PHI 2397 Study Guide - Midterm Guide: Basic Belief, Virtue Ethics, Fiduciary

• School: University of Ottawa
• Department: Philosophy
• Course: PHI 2397
• Professor: Hilliard Aronovitch

Document Summary

Friedman, (cid:1688)the social responsibility of business is to increase its profits(cid:1689), pp. 249-253: social responsibilities are notable for their looseness and lack of rigor, only people can have responsibilities, a corporation is an artificial person therefore have artificial responsibilities. This social responsibility is usually directed to the corporate executives. A corporate executive is an employee to the owner of the business. His responsibility is to conduct business as his employers desire which is usually to make as much money as possible with following the rules (law and ethical). It forces people to have responsibilities for their own actions and make it difficult to exploit others. Text: stone, (cid:1688)why shouldn"t corporations be responsible? (cid:1689), p254-257. The promissory argument: managements obligation is rested upon the keeping of a promise- the management promises to the shareholders that they will maximize the shareholders profits.