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This document discusses strategic models of corporate social responsibility. It presents perspectives that businesses should balance pursuing profits with social responsibility. Some organizations, like non-profits and social enterprises led by entrepreneurs, have social goals as their central mission. The document argues that sustainability should be at the heart of every corporate mission, with financial goals balanced against environmental considerations, as the long-term financial well-being of firms depends on how they affect and are affected by the natural environment.
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The philanthropic model of corporate social responsibility views business contributions to social causes as voluntary acts of philanthropy, not obligations. Under this model, businesses may support social causes through charitable donations that provide public relations benefits, tax deductions, and goodwill. Some businesses contribute anonymously without seeking benefits. However, philanthropic acts done primarily for economic or reputational gains are not fully ethical forms of social responsibility.
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The document summarizes the economic model of corporate social responsibility, which argues that a corporation's only social responsibility is to maximize profits for its shareholders within legal bounds. It outlines the model's roots in free market theory and utilitarianism. The model is illustrated using Walmart as an example of a corporation pursuing strategies like low prices that maximize profits and benefit consumers according to this view.
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The stakeholder model of corporate social responsibility rejects the view that stockholders are the only group with legitimate claims over managerial decisions. It argues that managers have equal ethical duties to consider the interests of other stakeholders such as employees, customers, suppliers, and local communities. The stakeholder model requires managers to balance the competing interests of all stakeholder groups, giving equal consideration to each, rather than prioritizing stockholders' financial interests over all others. Critics argue it is difficult to implement the stakeholder model in practice due to challenges in identifying stakeholders, determining their interests, and deciding on a course of action that properly balances all interests.
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The document summarizes criticisms of the utilitarian defense of an economic model of corporate social responsibility. It argues that free markets alone do not ensure optimal social outcomes and maximum utility due to market failures and the possibility that maximizing individual utility does not equate to maximizing social welfare. It also questions whether efficiently satisfying consumer preferences through economic growth always leads to ethical ends or individual and social happiness. The document advocates considering alternative public policy approaches to address these issues rather than relying solely on private market mechanisms.
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The document discusses two defenses of the economic model that prioritizes private property rights and profit maximization. It raises challenges to these defenses. The first defense is that managers have an obligation to maximize profits for owners. The document challenges this, noting that property rights are not absolute and must consider others' rights. The second defense is that stockholders grant limited liability and control over corporate property, but this ownership may not include all personal property rights. It questions equating stock ownership with full control. The document argues compliance with law alone is not sufficient for ethical corporate responsibility.
Bgs chapter 1
The document discusses the study of business, government, and society. It defines business and explains different models of the relationship between business, government, and society, including the market capitalism model, dominance model, countervailing forces model, and stakeholders model. It also discusses the importance of studying business, government, and society for managers, provides a global and historical perspective, and outlines key stakeholders and criticisms of the stakeholder model.
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This document discusses corporate social responsibility (CSR). It defines CSR as recognizing a company's impact on society and actively managing its economic, social and environmental impact. It identifies four parts to CSR: economic, legal, ethical and voluntary responsibilities. The document also outlines strategies companies use for CSR, types of social responsibilities, how CSR benefits companies, and CSR principles and best practices. It discusses three models of CSR and provides examples of Indian companies that practice CSR activities.
Cultural social responsibity
Friedman argues that businesses have no social responsibility beyond maximizing profits for shareholders within the legal and ethical rules of society. He claims that corporate executives act as agents of shareholders, not representatives of the public, and should not spend shareholders' money on social causes chosen by executives. However, Friedman acknowledges that businesses must adhere to laws and social norms to maintain their operating licenses and avoid public backlash. Overall, Friedman believes profit-maximization and voluntary cooperation within a free market best serve the interests of all participants and society.
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The philanthropic model of corporate social responsibility views business contributions to social causes as voluntary acts of philanthropy, not obligations. Under this model, businesses may support social causes through charitable donations that provide public relations benefits, tax deductions, and goodwill. Some businesses contribute anonymously without seeking benefits. However, philanthropic acts done primarily for economic or reputational gains are not fully ethical forms of social responsibility.
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The document summarizes the economic model of corporate social responsibility, which argues that a corporation's only social responsibility is to maximize profits for its shareholders within legal bounds. It outlines the model's roots in free market theory and utilitarianism. The model is illustrated using Walmart as an example of a corporation pursuing strategies like low prices that maximize profits and benefit consumers according to this view.
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The stakeholder model of corporate social responsibility rejects the view that stockholders are the only group with legitimate claims over managerial decisions. It argues that managers have equal ethical duties to consider the interests of other stakeholders such as employees, customers, suppliers, and local communities. The stakeholder model requires managers to balance the competing interests of all stakeholder groups, giving equal consideration to each, rather than prioritizing stockholders' financial interests over all others. Critics argue it is difficult to implement the stakeholder model in practice due to challenges in identifying stakeholders, determining their interests, and deciding on a course of action that properly balances all interests.
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The document summarizes criticisms of the utilitarian defense of an economic model of corporate social responsibility. It argues that free markets alone do not ensure optimal social outcomes and maximum utility due to market failures and the possibility that maximizing individual utility does not equate to maximizing social welfare. It also questions whether efficiently satisfying consumer preferences through economic growth always leads to ethical ends or individual and social happiness. The document advocates considering alternative public policy approaches to address these issues rather than relying solely on private market mechanisms.
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The document discusses two defenses of the economic model that prioritizes private property rights and profit maximization. It raises challenges to these defenses. The first defense is that managers have an obligation to maximize profits for owners. The document challenges this, noting that property rights are not absolute and must consider others' rights. The second defense is that stockholders grant limited liability and control over corporate property, but this ownership may not include all personal property rights. It questions equating stock ownership with full control. The document argues compliance with law alone is not sufficient for ethical corporate responsibility.
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The document discusses the study of business, government, and society. It defines business and explains different models of the relationship between business, government, and society, including the market capitalism model, dominance model, countervailing forces model, and stakeholders model. It also discusses the importance of studying business, government, and society for managers, provides a global and historical perspective, and outlines key stakeholders and criticisms of the stakeholder model.
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This document discusses corporate social responsibility (CSR). It defines CSR as recognizing a company's impact on society and actively managing its economic, social and environmental impact. It identifies four parts to CSR: economic, legal, ethical and voluntary responsibilities. The document also outlines strategies companies use for CSR, types of social responsibilities, how CSR benefits companies, and CSR principles and best practices. It discusses three models of CSR and provides examples of Indian companies that practice CSR activities.
Cultural social responsibity
Friedman argues that businesses have no social responsibility beyond maximizing profits for shareholders within the legal and ethical rules of society. He claims that corporate executives act as agents of shareholders, not representatives of the public, and should not spend shareholders' money on social causes chosen by executives. However, Friedman acknowledges that businesses must adhere to laws and social norms to maintain their operating licenses and avoid public backlash. Overall, Friedman believes profit-maximization and voluntary cooperation within a free market best serve the interests of all participants and society.
The Social Responsibility Of Business by Milton Friedman
Milton Friedman argued in a 1970 New York Times article that a business's sole purpose is to generate profit for shareholders. He claimed that adopting "responsible" attitudes would constrain companies and make them less competitive. Friedman argued that acting in a socially responsible way, such as reducing pollution beyond profit-maximizing levels, amounts to executives acting as public employees by allocating corporate money to social causes rather than shareholders. However, others disagreed with Friedman's view, including the president of Quaker Oats, who said profit is not the only purpose of a business and that companies must consider returns on all assets, including natural resources.
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This document discusses business and society (BGS) and its importance to managers. It covers 4 models of the BGS relationship: the market capitalism model, dominance model, countervailing forces model, and stakeholder model. It also discusses the global and historical perspectives of BGS. The models show different views of how business interacts with economic and non-economic forces in society. Managers must understand BGS to help businesses meet objectives and operate responsibly within society.
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This document provides a critical analysis of Milton Friedman's statement that "the social responsibility of business is to increase its profits." The analysis presents Friedman's argument and context, then discusses views on a company's social responsibilities. It argues that adopting a synergistic approach of increasing profits and social responsibility benefits stakeholders and the corporation more than a singular focus on profits. Examples are given of companies that successfully balance profits and social responsibility.
Comm 486C: Social Responsibility of Business is to Increase its Profits, Milt...
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The slides were part of an in-class discussion around two articles from Milton Friedman and Thomas Mulligan. This is only for the purpose of the in-class discussion and not to be used for anything beyond that. Countervalling force model bgs vtu
The countervailing forces model shows the flows of influence between corporations, government, the public, and environmental factors. It depicts a system where the power of businesses is checked by responses from government to public values and demands. The model outlines how economic conditions, markets, ideologies, technology, nature, and culture can influence corporations, the public, and government. Government in turn regulates corporations through statutes and policies.
Week 6 notes
Bernard Ebbers built WorldCom into a global telecommunications giant but used his company stock as collateral for loans and instructed subordinates to falsify financial reports to hide rising expenses, leading to his conviction for securities fraud. This chapter discusses theories of business ethics, sources of ethical values like religion and culture, and how companies can promote ethics through leadership, policies, culture, and compliance programs. It concludes that the most important factor is the ethical example set by corporate leaders.
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The document discusses social venturing economics in Europe. It defines social venturing as applying entrepreneurship to contribute to solving societal problems where markets do not operate, without seeking profit. Cooperative banks and insurance in Europe survived financial crises better due to their structure. Social venturing aims to mobilize entrepreneurship for societal benefit rather than shareholders. It provides examples like sustainable agriculture projects and outlines principles like giving recipient communities stake and repayment obligations rather than gifts.
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This presentation provides an overview of several perspectives on corporate social responsibility, including a review of the famous Berle-Dodd debate of the 1930s and Milton Friedman's very famous NY Times article.
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Corporate social responsibility emerged in the 1960s as companies faced increasing pressure to address harmful impacts of their operations. CSR involves voluntary commitments by companies beyond legal and economic obligations. It can be defined as accommodating corporate behavior to societal values and expectations. There are various approaches to CSR, including Milton Friedman's view that a company's only responsibility is to increase profits legally, and Archie Carroll's view that companies have economic, legal, ethical, and discretionary responsibilities. Arguments for and against CSR center around profit maximization, resource fit, and lack of accountability.
Corporate Social Responsibility
The document traces the evolution of corporate social responsibility from early philanthropic acts of wealthy individuals to modern expectations of multinational corporations to consider social and environmental impacts. It discusses how CSR has expanded over time due to increased stakeholder influence and globalization. A global system of CSR standards, codes of conduct, reporting, and certification has emerged to provide guidance and accountability for corporations operating internationally.
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This document discusses corporate social responsibility and international accounting. It first defines CSR and outlines some key theories around CSR, including that CSR activities can benefit companies in the long-term by building goodwill. It also discusses how accounting has shifted to account for non-financial stakeholders and CSR activities. Globalization and convergence of international accounting standards may lead to increased standardization of CSR reporting worldwide and greater transparency around companies' social and environmental impacts.
Analysis of the arguments for and against corporate social r
This document discusses the arguments for and against corporate social responsibility in Nigeria. It begins by defining social responsibility as a duty for individuals and organizations to maintain a balance between economic development and social/environmental welfare. The document then provides a historical overview of the development of social responsibility concepts over time. It notes that while businesses' primary function is to generate profits, they also have obligations to benefit society. Finally, the document outlines some key reasons for corporate social responsibility in Nigeria, including promoting social welfare, protecting the environment from hazards, and cooperating with the government on research and development.
12. consumerism
This document provides an overview of consumerism. It defines consumerism as activities designed to protect consumer rights, including those of government, businesses, and independent organizations. The document outlines the key objectives that will be covered, which include the origin of consumerism, consumer rights and movements, and the role of advertising. It also discusses consumer purchase decisions, characteristics of wise consumers, and examples of consumerism. The document notes that while consumerism spurs economic growth, it can also lead to neglect of the environment, overspending, and stress if desires are never satisfied.
bgs-models
This chapter provides an overview of the business-government-society field of study by defining key terms, discussing its importance to managers, and introducing four models of the business-government-society relationship: the market capitalism model, dominance model, countervailing forces model, and stakeholder model. For each model, the chapter describes its key assumptions and conclusions regarding the relationship between business, government, and society.
CSR Public Value and the Business of Politics
This document summarizes a research paper that examines how Mark Moore's theory of public value can provide an ethical framework to guide businesses taking on political roles beyond corporate social responsibility. The paper discusses how businesses are increasingly engaging in activities traditionally viewed as government activities, like providing public services. It argues public value theory can help businesses make decisions about these new political roles by considering public goods, virtue ethics, and civic virtue. The theory aims to address normative ambiguities around businesses extending into the political realm and provide guidance for individuals within these organizations.
Business and society unit 5
Sustainable development – meaning, social, economic and
environmental dimensions, principles of sustainable
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scope, objectives, planning and implementation; ISO 14000;
environmental audit; 4Rs; environmental labeling. World
Business Council for Sustainable Development. Millennium
Development Goals and Sustainable
Development Goals – the role of and implications for business
Week 1 notes
The document provides an overview of the study of business, government, and society (BGS). It discusses ExxonMobil's history and culture. Four models of the BGS relationship are presented: the market capitalism model, dominance model, countervailing forces model, and stakeholder model. The document outlines its comprehensive and interdisciplinary approach to the subject matter using theory, description, case studies, and historical perspectives.
chapter04
This document discusses market structures and competition. It describes perfect competition as a free market with many small buyers and sellers unable to influence prices. Monopolies have one dominant seller controlling the market and able to extract monopoly profits. Oligopolies have a small number of large firms that can influence prices. The document examines how these market structures align with concepts of justice, utility, and rights. It also discusses unethical practices that can occur in oligopolistic markets like price-fixing.
Ethical Issues in Capitalism & Market System
This document discusses ethical issues in capitalism and market systems. Capitalism is defined as an economic system where most production and distribution is privately owned and operated for profit. Benefits include automatic working and economic development, but limitations are accumulation of wealth and human exploitation. A market system guides economic decisions solely through individual interactions with little government intervention. Benefits are variety and competition, while limitations include unemployment and widening inequality. The document stresses that business ethics determine reputation and influence all levels of an organization, and maintaining ethics is important for long-term success.
Social entrepreneuship approaches
Social entrepreneurship aims to solve social problems through entrepreneurial means. It involves identifying social issues, conducting research to define them, and creating social ventures to drive desired change. Social entrepreneurs focus on social goals rather than profits, using business strategies to be self-sustaining and maximize social impact. Their approaches include innovating new solutions, operating social enterprises that generate income, prioritizing community benefit, and reinvesting profits into their missions.
Sec 3 6
The document discusses modified versions of the economic model of corporate social responsibility. It summarizes Norman Bowie's view that businesses have a moral obligation to cause no harm that overrides other ethical duties like preventing harm or doing good. However, the document argues that clearly distinguishing between causing harm and preventing harm, or between harm and good, is difficult. It concludes that determining corporate social responsibility requires case-by-case analysis rather than broad principles.
Sec 5 6
The liberal model of work takes a middle ground between other perspectives. Liberals believe workers should freely choose their work goals but recognize work impacts workers. They assess work based on how it affects worker autonomy rather than a single human purpose. Liberals argue workers have rights in the workplace to protect goods like health and rationality that allow pursuit of individual goals, rejecting views that work meaning is purely subjective or that managers can dictate worker development.
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This document discusses business and society (BGS) and its importance to managers. It covers 4 models of the BGS relationship: the market capitalism model, dominance model, countervailing forces model, and stakeholder model. It also discusses the global and historical perspectives of BGS. The models show different views of how business interacts with economic and non-economic forces in society. Managers must understand BGS to help businesses meet objectives and operate responsibly within society.
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This document provides a critical analysis of Milton Friedman's statement that "the social responsibility of business is to increase its profits." The analysis presents Friedman's argument and context, then discusses views on a company's social responsibilities. It argues that adopting a synergistic approach of increasing profits and social responsibility benefits stakeholders and the corporation more than a singular focus on profits. Examples are given of companies that successfully balance profits and social responsibility.
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Comm 486C: Social Responsibility of Business is to Increase its Profits, Milt...Girish Ananthanarayana
The slides were part of an in-class discussion around two articles from Milton Friedman and Thomas Mulligan. This is only for the purpose of the in-class discussion and not to be used for anything beyond that. Countervalling force model bgs vtu
The countervailing forces model shows the flows of influence between corporations, government, the public, and environmental factors. It depicts a system where the power of businesses is checked by responses from government to public values and demands. The model outlines how economic conditions, markets, ideologies, technology, nature, and culture can influence corporations, the public, and government. Government in turn regulates corporations through statutes and policies.
Week 6 notes
Bernard Ebbers built WorldCom into a global telecommunications giant but used his company stock as collateral for loans and instructed subordinates to falsify financial reports to hide rising expenses, leading to his conviction for securities fraud. This chapter discusses theories of business ethics, sources of ethical values like religion and culture, and how companies can promote ethics through leadership, policies, culture, and compliance programs. It concludes that the most important factor is the ethical example set by corporate leaders.
Rol de la Economía social en Europa
The document discusses social venturing economics in Europe. It defines social venturing as applying entrepreneurship to contribute to solving societal problems where markets do not operate, without seeking profit. Cooperative banks and insurance in Europe survived financial crises better due to their structure. Social venturing aims to mobilize entrepreneurship for societal benefit rather than shareholders. It provides examples like sustainable agriculture projects and outlines principles like giving recipient communities stake and repayment obligations rather than gifts.
Corporate social responsibility: The policy debate
This presentation provides an overview of several perspectives on corporate social responsibility, including a review of the famous Berle-Dodd debate of the 1930s and Milton Friedman's very famous NY Times article.
Final ugbs 207
Corporate social responsibility emerged in the 1960s as companies faced increasing pressure to address harmful impacts of their operations. CSR involves voluntary commitments by companies beyond legal and economic obligations. It can be defined as accommodating corporate behavior to societal values and expectations. There are various approaches to CSR, including Milton Friedman's view that a company's only responsibility is to increase profits legally, and Archie Carroll's view that companies have economic, legal, ethical, and discretionary responsibilities. Arguments for and against CSR center around profit maximization, resource fit, and lack of accountability.
Corporate Social Responsibility
The document traces the evolution of corporate social responsibility from early philanthropic acts of wealthy individuals to modern expectations of multinational corporations to consider social and environmental impacts. It discusses how CSR has expanded over time due to increased stakeholder influence and globalization. A global system of CSR standards, codes of conduct, reporting, and certification has emerged to provide guidance and accountability for corporations operating internationally.
Corporate Social Responsibility and International Accounting
This document discusses corporate social responsibility and international accounting. It first defines CSR and outlines some key theories around CSR, including that CSR activities can benefit companies in the long-term by building goodwill. It also discusses how accounting has shifted to account for non-financial stakeholders and CSR activities. Globalization and convergence of international accounting standards may lead to increased standardization of CSR reporting worldwide and greater transparency around companies' social and environmental impacts.
Analysis of the arguments for and against corporate social r
This document discusses the arguments for and against corporate social responsibility in Nigeria. It begins by defining social responsibility as a duty for individuals and organizations to maintain a balance between economic development and social/environmental welfare. The document then provides a historical overview of the development of social responsibility concepts over time. It notes that while businesses' primary function is to generate profits, they also have obligations to benefit society. Finally, the document outlines some key reasons for corporate social responsibility in Nigeria, including promoting social welfare, protecting the environment from hazards, and cooperating with the government on research and development.
12. consumerism
This document provides an overview of consumerism. It defines consumerism as activities designed to protect consumer rights, including those of government, businesses, and independent organizations. The document outlines the key objectives that will be covered, which include the origin of consumerism, consumer rights and movements, and the role of advertising. It also discusses consumer purchase decisions, characteristics of wise consumers, and examples of consumerism. The document notes that while consumerism spurs economic growth, it can also lead to neglect of the environment, overspending, and stress if desires are never satisfied.
bgs-models
This chapter provides an overview of the business-government-society field of study by defining key terms, discussing its importance to managers, and introducing four models of the business-government-society relationship: the market capitalism model, dominance model, countervailing forces model, and stakeholder model. For each model, the chapter describes its key assumptions and conclusions regarding the relationship between business, government, and society.
CSR Public Value and the Business of Politics
This document summarizes a research paper that examines how Mark Moore's theory of public value can provide an ethical framework to guide businesses taking on political roles beyond corporate social responsibility. The paper discusses how businesses are increasingly engaging in activities traditionally viewed as government activities, like providing public services. It argues public value theory can help businesses make decisions about these new political roles by considering public goods, virtue ethics, and civic virtue. The theory aims to address normative ambiguities around businesses extending into the political realm and provide guidance for individuals within these organizations.
Business and society unit 5
Sustainable development – meaning, social, economic and
environmental dimensions, principles of sustainable
development. Environment management systems – meaning,
scope, objectives, planning and implementation; ISO 14000;
environmental audit; 4Rs; environmental labeling. World
Business Council for Sustainable Development. Millennium
Development Goals and Sustainable
Development Goals – the role of and implications for business
Week 1 notes
The document provides an overview of the study of business, government, and society (BGS). It discusses ExxonMobil's history and culture. Four models of the BGS relationship are presented: the market capitalism model, dominance model, countervailing forces model, and stakeholder model. The document outlines its comprehensive and interdisciplinary approach to the subject matter using theory, description, case studies, and historical perspectives.
chapter04
This document discusses market structures and competition. It describes perfect competition as a free market with many small buyers and sellers unable to influence prices. Monopolies have one dominant seller controlling the market and able to extract monopoly profits. Oligopolies have a small number of large firms that can influence prices. The document examines how these market structures align with concepts of justice, utility, and rights. It also discusses unethical practices that can occur in oligopolistic markets like price-fixing.
Ethical Issues in Capitalism & Market System
This document discusses ethical issues in capitalism and market systems. Capitalism is defined as an economic system where most production and distribution is privately owned and operated for profit. Benefits include automatic working and economic development, but limitations are accumulation of wealth and human exploitation. A market system guides economic decisions solely through individual interactions with little government intervention. Benefits are variety and competition, while limitations include unemployment and widening inequality. The document stresses that business ethics determine reputation and influence all levels of an organization, and maintaining ethics is important for long-term success.
Social entrepreneuship approaches
Social entrepreneurship aims to solve social problems through entrepreneurial means. It involves identifying social issues, conducting research to define them, and creating social ventures to drive desired change. Social entrepreneurs focus on social goals rather than profits, using business strategies to be self-sustaining and maximize social impact. Their approaches include innovating new solutions, operating social enterprises that generate income, prioritizing community benefit, and reinvesting profits into their missions.
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Corporate social responsibility: The policy debate
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The liberal model of work takes a middle ground between other perspectives. Liberals believe workers should freely choose their work goals but recognize work impacts workers. They assess work based on how it affects worker autonomy rather than a single human purpose. Liberals argue workers have rights in the workplace to protect goods like health and rationality that allow pursuit of individual goals, rejecting views that work meaning is purely subjective or that managers can dictate worker development.
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This document introduces some key topics in business ethics by discussing the nature and purpose of work. It notes that while students often study and work primarily to earn a degree or money, work could potentially be more meaningful. The document then discusses how work is viewed in different philosophies - as a curse, a necessity for a good life, or something that can be uplifting or degrading depending on how it is structured within a business or society. It poses questions about the responsibilities of business and whether work should only be a means to an end or can also be an end in itself.
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This document discusses the different meanings of work and its importance. It covers:
1) Work has psychological and social impacts as it influences individuals' self-esteem and health as well as organizations' performance and employee retention.
2) Work can refer to a variety of activities from paid employment to unpaid domestic duties. People may identify themselves by their work through their job, career, or calling.
3) A career provides social status and self-esteem through development and advancement, while a calling integrally connects one's identity to their work activities.
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Work provides value beyond just income. It can provide feelings of achievement, self-worth, and satisfaction from challenging goals. Work also has social value through status, respect, and companionship. Certain types of work are more socially valuable than others as they contribute more to the community. While work is necessary for income, its other values are often lost. An ethical workplace would aim to provide meaningful work that employees find worthwhile. However, not all can have highly valued jobs, so steps should be taken to increase work's value rather than decrease it.
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The document discusses social entrepreneurship and how it challenges the assumption that profit and social causes cannot be pursued together. It provides examples of social entrepreneurs like Muhammad Yunus, who founded Grameen Bank to provide small loans to help people escape poverty. Mozilla is discussed as a for-profit company dedicated to public benefit rather than profit. The changing nature of work is also examined, as the traditional long-term career model has shifted, requiring reflection on how people can find meaningful careers and purpose in the current workplace.
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The human fulfillment model views work as the primary means for people to develop their full human potential. It argues that through work, people can cultivate virtues like diligence, perseverance, and concentration that improve skills and character. Without work, people risk becoming apathetic. Unemployment has psychological costs like loss of self-esteem as well as social costs. The model claims that the right kind of work can foster human development and fulfillment by expressing our nature as social, creative beings.
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The document discusses various moral rights that employees may have in the workplace, including the right to due process, participation in decision making, and a safe work environment. It examines arguments for and against recognizing these potential rights, distinguishing between legal, contractual, and moral rights. Key debates include whether workers have a right to continued employment or if employers can fire at will, and whether health and safety regulations impose too high of a cost on businesses.
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This document summarizes key concepts from Chapter 3 of a business ethics textbook. It introduces the classical model of corporate social responsibility, which holds that a company's sole responsibility is to increase profits for shareholders. It also describes criticisms of this model, such as market failures and negative externalities. Additionally, it covers alternative models like the stakeholder theory, which argues that a company must consider the impacts of its decisions on all groups affected by the business. The chapter uses the example of Walmart to illustrate these different perspectives on a company's obligations to society.
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The document discusses several topics in ethical theory as they relate to business, including utilitarianism, relativism, egoism, and justice. It addresses criticisms of each view and debates their implications. For example, it examines whether CEO pay is just given inequality and whether cultural practices like child labor can be criticized. Overall, the document introduces key concepts in ethics and debates their application to issues in business and economics.
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This document discusses three main approaches to philosophical ethical reasoning: consequences, principles, and personal character. It also discusses the concept of ethical relativism, which argues that ethical values are dependent on culture and there is no objective right or wrong. The document asserts that ethical theories attempt to provide rational justifications for ethical decisions and avoid reaching relativist conclusions by not holding ethics to too high a standard, distinguishing disagreement from impossibility of agreement, and recognizing that some values like tolerance are more than just opinions.
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1) There are two influential versions of utilitarian public policy - one argues that experts can predict policy outcomes and maximize the overall good, while the other argues that competitive markets are best to attain utilitarian goals.
2) A dispute between these versions characterizes debates in business ethics, such as whether experts or the free market best determine workplace safety standards.
3) Utilitarian policy questions should be judged by consequences, with policy makers acting as neutral administrators and the public deciding policy goals through democracy.
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There are two main challenges to utilitarianism: 1) Problems finding a defensible way to measure and determine the overall good or happiness, as there is no agreement on how to quantify it. 2) Differing views of what constitutes the good can undermine individual freedom if people are obligated to act in ways that maximize the good even if they don't want to. A third challenge is that utilitarianism's focus on consequences seems to justify sacrificing individuals for the greater overall good, which denies the principle that the ends don't justify the means and seems to violate duties of justice, equality, and other moral principles.
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Deontological ethics holds that some actions are right or wrong regardless of their consequences. It denies that the ends justify the means. Kant's categorical imperative provides a principle of ethics - that we should only act according to maxims that could be universally followed. Using child labor violates our duty to respect children by treating them as means rather than ends. Rights protect fundamental interests connected to well-being and autonomy, overriding collective happiness.
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Utilitarian ethics focuses on maximizing the overall good or happiness. It was influenced by thinkers like Bentham and Mill who argued that happiness is the ultimate good and the consequences of actions should be judged by how they affect the general welfare and happiness of all. Utilitarianism supports democratic institutions and free market capitalism as the most effective means to satisfy the most wants and needs of the greatest number of people. It judges policies based on their overall consequences rather than intentions alone.
Mod 1 notes
The document discusses teleological and deontological theories of ethics as applied to sport, with teleological theories focusing on outcomes and deontological theories on duties and rules. Utilitarianism and egoism are presented as teleological examples, while Kantian ethics and the golden rule represent deontological approaches. The document analyzes how these ethical theories can provide frameworks for evaluating different aspects of sport.
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CH -11 CORPORATE GOVERNANCE AND OTHER STAKEHOLDERS
CH -11 CORPORATE GOVERNANCE AND OTHER STAKEHOLDERS
FOR CS PROFESSONAL, CA,CMA, MBA
Stakeholder Concept
• Recognition of Stakeholder Concept In Law
• Stakeholder Engagement
• Stakeholder Analysis
• Types of Stakeholders
• Caux Round Table
• Clarkson Principle of Stakeholder Management
• Governance Paradigm and Stakeholders
• Stakeholders provide resources that are more or less critical to a firm’s long-term success. These resources may be both tangible and intangible. Shareholders, for example, supply capital; suppliers offer material resources or intangible knowledge; employees and managers grant expertise, leadership, and commitment; customers generate revenue and provide infrastructure; and the society builds its positive corporate images.
• A director of a company shall act in good faith in order to promote the objects of the company for the benefit of its members as a whole, and in the best interest of the company, its employees, the community and the environment.
• Stakeholder engagement leads to increased transparency, responsiveness, compliance, organizational learning, quality management, accountability and sustainability. Stakeholder engagement is a central feature of sustainability performance.
• Primary stakeholders are those whose continued association is absolutely necessary for a firm’s survival; these include employees, customers, investors, and shareholders, as well as the governments and communities that provide necessary infrastructure.
• Secondary stakeholders do not typically engage in transactions with a company and thus are not essential for its survival; these include the media, trade associations, and special interest groups.
• Customers are considered as the king to drive the market and they can sometimes exercise influence by consolidating their bargaining power in order to get lower prices.
• The lenders put a check and balance on the governance practices of an organization to ensure safety of their fund and as a societal responsibility.
• The organization which builds a mutually strong relationship with its vendors improves its overall performance in the marketplace.
• The society provides the desired climate for successful operation of a company business. If society turns against the company, then business lose its faith in the eyes of other stakeholders be it government or customer.
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- 3. • Social entrepreneurs demonstrate: profit is not compatible with doing good, and that one can do good profitably. • ethical responsibilities associated with sustainability are relevant to every business concern. • Sustainability: ethical goals should be at the heart of every corporate mission • Sustainability: firm’s financial goals must be balance against, and perhaps even overridden by environmental considerations. • Defenders of Sustainability: all economic activity exists within a biosphere that supports all life. – The present model of economics, and macroeconomic goal of economic growth is already running up against the limits of the biosphere's capacity to sustain life. – Fundamental human needs for such goods as clean air, water, nutritious food, and a moderate climate are threatened by the present dominant model of economic activity. – The success of a business must judged not only against the financial bottom line of profitability, but also against the ecological and social bottom lines of sustainability. – A business or industry that is financially profitable, but that uses resources at unsustainable rates and that creates wastes at rates that exceed the earth’s capacity to absorb the, is a business that is failing its fundamental social responsibility. – A firm that is environmentally unsustainable is also a firm that tis in the long term, financially unsustainable.
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