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Assignment #1 – Critical Thinking Exercise – The Social Responsibility of Business – Discussion
Students are invited to produce a short paper using the following approach:
Read the article The Social Responsibility of Business Is to Increase Profits by Dr. Milton Friedman [to be provided] and take note of some of the key concepts and challenges that are present in this dissertation;
Consider the three Discussions Questions:
How does Dr. Friedman characterize the social reponsibility of business?
What does he suggest is the role of a CEO (corporate executive) selected by stockholders?
What analogy does Dr. Friedman draw between trade union wages and corporations’ decisions based on social responsibilities?
Argue (focus on) the rightness and wrongness of Friedman’s dissertation (philosophy/ideas) and support your opinion using any of the ethical theories that you have been taught/have learned up to this point in the Course (hint: normative theories may come in handy here);
Carefully and concisely craft an essay using proper writing style and referencing (between 900-1000 words—students are encouraged to not exceed the allotted word count for this Assignment).
Students are encouraged to compare and contrast at least two major themes or discussion issues that resonate with them. They may provide outside reading resources and/or other scholarly thoughts; the emphasis here is express their own “learned” opinion—supported by key learnings from this Course—and demonstrate their understanding of the ethical problem(s) being presented.
Zimmerli, W., Richter, K., & Holzinger, M. (2007). The Responsibility of Business is to Increase Its Profits. In Corporate Ethics and Corporate Governance. Springer.