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SOCB58H3 (23)

Lecture 3

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Emily Fountas

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 neglectcorporate 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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