Explain the arguments contrary to friedmans position

Assignment Help Business Management

Reference no: EM133474925

Assignment: Business Ethics Global Business Environments Paper

Purpose: In this project, you will discuss and analyze the arguments for and against Milton Friedman's thesis that the only purpose of business is to make money. You will apply the arguments for and against to a specific ethical issue that you have previously discussed in a weekly discussion.

Learning outcome met by completing this project:

Identify ethical issues that arise in domestic and global business environments using an understanding of ethical concepts and of legal and business principles.

How to Set Up the Paper

Create a Word or Rich Text Format (RTF) document that is double-spaced, 12-point font. The format should be in memo form. The final product will be between 8-10 pages in length excluding the title page and reference page. Write clearly and concisely.

Instructions:

You serve as the assistant to the very recently appointed CEO of a prominent start-up that is beginning to grow rapidly. The new CEO, Tara Richmond, is a former general who gained visibility in the military for her outstanding leadership qualities. Since her arrival, the Board of Directors has had spirited debates on several proposals that would increase corporate profits but would work to the disadvantage of some members of the public as well as other stakeholders. Some members of the board are arguing that the only obligation the company has is to make profits for the stockholders. Other members of the board are arguing that the company has an obligation to the community and to stakeholders other than just the stockholders.

Your boss is baffled by the debate. "When I was in the military, my duties to others were clearly laid out. Here, I am unsure to whom the company owes a duty." She turns to you for advice, requesting that you draft a memo that explains what the company's ethical obligations are in situations like these. She asks you to start with Milton Friedman's opinion piece in 1970, arguing that a company's only ethical responsibility is to make profits.

She also asks you to review a much more recent memo from the Business Roundtable that takes a more expansive view of the responsibilities of a company. The Business Roundtable consists of CEOs of Fortune 500 companies, many of whom are familiar names to her. That memo can be found here. (See BRT attachment)

You should do additional research on arguments for and against Friedman's proposition. Using your classroom materials as well as external sources, respond to the following prompts:

Question A. Explain Milton Friedman's arguments supporting that a company's only obligation is to make money.

Question B. Explain the arguments contrary to Friedman's position including where the Business Roundtable stands as well as other arguments you find in your research.

Question C. Using one of the ethical issues that you posted in classroom discussions, illustrate for the CEO, how that issue would be resolved using Friedman's perspective and how it would be resolved using the perspective of the Business Roundtable.

Question D. Which of these positions do you find most compelling and why?

Reference no: EM133474925

Questions Cloud

What was stephen jones ltds operating profit in 2022 : What was Stephen Jones Ltd's operating profit in 2022 and What was the full cost per unit? What was the selling price?

What could have been handled better : Briefly summarize the organization's response to the incident in the case study. What happened? What could have been handled better?

Define what the term family means to you and describe how : Define what the term “family” means to you and describe how your definition of family influenced the content of the genogram. Include cultural, spiritual

Innovation and Entrepreneurship : After someone else spots a business opportunity, other people will often say it was "obvious".

Explain the arguments contrary to friedmans position : Explain the arguments contrary to Friedman's position including where the Business Roundtable stands as well as other arguments you find in your research.

Nobu suggestion for the new incentive plan : Gijs, a Dutch consultant, sent an email to Nobu, his Japanese counterpart, two weeks ago giving feedback on Nobu's suggestion for the new incentive plan.

Describe factors that trigger suicide : Describe factors that trigger suicide. - Select a psychological perspective and describe how that perspective explains suicide.

Encourage employees to participate in wellness program : Your manager has asked you to come up with a plan to encourage employees to participate in a wellness program.

What have you learned in the course that will help : What have you learned in the course that will help you continue to grow as a professional in your chosen career?

User Account

All Pages