Reference no: EM132293062

Introduction

Before attempting this assignment please make sure you have carefully read the articles I provided.Especially the two articles: one is from Milton Friedman, Nobel Prize in economic sciences in 1976, and the other one is from John Mackey, co-founder and chief executive officer of Whole Foods Market, Inc.

Once read please answer the following questions:

1. According to Milton Friedman, what is the responsibility of corporate executives?

2. Beyond making a profit, what ethical responsibilities does Friedman say businesses have to society in general?

3. Does Friedman's emphasis on maximizing corporate profits mean that he is not concerned with the welfare of society?

4. Why does Friedman believe a corporate executive should be socially responsible as an individual but not in his or her corporate role?

5. What is the difference between a shareholder and a stakeholder?

6. Who are the stakeholders in John Mackey's conception of the corporation? What ethical duties does the corporation owe to each stakeholder?

7. What motives (besides money) does Mackey argue are important in understanding human nature? How might these motives be relevant in running a business?

8. Are Mackey's views on the social responsibility of business inconsistent with maximizing profits? Why?

9. Corporations have provided billions of dollars in aid to victims of Hurricane Katrina, the South Pacific tsunami and AIDS in Africa. In some cases, these contributions have been more effective than government aid. Would Friedman and Mackey support these types of donations?

Assignment Requirements:

Please make sure you use the terminology of the learning materials provided (readings, podcasts, etc.).

Make sure you cover all relevant aspects. Perform additional research if you think it is needed.

Assignment Submission Instructions:

Please write 1200 words.