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RSM100Y1: Lecture 3

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University of Toronto St. George
Rotman Commerce
John Oesch

Agenda for today 1 Connection with last week 2 Role of business in society 3 Wealth creation the diamondWhat responsibility does businesses have to provide jobs to those who lost jobs in the recent recession y Jobs lost due to mismanagementthey do have responsibility y Managers think when market recovers and demands morewhen we need more people we will hire them y Natural processprogressionmore jobspeople take out loans and buy stufflow point in businesspeople lose jobs y Some companiesbusinesses who offer jobs for life Eg IBM in 1918 promised jobs for lifelaid back people in 1920 y Businesses do not have any responsibility whatsoeverthey do not control the business cyclepeople should have the ability to do the jobs that are available y Some businesses feel that laying off employees is sad since they help businesses earn moneythey try to avoid it or if they have to lay them they hire them asap y Person losing job has a responsibility tooincapable of doing his jobWealth Creation Businesses have a responsibility towards wealth creation combining mater
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