Philosophy 2074F/G- Final Exam Guide - Comprehensive Notes for the exam ( 32 pages long!)
Document Summary
Business ethics is often judged as an oxymoron. Ethics, although widely controversial, can be defined as. 2 the moral belief that regulates a person"s behaviour. The purpose of this essay is to study three models, friedman, freeman and heath, and choose which is the best one and why. Each model will be briefly summarized, the question of why freeman"s model is the best will be answered, why the remaining two models appear inferior will also be explained before i make my concluding remarks. The social responsibility of a firm should be to all its stakeholders. Notwithstanding that the models of profit maximization and marketplace failures are discussed the managing for stakeholders model by edward freeman is most realistic for sustainable business success. The social responsibility of business is to increase its profits. Milton friedman claims that the social responsibility of a business is to maximize profit.