Social responsibility of business - Essay Example

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Social responsibility of business

Given the traits of a sentient being, while dismissive of any moral or ethical responsibility, the state of the corporation is placed in a space between responsibilities. The responsibility of the corporation to its owners relieving it of any responsibility to society, the shareholders are relieved of blame because they are largely unaware of the day to day decision making, while the CEO is relieved of blame because he is making decisions that support the interests of the owners. As Friedman makes his argument, he is discussing the concept of corporation in the framework of the shareholder model of corporate governance, which is the more popular form of governance in the United States. UK corporations also uses this model as the foundation of its principles of governance, but Japan, Germany, and most of the other European states use the stakeholder model of corporate governance (Barker 2010: 33-35). Friedman states that “In a free enterprise, private property system, a corporate executive is an employee of the owners of the business... (His) responsibility is to conduct the business in accordance with their desires”. ...Show more

Summary

Ethical Considerations in Corporate Dilemmas Ethical Considerations in Corporate Dilemmas Ethical behaviour is always a difficult consideration when decisions will have an effect on a multitude of outcomes that must be calculated to protect as much as possible…
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