The "economic" argument against CSR is perhaps most closely associated with the American economist Milton Friedman, who has argued that the primary responsibility of business is to make a profit for its owners, albeit while complying with the law.
Foundations Foundations The Foundations section provides an overview of Occidental's Social Responsibility-related governance, policies, approach to Health, Environment and Safety risk management and our reporting process.
It is not hard to see why moral and political philosophers might be interested in business. A person might, it seems, autonomously choose to allow important decisions to be made for her in certain spheres of her life, e. When we do so, he says, we cede a portion of the public sphere to private actors.
A related issue is whether firms are permitted to engage in rent-seeking behavior. You cannot own information without owning other people".
Debates about CSR are not just debates about whether specific social ills should be addressed by specific corporations. By the mids at least courses in business ethics reached 40, students, using some twenty textbooks and at least ten casebooks supported by professional societies, centers and journals of business ethics.
But business ethics also comprehends the laws and regulations that structure markets and organizations. Many ethicists consider emerging ethical beliefs to be "state of the art" legal matters, i. The arguments tend to go as follows: According to it, the just wage for a worker is the wage that reflects her contribution to the firm.
Companies, though they are committed to be socially responsible for their behaviour have been found to be engaging in acts that cannot be called ethical.
We might see control rights for shareholders as following analytically from the concept of ownership. A second is that markets—featuring voluntary exchanges between buyers and sellers at mutually determined prices—should play an important role in the allocation of resources.
Varieties of business ethics Many people engaged in business activity, including accountants and lawyers, are professionals. This is widely regarded as wrong. Employees own their labor, and employers own their capital, and they are free, within broad limits, to dispose of it as they please Boatright But some writers argue that this practice is no worse than movie theaters giving discounts to children Elegido ; Marcoux He identifies two other duties that salespeople might have he is agnostic: Consumer fraud is when consumers attempt to deceive businesses for their very own benefit.
But criticisms generally fall into two categories.
The second is as important as the first and stake holders of every company are increasingly taking an interest in "the outer circle"-the activities of the company and how these are impacting the environment and society.
Some have criticized the U. Outside of corporations, bucket shops and forex scams are criminal manipulations of financial markets.
It may be objected that the person who originated the information deserves ownership rights over it. But scholars have argued that justice as fairness: According to him, salespeople have at least the following four pro tanto duties:.
Following multiple scandals, investors persuade the bank to review what went wrong.
Among the items being looked at: identifying systemic cultural and ethical. Check out our procedures to be in compliance with the regulations at all times.
Ethics and Social Responsibility in International Business 3 Introduction Any successful endeavor starts with the customer and not only understanding the. Business Ethics. This page provides a guide to the best sites on business ethics, ethics management, ethical business, corporate governance and corporate social responsibility.
By integrating business ethics and social responsibility, organizations can make a difference in the world and enhance their reputation.
Chris MacDonald of Ryerson University, in Toronto, Canada, is an associate professor and director of the Ted Rogers Leadership Centre and teaches in the Rogers School of Management.Business ethics the social responsibility to