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ADMS 1010 Study Guide - Quiz Guide: Ipcc Fifth Assessment Report

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School
York University
Department
Administrative Studies
Course
ADMS 1010
Professor
Eytan Lasry

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Document Summary

In 1970, milton friedman published an article on a newspaper, claiming that the only social responsibility of businesses is to increase profits. There has been a quite a few debate on whether businesses should be social responsible, however i would be assessing if milton"s claim is valid. The information brought out by milton friedman, independently suggest that some data presented is accurate. Milton says that being social responsible does not reflect towards businesses, rather only individuals can have responsibilities while business have artificial responsibilities". Ceo is then taxing the stakeholders in order to get the funds to be social responsible" therefore he subjects that it"s better to be social responsible as individuals and not to be forced due to the organizations decision. There has been no specific/more precise numbers that have been given out thus it does not encourage the reader to believe that businesses should only be responsible to increase profits.

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Related Questions

Comment on the following post with reference:

In our modern times, companies have shown that social responsibility goes beyond the usual waste segregation and tree planting activities. There are more efforts now to stop the ongoing destruction of our planet. This comes to a realization as our society progresses and we started to understand our environment better. Environment conservation has become a trend.

Like other companies, our cafe, "The Green Cafe", understands the benefit of being eco-friendly. It is ethical to care for your environment and to care and contribute to its preservation for the future. It is our social responsibility, as businesses, to do our part to run our business with the least harm to our environment.

Part of our decision is to reduce waste through composting. Similar to Walmart and Target, they "go green" through composting their waste. This process will not only help the environment but will also reduces the operating cost associated with waste.

The cafe will also start to utilize compact flourescent lamps which are energy saving lights. These are environmentally-friendly, saves energy and saves the company money by lowering the hydro expense.

Finally, the group is thinking about installing water conserving toilets which are costly at first, but will conserve water through less flushing and reduce water expense as well.

We are starting to realize that "going green" requires an effective strategy to balance both advantages and disadvantages. The disadvantages involving more initial expenses to convert to more energy efficient products (ie. cfl lights and water conserving toilets). The benefits include a good image to customers, the decrease in energy expenses, and the good conscience of being forward thinkers and socially responsible entrepreneurs.

To add, social responsibility are not solely based on utilitarian judgments of "maximizing the greatest good", it is a personal choice by individuals whatever the class maybe, to pursuit what is right or wrong and to try to contribute to what is right and in this given case, to help protect the environment which in turn, will do the greatest good for the society as a whole.

1. Whistleblowing in the private employment sector in the United States typically is

Not protected by a uniform federal law

Protected under some state whistleblower protection statutes

Usually protected by the law if the disclosure is made to the media since the disclosure will be widespread and thus do the most good

Never required morally pursuant to Kantian ethics since the consequences for the whistleblowing employees usually are harsh, for example, loss of employment.

2. Advocate Antonio believes that corporations should not only be held accountable for their financial states, but also for some level of charitable and community and civic involvement. Antonio's beliefs would most likely be defined as:

A code of ethics

A social responsibility view

A corporate moral audit

A distributive justice legal theory.

3. What did Kant mean by the "Categorical" part to his Categorical Imperative?

You must act legally, period, because the "law is the law."

You and your company must act in a socially responsible manner if you and your company want to be placed in the "good corporate citizen" category.

You must act morally if the consequences are definitely good for you and your firm.

You must act morally based on what your reason informs you is the supreme ethical principle and the correct moral course of action regardless of consequences.

4. As to why a company should be a socially responsible one and get involved in civic and charitable affairs, Socrates would likely argue:

Justice is the will of the stronger.

Money comes from virtue.

Ignorance of the law is no excuse.

Virtue comes from money.

5. Happy Feet manufactures shoes in Country Y for sale in the United States. Happy Feet's president discovers that the Country Y workers' average age is sixteen and that they work on average of 13.2 hours per day in a 90 degree warehouse with insufficient safety precautions, all of which practices are legal in Country Y. The president of Happy Feet decides to improve the working hours and conditions of the company's workforce, even though these actions will be more expensive for the company. The president's decision is best described as

Lawful profit maximization

Moral profit-making

Illegal since the shareholders of Happy Feet might be harmed

Social Darwinism.

6. Which of the following statements is most accurate?

Morals are legal minimums.

Morals are legal maximums.

Laws are moral minimums.

Laws are moral maximums.

7. International Sales Corporation, like other business, has enforceable duties prescribed by

Ethics and the law

Ethics only

Neither ethics nor the law

The law only

8. Which is an accurate statement about the modern business corporation|

The corporation, once approved by the state and given a corporate charter, is a legal actor and artificial "person" endowed with legal and certain constitutional rights.

According to the traditional, conservative, Milton Friedman, organizational view of the corporation, it is only a legal actor and has no moral or social responsibility and just must obey the law and pay taxes.

A true corporate code of ethics today must have some provisions that go "above and beyond" the law; that is, an ethics code cannot be a mere "restatement" of the law.

All of the above.

9. A problem with the Last Resort principle when applied to business is:

Does business have the capability to help and to aid the community and local charities?

Is business the last real alternative to help and to aid the community and local charities?:

Are there potential legal liability issues for helping, aiding, and rescuing?

All of the above.

10. A spray paint company discovers that its products are being misused by children and young people, who get "high" sniffing the fumes. There are no warning labels on the spray paint cans. The company would be best deemed to have what type(s) of obligation and duty to take steps to protect children and young people?

An ethical obligation but not a legal duty

A legal obligation but not an ethical obligation

Both an ethical obligation and a legal duty

Neither an ethical obligation nor a legal duty.

Assignment Scenario:

As a new marketing associate with Barclays Bank, you are tasked with writing a critical essay summarizing what transpired during the investigation conducted by the United States Department of Justice into the abuse of the London Interbank Offered Rate (LIBOR) interest rate regulated by the British Banker’s Administration. This essay, if chosen by your new employer, will be the report presented to the Board of Directors.

Write a 2–3 page, (not including a title and references page), double spaced, critical essay responding to the checklist items. For assistance with your Assignment, please use your textbook and library research resources. The instructions for you to execute this task are as follows:

Directions for completing this Assignment:

1. Read the “Barclays Bank: Banking on Ethics” case study: case study is below..

2. Learn how to write a critical essay: I will make the changes if need be..

3. Use APA format and citation style, provide a title page and references, and do not forget to use in text citations with their accompanying references so as to avoid plagiarism.

4. In your critical essay that includes your thesis, arguments, support, and conclusion, respond to the following:

Checklist:

● Describe the level of ethical development the executives at Barclays demonstrated

when manipulating the LIBOR interest rates.

● Did Barclays Bank neglect social responsibility? What could they have done to be more socially responsible?

● What actions regarding Corporate Social Responsibility (CSR) could Barclays have engaged in after the scandal broke to set things right and ensure that such an event would not happen again?

● Describe what level of morality would have been demonstrated if executives at Barclays asked themselves, “Even though manipulating the LIBOR will increase company profits, is it the right thing to do in the long run?”

● Explain the importance of ethics and social responsibility in marketing as a result of your case study analysis.

Case study

Chapter 3

On February 28, 2012, the United States Department of Justice announced a criminal investigation into abuse of the LIBOR, an important interest rate regulated by the British Bankers’ Administration. Four months later, London-based Barclays Bank was fined more than $440 million by United States and English financial regulatory agencies for knowingly manipulating the LIBOR to its own advantage. The political and economic uproar that followed the exposure of Barclays’ actions led to several resignations (including that of Barclays’ CEO Bob Diamond) and further criminal investigations. Former governor of New York Eliot Spitzer called the incident “the mega-scandal of mega-scandals,” while journalist Robert Scheer christened it “the crime of the century.” The LIBOR, short for “London Interbank Offered Rate,” is the interest rate banks pay when they borrow money from each other. To calculate this rate, up to 20 influential British banks report their own proposed bank-to-bank lending rates. The highest and lowest rates are trimmed off, and the remaining rates are averaged, creating the LIBOR. A low LIBOR often points to financial stability, while a high LIBOR indicates that banks lack confidence in each other’s economic health. What Barclays was fined for was proposing artificially low bank-to-bank rates to make itself appear more stable than it actually was. However, further investigations indicated that Barclays colluded with other banks—and perhaps even the British government—to impact the LIBOR itself. An unnaturally low LIBOR would suggest greater economic stability than actually existed, misleading investors and loan-seekers in a potentially volatile market, and thus creating profit for the banks involved in the collusion. The rate manipulation carried out by Barclays affects not only London banks and business executives, but also small businesses and individuals—perhaps even you yourself. Because it has historically been considered trustworthy and economically accurate, the LIBOR is used all around the world as an interest rate and financial instrument benchmark. Everything from currency values (including the United States dollar) to multimillion-dollar corporate debts to home mortgages to individual student loans depend on the LIBOR. While it may not seem like it, each of these is a product that is marketed and sold. As loans and exchanges of varying types are banks’ primary sources of profit, banks compete to exchange these products within a market. At the consumer level, consider how many car and credit card commercials you have seen advertising a low interest rate. Hundreds of trillions of dollars’ worth of these financial products have been sold based on the LIBOR—a rate that may not in fact accurately reflect the world’s shaky economic standing. Journalists and economic analysts have been quick to reject the ethicality of Barclays’ actions. As information about the LIBOR scandal broke, TIME contributor Christopher Matthews wrote, “[Barclays’ alleged collusion] speaks to the moral compass, or total lack thereof, of the world’s financial professionals...the public and the government no longer trust the industry to set its own standards for acceptable behavior.” In a piece for

The Nation, Robert Scheer said, “The modern-day robber barons pillage with a destructive abandon totally unfettered by law or conscience and on a scale that is almost impossible to comprehend.” Dennis Kelleher, president of nonprofit financial watchdog organization Better Markets, Inc. was perhaps most condemnatory of all: “What we probably need is to wipe out this entire generation of so-called banking leaders who apparently have no ethics or integrity.” While the total sum of the LIBOR scandal’s consequences are yet to be seen, Barclays’ actions may go down in history as a monumental failure in business ethics and corporate social responsibility.