The Social Responsibility Of Corporations Essay - 806 Words

Abstract This paper explores the importance of social responsibility within corporations. This paper also explores â€Å"The Social Responsibility of Business is to Increase its Profits† by Milton Friedman and his stance on social responsibility. Friedman believed that corporations should not waste money on new initiatives if it was just to appease the public, especially if it went above what laws required. Examples are shown how corporations must listen to the customer or it could hurt the profitability of the corporation, with social media being a big tool to press issues. Also discussed are laws that support socially responsible initiatives such as pollution reduction that direct and provide incentives for businesses. Keywords: Milton Friedman, The Social Responsibility of Business is to Increase its Profits, social media, social responsibility, Smuckers, GMO, genetically modified organisms, The Pollution Prevention Act of 1990 The Goal of the Firm According to Investopedia, Milton Friedman was an American economist and statistician known for his strong beliefs in free-market capitalism. Friedman was also opposed to any government ran programs that regulated policy that was used for the purpose of fueling business activity and employment. In 1970, Friedman wrote an article labeled â€Å"The Social Responsibility of Business is to Increase its Profits†. The basic premise of the article was to argue that business should not worry about social responsibility; ratherShow MoreRelatedSocial Responsibility at the Target Corporation1110 Words   |  4 Pagesï » ¿Social Responsibility and the Target Corporation Companies today are heavily influenced by the demands of customers and stakeholders. Corporate social responsibility (CSR) refers to the social and environmental responsibility policies and practices developed by an organization to increase its positive influence and reduce its negative activity towards society (Parks, 2008). The business approach and corporate philosophy of an organization is easily altered due to economic pressures, technologicalRead MoreCorporations And Corporate Social Responsibility1140 Words   |  5 PagesÃŽ » Introduction With the development of economy and society, large corporations not only have responsible for make profit to their shareholders, but also taking environmentally responsible and undertaking corresponding social responsibilities as well as other stakeholders. This point of view could be involve in the corporate social responsibility (King and Lawley, 2013). Additionally, the definition of stakeholders are individuals or groups which affected by an organization and have an interestRead MoreCorporate Social Responsibility Of A Corporation1967 Words   |  8 PagesCorporate Social Responsibility A corporation ready to take responsibility for any impact of its decisions or actions of its stakeholders is one definition of corporate social responsibility. Incorporations corporate executives/ managers act in the interest of the people affected and involved within organizations known as stockholders. Many have argued thoughts on the topic of social responsibility, determining different groups to be served or to serve the corporation they exist, in this paper threeRead MoreCorporate Social Responsibility : Sony Corporation1505 Words   |  7 Pageslargest corporations. Sony was founded in 1946 with its headquarter in Japan. It produces a variety of products, such as consumer’s devices, gaming, and communication devices. Its invention of the portable tape recorder was the break that the company needed in order to grow and enter other markets. (Corporate Info, 2015). Corporation’s main purpose is to achieve the highest profit and to satisfy the stakeholder involved ( Krishnan, 2011). This encapsulated in the concept of corporate social responsibilityRead MoreCorporate Social Responsibility Of The Enron Corporation1124 Words   |  5 Pageswill look at the Enron Corporation and discuss its application of Corporate Social Responsibility (CSR) or in actuality its irresponsible behavior as related to social responsibility. We will revisit what CSR is and discuss Enron’s philosophy regarding its use and function within the corporation. We will discuss the consequences of Enron’s irresponsible behavior and the far reaching effects it had on society. Corporate Social Responsibility are actions taken by a corporation that have positive andRead MoreCorporate Social Responsibility Of Cigna Corporation902 Words   |  4 PagesCigna Corporation is a global health service company dedicated to helping people improve their health, well-being and sense of security. Cigna Corporation is in over 30 countries and jurisdictions and has over 89 million members throughout the world. (CSR Profile of Cigna Corporation, 2015). This essay we will review Cigna Corporation social responsibility, to see if they contribute to society through good business practices, by providing good work environment, good citizenship and solving socialRead MoreApple Corporation: Ethical and Social Responsibility1944 Words   |  8 Pagesï » ¿RUNNING head: Apple Corporation: Ethical and Social Responsibility Apple Corporation: Ethical and Social Responsibility Romeo Gamble Strayer University Apple Inc.  is an American corporation that is located headquartered in in  Cupertino,  California that designs, develops, and sells electronics like computer software, online services, and personal computers. It’s very well known for hardware products like the  Mac computers,  iPods, iPhone andRead MoreHsbc Corporation Social Responsibility Research Report1083 Words   |  5 Pages02/12/2013 02/12/2013 08 Fall 08 Fall HSBC Corporation Social Responsibility Research Report Introduction HSBC is one of the largest global banks with around 6900 offices in over 80 countries. HSBC Canada has its head office in Vancouver and executive office in Toronto. HSBC has a wide range of business products including commercial banking which provides both domestic and cross border financing, retail banking and wealth management for personal banking services, and global bankingRead MoreCorporate Social Responsibility At The Bank Of America Corporation1544 Words   |  7 PagesCorporate Social Responsibility at the Bank of America Corporation Overview of Corporate Social Responsibility the Bank of America Corporation Background Information About Bank of America The Bank of America Corporation (Bank of America) is a bank and financial holding company that serves â€Å"individual consumers, small- and middle-market businesses, institutional investors, corporations and Governments with†¦ bank and nonbank financial services and products.† (Reuters) Profiting $5.32 billion inRead MoreTarget Corporation Practices Support Social Responsibility945 Words   |  4 PagesTarget Corporation practices support social responsibility statement Target Corporation s social responsibly commitment area for the employees, customer and communities are creating positive shopping experience, making Target Corporation a great place to work, and support the community. Positive experience includes selling clean natural products and organic and sustainable product better for human beings. The â€Å"Simply Balanced† is certified organic food that will not contain harmful Tran-Fats or