MO 302 Final: Outline Lecture 22
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Department
Management and Organizations
Course Code
MO 302
Professor
Sandeland

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22: Who Does Business Serve Thursday, February 23, 2017 9:43 AM Friedman: “The social responsibility of business ...” (C -Tools) http://www.youtube.com/watch?v=zA1ioym5OYA&feature=player_embedded Merck & Co. (A) • During the late 1970s, as research was proving the breakthrough nature of Ivermectin in animal trials, a debate was taking place at Merck. • Should the company invest the time, effort, and money to develop a human version of the drug that could treat River Blindness? The company’s quandary was that the people who could benefit from the drug could not pay for it. • What might be the larger consequences? If the company donated the drug, would it create an expectation that future medicines for diseases in the developing world would be donated? Would this philanthropic act prove, in the long run, to be a disincentive for research against tropical diseases? • In addition to manufacturing and administrative costs, what risks would Merck face if Mectizan caused unexpected adverse reactions? ------ The Debate 1. Good for Solidarity ○ Capitalism must combine self interest with compassion and care for the disadvantaged. (Bill Gates) ○ “… corporations have unique capabilities and resources that can be brought to bear to solve major social problems that might otherwise receive little attention through the political process. … good corporate citizenship involves some amount of social involvement, independent of considerations of profitability and viabil”Bill Gates 2. Good for Profit ○ By saying that corporations have a social responsibility in addition to maximizing profits, businessmen are “preaching pure and unadulterated socialism.” (Friedman) ○ “… there is one and only one social responsibility of busssto use its resources and engage in activities designed to increase its profits so long ○ By saying that corporations have a social responsibility in addition to maximizing profits, businessmen are “preaching pure and unadulterated socialism.” (Friedman) ○ “… there is one and only one social responsibility of busssto use its resources and engage in activities designed to increase its profits so long as it stays withi
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