Socal Resonsibility 4 Vvbn

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1 Name

Social Responsibility

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2 Name

Social Responsibility

Cases of corporations engaging in unethical and illegal activities have been on the rise.

This problem has been driven by the view that for-profit organizations have no ethical or legal

obligations to society, and their sole concern should be profit maximization. This view is based

on the belief that social responsibility promotes socialism and undemocratic. The purpose of

running a business is to maximize profits, and engaging in corporate social responsibility is

unreasonable and equally unfair. However, without tight rules to ensure corporations act in

ethical and legal ways, society will suffer from environmental degradation, greed, materialism,

inequality, and other vices of unethical business practices. Thus, to avoid adverse consequences

of greed and encourage integrity, corporations should have legal and ethical obligations to

society.

Those against corporate social responsibility base their arguments on the narrow focus of

socialism. This argument is especially prevalent in Milton Friedman’s essay, which insists that

competitive capitalism is the best way to go. Capitalism ensures that anybody with ambitions can

become rich and powerful. A good example is Galt, “his private fortune became so great that he

was obliged to think what to do with it. Unerringly he employed it in means to greater power”

(Garret, 200). Friedman further notes the dangers of socialism, arguing that liberal economy is

the best way to allow ambitious people like Galt to rise into powerful ranks within the society

(Friedman, 13). Friedman’s critique is driven by the view that those tasked with actions and

decision making in business are not supposed to exercise social responsibility in their capability

as executives. They should instead focus on their job, which is to help the company make more

profits. Friedman argues that the practice of corporate social responsibility is unfair because it

leads to taxation without representation. Besides, the practice is not democratic partly because it

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1 Name Social Responsibility Student’s Name: Institutional Affiliation: 2 Name Social Responsibility Cases of corporations engaging in unethical and illegal activities have been on the rise. This problem has been driven by the view that for-profit organizations have no ethical or legal obligations to society, and their sole concern should be profit maximization. This view is based on the belief that social responsibility promotes socialism and undemocratic. The purpose of running a business is to maximize profits, and engaging in corporate social responsibility is unreasonable and equally unfair. However, without tight rules to ensure corporations act in ethical and legal ways, society will suffer from environmental degradation, greed, materialism, inequality, and other vices of unethical business practices. Thus, to avoid adverse consequences of greed and encourage integrity, corporations should have legal and ethical obligations to society. Those against corporate social responsibility base their arguments on the narrow focus of socialism. This argument is especially prevalent in Milton Friedman’s essay, which insists that competitive capitalism is the best way to go. Capitalism ensures that anybody with ambitions can become rich and powerful. A good example is Galt, “his private fortune became so great that he was obliged to think what to do with it. Unerringly he employed it in means to greater power” (Garret, 200). Friedman further notes the dangers of socia ...
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Tags: socialism corporate social responsibility ethical obligations illegal activities Unethical activies