as
well. I would appreciate further investigation into this, as the company should not go
unpunished.
The reason why we had inspectors come to the house – that we aren’t experts. How does
this associate with the
How does this do with how work was done to code or not? We’ve had frequent
contractors come that said it was not completed to code.
Was the work done to code or not? Are there going to be
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