Talk on Friedman's "Social Responsibility of Business" in a business ethics context
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What is FRIEDMAN DOCTRINE? What does FRIEDMAN DOCTRINE mean? FRIEDMAN DOCTRINE meaning - FRIEDMAN DOCTRINE definition - FRIEDMAN DOCTRINE explanation. Source: Wikipedia.org article, adapted under https://creativecommons.org/licenses/by-sa/3.0/ license. Milton Friedman takes a shareholder approach to social responsibility. This approach views shareholders as the economic engine of the organization and the only group to which the firm must be socially responsible. As such, the goal of the firm is to maximize profits and return a portion of those profits to shareholders as a reward for the risk they took in investing in the firm. He advocates that the shareholders can then decide for themselves what social initiatives to take part in rather than having their appointed executive, whom they appointed for business reasons, decide for them. Friedman argued that a company should have no "social responsibility" to the public or society because its only concern is to increase profits for itself and for its shareholders and that the shareholders in their private capacity are the ones with the social responsibility. He wrote about this concept in his book Capitalism and Freedom. In it he states that when companies concern themselves with the community rather than focusing on profits, it leads to totalitarianism. In the book, Friedman writes: "There is one and only one social responsibility of business – to use its resources and engage in activities designed to increase its profits so long as it stays within the rules of the game, which is to say, engages in open and free competition without deception or fraud." The idea of the stockholder theory, some[who?] argue, is inconsistent with the idea of corporate social responsibility at the cost of the stakeholder. For example, a company donating services or goods to help those hurt in a natural disaster, in some ways, may be considered not taking action in the best interest of the shareholder. Instead Friedman argues that shareholders should themselves decide how much and to whom they would like to make donations. Some[who?] may argue that goods provided to society in a time of need build further allegiance to a corporation and in theory, meet the stockholder theory's requirement to look in the best interest of the stockholder. The Friedman doctrine is controversial. In left-wing social activist Naomi Klein's book The Shock Doctrine, she criticizes the theory, saying most citizens become impoverished while corporate elites gain enormous wealth. The empirical data provided by the research and scholarship of Professor Rudy Rummel demonstrates the nations or communities with fair rules, fairly enforced upon all people regardless of political position, are superior in important human measures.  Rummel's work shows liberal democracy, which is necessary for the second condition of Friedman's stockholder theory "play by the rules", are far superior in terms of human development, GDP/capita, and lowering poverty. These conditions of fairness require democracy and private property according to Rummel.
Views: 6307 The Audiopedia
This clip is from the 15-part lecture series, "Milton Friedman Speaks" http://www.ideachannel.com/product_info.php?products_id=1137 Transcript available via FreedomChannel: http://freedomchannel.blogspot.com/2007/12/milton-friedman-on-slavery.html Summary: A student poses a series of question on based on Friedman's notion that people should pursue their own self-interest. The student points out that he'd read that Friedman had previously come out against disaster aid for victims of a flood in Pennsylvania. Friedman corrected the questioner and noted that he did not come out against private aid for flood victims but instead was against the Federal Government providing discounted flood insurance in advance to home purchasers which motivated people to build houses in areas where they otherwise would not have been able to obtain insurance privately. If not for the discounted insurance, it's likely many of the flooded houses would never have been built in the first place as it wouldn't have been in peoples self-interest. The student went on to note that it was recently reported that an old man in Ohio died when the electric company turned off his power when he'd failed to pay his electric bill. Was it moral for the company to act in it's own self-interest to do so? Friedman responded by asking what if the electric company never turned off the power for anyone? Who would pay the cost--the people who own or work at the electric company? It would be unjust to impose that responsibility on individuals who are running an honest business of providing electricity. Friedman suggests that the true responsibility lies on the mans neighbors and friends who were not charitable enough to allow him to meet the electric bills. Finally the student uses the example of Ford deciding not to install a $13 block of plastic which would prevent it's Pinto cars from exploding in a rear-end collision. Ford estimated such a move would cost 200 lives a year at a cost of $200,000 per life lost. They multiplied and found that it wasn't worth it to install the plastic block. He asked if a corporation seeking it's own self-interest was a good thing in this case? Friedman responded by asking, what if it cost $1 billion to save each life, should Ford have put in the block? It's simply not practical to put an infinite value on an individuals life. If it took $1 billion in resources to keep one individual safe, and acquiring those resources meant that a million people must starve, it's a bad deal. Friedman concludes that he doesn't know if the $200,000 number that Ford used was the right number to maximize the overall benefits, but at the end of the day the principle is that we can't simply protect ourselves from everything and impose that cost on others. Friedman posits that the question the student should be raising, is should Ford be required to attach the statement to the car, "we've made this car $13 cheaper, and therefore it is X% more risky for you to buy it". See also: Free to Choose - All 15 episodes streaming online for free http://www.ideachannel.tv A history of Free to Choose http://www.freetochoose.com
Views: 247825 Sidewinder77
Alex Edmans talks about the long-term impacts of social responsibility and challenges the idea that caring for society is at the expense of profit. Alex is a Professor of Finance at London Business School. Alex graduated top of his class from Oxford University and then worked for Morgan Stanley in investment banking (London) and fixed income sales and trading (NYC). After a PhD in Finance from MIT Sloan as a Fulbright Scholar, he joined Wharton, where he was granted tenure and won 14 teaching awards in six years. Alex’s research interests are in corporate finance, behavioural finance, CSR, and practical investment strategies. He has been awarded the Moskowitz Prize for Socially Responsible Investing and the FIR-PRI prize for Finance and Sustainability, and was named a Rising Star of Corporate Governance by Yale University. Alex co-led a session at the 2014 World Economic Forum in Davos, and runs a blog, “Access to Finance” (www.alexedmans.blogspot.com), that aims to make complex finance topics accessible to a general audience. This talk was given at a TEDx event using the TED conference format but independently organized by a local community. Learn more at http://ted.com/tedx
Views: 227947 TEDx Talks
Subscribe to Alanis Business Academy on YouTube for updates on the latest videos: https://www.youtube.com/alanisbusinessacademy?sub_confirmation=1 An outline of the two perspectives related to corporate social responsibility: the shareholder model and the stakeholder model. The discussion also includes support for each perspective, including that of famous Nobel prize winning economist Milton Friedman.
Views: 58230 Alanis Business Academy
Ryan Scott is Founder & CEO of Causecast. (http://causecast.org/) Social responsibility is important to many consumers and employees, but is often eschewed for profitability, but if you follow this advice, your company could be both. FOR MORE EXPERT CONTENT VISIT: http://www.docstoc.com/resources/videos Docstoc is the largest online collection of business and legal documents to help you grow and manage your small business and professional life. http://www.docstoc.com/video/88333054/make-your-business-profitable-and-socially-responsible
Views: 1678 docstocTV
Giscard d'Estaing believes that business is not only about profit. Business must embrace a wider responsibility to society through corporate social responsibility schemes and sustainable business strategies. These forms of ethical business will help the world tackle social and environmental problems.
Views: 445 bigpictv
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An audience member at this Carnegie New Leaders event speaks favorably of a controversial New York Times article by Milton Friedman. The article is entitled The Social Responsibility of Business is to Increase Its Profits, and is celebrating its 40th anniversary of publication this fall. This Carnegie Council event took place on September 13, 2010. For more, go to: http://www.cceia.org
Carnegie New Leaders Director Devin Stewart critiques a controversial New York Times article by Milton Friedman. The article is entitled The Social Responsibility of Business is to Increase Its Profits, and is celebrating its 40th anniversary of publication this fall. This Carnegie Council event took place on September 13, 2010. For more, go to: http://www.cceia.org
Thanks for 2000 subscribers, let's keep the train rolling! Please SUBSCRIBE for more if you enjoyed! Milton Friedman talks about responsibility in reference to poor people and government intervention in the economy. https://www.youtube.com/watch?v=Rls8H6MktrA Song: Garth Stevenson - Flying https://www.youtube.com/channel/UCpXVlkYE018aA9SFHxP5SfQ Milton Friedman was an American economist who received the 1976 Nobel Memorial Prize in Economic Sciences for his research on consumption analysis, monetary history and theory, and the complexity of stabilization policy. - Wikipedia Want more from Milton Friedman? Let me know! Follow me on Twitter! https://twitter.com/MorphingReality Follow me on Minds! https://www.minds.com/MorphingReality Buy my book! https://www.amazon.com/dp/B074YF3ZS9
Views: 863 Morphing Reality
Business Ethics & Social Responsibility Part 1 of 2
Views: 22902 Melissa Brown
What is Corporate Social Responsibility (CSR)? This video clip tries to give competent but also entertaining answers to this question. The video is part of series "in a little green bag" at the University of St.Gallen, Switzerland. © University of St.Gallen (HSG), Text by Prof. Thomas Beschorner (http://bit.ly/Beschorner), Production: http://www.zense.ch To watch the second «Little Green Bags» video on the ten myths of entrepreneurship, please go to http://www.youtube.com/watch?v=G8gRkJ9cnzo. Learn more online: http://www.presse.unisg.ch Become our friend on Facebook: http://www.facebook.com/HSGUniStGallen Follow us on Twitter: http://twitter.com/HSGStGallen
Views: 744848 HSGUniStGallen
The success of a Corporate Responsibility plan must be measured at the triple bottom line - examining social, environmental, and economic gains. In order to support a long-term business strategy, sustainability initiatives need to provide cost savings or generate revenue. Monetizing sustainability ensures continued management support and drives responsible growth. Optimizing and quantifying the financial benefits of Corporate Responsibility can be challenging. Tad Radzinski utilizes over 30 years of applied experience in Corporate Responsibility to provide insight and guidance on leveraging sustainability to support effective long-term strategies. This valuable webinar provides insight on measuring the benefits of your Corporate Responsibility program and discuss strategies for maximizing return on sustainability investments. Supplemental to Tad's March video blog series, this webinar expands upon the two-part video series that addresses: 1. Leveraging Sustainability to Increase Sales - Sustainability sets you apart as an organization and can be a powerful sales tool. 2. Quantifying the Benefits of Corporate Responsibility - Sustainability provides many benefits to your organization; however, some are easier to track than others. This webinar goes deeper into these video topics and examines tactics to maximize return on sustainability investments.
Views: 277 Tad Radzinski
Business Ethics & Social Responsibility (Part 2 of 2)
Views: 7141 Melissa Brown
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Views: 5 Get More Customers
Subscribe to Alanis Business Academy on YouTube for updates on the latest videos: https://www.youtube.com/alanisbusinessacademy?sub_confirmation=1 In this video I'll review some of the important concepts related to business ethics and social responsibility. To view additional video lectures as well as other materials access the following links: YouTube Channel: http://bit.ly/1kkvZoO Website: http://bit.ly/1ccT2QA Facebook: http://on.fb.me/1cpuBhW Twitter: http://bit.ly/1bY2WFA Google+: http://bit.ly/1kX7s6P
Views: 87529 Alanis Business Academy
Train Your CSR's in the Home Services Industry! 801-253-1004 - Untrained call handling team can cost you hundreds of thousands in lost revenue every year. - Why waste money in advertising to get your phones ringing, if your CSRs are not trained to handle the calls coming into your company? - Right now you could be losing hundreds of sales opportunities to grow your business. - We specialize in Call Handling training. We go over pricing objections, service agreement sales, outbound calling, Angry Caller best practices, how to book calls even when you're booked solid, as well as principles that will build long term relationships with your clients. - ONE more booked call a day. With a $500 average ticket and 250 working days, that's an additional $125,000 per year! 4 CSR's with these skills could potentially bring an additional $500,000 per year! Just by booking one more call a day. - Our program has a team of "Power Certified" monitors and coaches. Our monitoring team will listen to your calls, write notes, and download calls for each structured coaching session. Our coaches will then have TWO individual coaching sessions per month with your CSR's. In those sessions our coaches will teach them the lessons, practice the skills, go over their calls, and hold them accountable to create WOW Experiences for your Customers and book more calls so you can make more money. Give your team the skills to take your company to the next level. Give us a call! 801-253-1004
Views: 17895 Power Selling Pros
Effective CSR aligns purpose and profit, balancing both to optimize the value created. If purpose and profit get out of balance in a company or project risk increases and sustainability decreases. Follow, engage, learn, perform Youtube Channel - https://www.youtube.com/channel/UCDf0vHwHHBwHwQfE06ahi9g LinkedIn Author Page https://www.linkedin.com/today/posts/waynejdunn Slideshare - http://www.slideshare.net/waynedunn LinkedIn company page - https://www.linkedin.com/company/csr-training-institute Twitter - @Zingmore / https://twitter.com/ZINGmore Newsletter - http://eepurl.com/c7Xf05 http://www.csrtraininginstitute.com/
Views: 202 Wayne Dunn
This talk was given at a local TEDx event, produced independently of the TED Conferences. In today's world of big business there is a push to emphasize social responsibility. Corporations which practice transparency and which are held accountable for their business practices can, in turn, spur big changes to protect the environment and to improve the lives of people and the communities in which they live. Tony Prophet is Microsoft’s Corporate Vice President of Windows Marketing, leading pricing, product marketing, brand strategy, go-to-market strategy and Windows Store. Throughout his career, including his time at HP, Mr. Prophet has been an industry champion for protecting the rights of young workers, educating female workers on women's health issues, and improving schools for the children of migrant workers. About TEDx, x = independently organized event In the spirit of ideas worth spreading, TEDx is a program of local, self-organized events that bring people together to share a TED-like experience. At a TEDx event, TEDTalks video and live speakers combine to spark deep discussion and connection in a small group. These local, self-organized events are branded TEDx, where x = independently organized TED event. The TED Conference provides general guidance for the TEDx program, but individual TEDx events are self-organized.* (*Subject to certain rules and regulations)
Views: 10669 TEDx Talks
As a serial social entrepreneur Jonathan Greenblatt is the co-founder of Ethos Water and the former CEO of Good Magazine. Greenblatt participates on several corporate and nonprofit boards, including RESTORE Products, the African Leadership Foundation, KaBOOM!, and water.org. Creating a business that was sustainable and profitable, Greenblatt has been credited to revolutionize the industry of bottled water and qualified as an acknowledged thought leader on corporate social responsibility, ethical branding and social entrepreneurship. About TEDx, x=independently organize event In the spirit of ideas worth spreading, TEDx is a program of local, self- organized events that bring people together to share a TED-like experience. At a TEDx event, TEDTalks video and live speakers combine to spark deep discussion and connection in a small group. These local, self-organized events are branded TEDx, where x=independently organized TED event. The TED Conference provides general guidance for the TEDx program, but individual TEDx events are self-organized.* (*Subject to certain rules and regulations)
Views: 9952 TEDx Talks
Are you meeting the expectations of your customers and stakeholders when it comes to social responsibility? Like it or not, the way your organization affects the environment and wider society is now a major part of your brand. Organizations that embrace social responsibility are finding they: * Increase their brand-value * Attract and retain the best staff * Gain a competitive advantage. With social media increasing the speed of communication, can you afford to risk being branded as irresponsible? So where do I start? BS ISO 26000 is a new standard which provides you with guidance on social responsibility. engaging stakeholders and how to integrate socially responsible behaviour into your organization. It's designed for all types of organizations in the private, public and non-profit sectors, large or small, operating in developed or developing countries. By applying BS ISO 26000 you'll be creating a better business, and a better world too. Read more about ISO 26000: http://shop.bsigroup.com/BSISO26000
Views: 4631 BSI Group
Olivier Delbard is a Professor in the department of Economics, Law and Social Sciences on the ESCP Europe Paris Campus. Professor Delbard ( Biography on: http://escpeuro.pe/19BrShI) is in charge of projects and academic programs related to sustainable development and Corporate Social Responsibility (CSR). He also works on cultural management issues and has also long been interested in European affairs. He holds a Doctorate degree from the University of Paris IV Sorbonne (1995); his dissertation concerned environmental philosophy and ethics in Anglo-Saxon culture. He obtained his HDR (French qualification for PhD supervision) in economics in 2010. Originally his research and teaching focused on U.S. society and culture, with a special interest in business ethics and environmental policy issues (he wrote a book on this topic in 2006). He has also published a Dictionary of the Environment and Sustainable Development (French-English bilingual version). He has been working on CSR regulation issues within the European Union, pursuing a comparative and cross-cultural approach. He has also been investigating fair-trade issues and poverty eradication in Sub-Saharan Africa. This has led to field missions and publications. His general area of expertise concerns the strategic and macro-economic issues of sustainable development and CSR, and the new multi-stakeholder modes of governance. One of his current interests is on corporate responses to sustainability issues and regulation, and the respective roles of companies, public authorities and civil society in the implementation of new economic models. His latest book (published in 2009) deals with the issue of responsible business today and investigates the future social involvement of companies in our societies. He is currently working on the relation between social dialogue and CSR policies in mutlinational companies. Dr. Delbard is the co-director of a Master 2 major entitled ;Management, societal innovation and sustainability. He is also the scientific director of an executive education program entitled "Managing Responsibility on a Daily Basis" (in French). He is a member of various academic networks (EABIS, ADERSE), professional juries and bodies.
Views: 12980 ESCP Europe
LEARN MORE HERE: http://AbundantWorldEnthusiasts.org/ Find Socially Responsible Businesses and People Who Desire To Achieve Global Responsibility, Awareness, and Peace. corporate social responsibility social responsibility examples socially responsible companies examples of social responsibility social responsibility in business social responsibility of business examples of corporate social responsibility social responsibility definition milton friedman social responsibility business for social responsibility what is social responsibility define corporate social responsibility social responsibility norm definition of social responsibility business social responsibility business ethics and social responsibility define social responsibility corporate social responsibility consulting corporate social responsibility definition what is corporate social responsibility company social responsibility social responsibility and ethics companies social responsibility microsoft social responsibility social responsibility business social responsibilities of news media corporate social responsibility reports corporate social responsibility jobs social responsibility quotes social responsibility theory socially responsible mutual funds corporate social responsibility companies corporate social responsibilities social responsibility of a business define social responsibility in business social responsibilities corporate social responsibility article corporate social responsibility csr socially responsible importance of corporate social responsibility corporate social responsibility examples social responsibility of a company corporate social responsibility strategy corporate social responsibility ideas jobs in corporate social responsibility social responsibility articles articles on corporate social responsibility socially responsible funds corporate social responsibility articles impact of corporate social responsibility
Views: 180 AnAbundantWorld
A whole new way of doing business is emerging and now is the time to rethink your corporate social responsibility programs and take action through real community engagement. Introducing Business4Better (B4B)—the event, the community, the movement—that will bring together businesses and nonprofits to accelerate community engagement and create meaningful partnerships that benefit both businesses and communities. It is the platform that enables both businesses and nonprofits to thrive, share, inspire, educate and prove that Business4Better is truly better for us all.
Views: 274 Business4Better
ArchieCarroll, co-author of "Corporate Responsibility: The American Experience" -- the landmark U.S. business history -- shares insights from the project and the book produced by the Center for Ethical Business Cultures (CEBC) at the University of St. Thomas -- Minnesota. This thought-provoking history documents the societal challenges to corporate performance and power from the mid-eighteenth century to the modern day and traces evolution of ideas about responsibility of business and the modern corporation.
Views: 8734 University of St. Thomas | Minnesota
Effective CSR aligns purpose and profit, balancing both to optimize the value created. If purpose and profit get out of balance in a company or project risk increases and sustainability decreases. Follow, engage, learn, perform LinkedIn Profile http://bit.ly/Wayne-Profile LinkedIn Author Page http://bit.ly/Wayne-LinkedIn YouTube Channel http://bit.ly/CSR-YouTube Strategic CSR Video Playlist: http://bit.ly/Strategic-CSR SlideShare http://bit.ly/Wayne-SlideShare CSR Training Institute on LinkedIn http://bit.ly/CSR-LinkedIn Twitter @Zingmore / https://twitter.com/ZINGmore Website http://www.csrtraininginstitute.com/ Newsletter - http://eepurl.com/c7Xf05
Views: 132 Wayne Dunn
A panel of business leaders and academia will discuss social corporate responsibility, ethical leadership and fair governance practices, and examine how the emergence of CSR has changed the debate between the bottom line and social responsibility. Paul Kent, President & CEO, Greater Halifax Partnership Dr. Peggy Cunningham, Dean, Faculty of Management, Dalhousie University Scott Ferguson, President & CEO, Trade Centre Limited Lil MacPherson, Owner, Wooden Monkey Scotiabank Theatre, Sobey Building Saint Mary's University Supported by the Canadian Business Ethics Research Network and the Canadian Centre for Ethics in Public Affairs
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Views: 10358 Alanis Business Academy
What impact will the economic down turn caused by the global financial crises have on the trend of corporate social responsibility, the not for profit industry and other social ventures? As the resources available for not for profit organisations decline, the demand for these services increase. The impact on corporate social responsibility will largely be dependent on the extent to which the CSR function is embedded within the organisation.
Views: 488 The Centre for Social Impact