Lecture 3

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27 Feb 2011
School
Department
Course
Professor
SOCB58: LECTURE 3: JANUARY 28, 2011
Critiquing
Understanding of a topic
Offers elaboration of an article
Milton Friedman (from article)
Business men believe that free enterprise social consciencesocialism
1.Social ends vs. socialism
Artificial person vague sense
2. Person has responsibilities * (contradiction)
Under the law the corporation is a legal person, that isnt actually a
person but acts as a legal person
Persons have life, liberty, and pleasure in the pursuit of happiness
I shall mostly neglect…corporate executives
3. Owners ignored, executives privileged
Not legally entitled to maximize profits for shareholders
People we should support are the executives vs. the owners
Power is flowing from owners to the executives
Executives have less power and take orders from the owners and
therefore should not be blamed
Contractual arrangement clearly defined
The corporate executiverefuse to work as…
4.Principle vs. agent
Executive is always free to leave but its not practical. They already
have high paying wages.
Principle: you are first, no responsibilities either morally or legally to
anything else
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