The government will then have the money to take measures of social welfare.
The legal dimension proposes that the business organisations should follow the rules and regulations proposed by the government and should not evade taxes. During their operation, business organisations should follow the rules related to health and safety of the staff, rules against racial or sex discrimination, emission norms etc. There are several industry specific rules such as rule related to hazardous waste, which must be followed.
The ethical dimension refers to the business ethics of fair competition while protecting the interest of the major stakeholders be it the shareholders, consumers and the employees. It requires the business owners to work with the moral conscience while taking business decisions.
The discretionary dimension is the philanthropic part of social responsibility wherein the business organisation make donations for the social cause such as poverty alleviation, education of the poor sections of the social, control of a deadly disease like cancer or HIV AIDS. There are donations made by businesses during any national or global calamity. All these become a part of discretionary philanthropic act.
Only two of the four dimensions discussed above has been the part of Friedman’s statement i.e. economic and legal dimension. In his essay, Friedman argues that the ethical and the discretionary dimensions can be the responsibility of any individual be it the businessmen or the employees of the organisation and not the business.
As was insisted in the stakeholder theory by R. Edward Freeman, business organisations have legal obligation towards the primary and secondary stakeholders to run in a profitable and fair manner. The primary stakeholders include shareholders, customers, business partners, employees and the community while the secondary stakeholders include the government and the regulatory bodies, civic institutions ...
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(“Management Essay Example | Topics and Well Written Essays - 2000 words - 17”, n.d.)
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(Management Essay Example | Topics and Well Written Essays - 2000 Words - 17)
“Management Essay Example | Topics and Well Written Essays - 2000 Words - 17”, n.d. https://studentshare.net/miscellaneous/399016-management.
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