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ethics and decision making in financial institution
Finance & Accounting
Pages 12 (3012 words)
Re-evaluating Milton Friedman’s Concept of Social Responsibility of Business Introduction “The primary and only responsibility of business is to use its resources and engage in activities designed to increase its profits so long as it stays within the rules of the game, which is to say, engages in open and free competition without deception and fraud” - Milton Friedman (1970) The above mentioned lines are not only a quotation by the most influential economist in the second half of twentieth century but also the crux of this essay.
In the second part the study will understand role of business ethics and ethical decision making in context to banking industry. Although the concept of business ethics, fair and free competition, abolishment of monopolistic competition are pretty much older in comparison neo classical concepts like trade protection, corporate governance codes but surprisingly very few researcher have tried find how these implications are relevant in context to banking industry. To understand the importance of open and free competition it is essential for the researcher to analyze these concepts by using theories of economics (Misra and Arrawatia, 2012). Nature of Competition in Banking Industry In recent times, various research scholars have tried to investigate nature of competition in global banking industry with help of different concepts of economics. Modern economists have stated that conjoint impact of internationalization, liberalization and harmonization has changed the dynamics of competition in global banking competitions. ...
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