I have to write an essay, but I don't know where to start! Got same problem?
No, I know what to write!
Oh, yeah!
Milton Friedman’s and Peter Drucker’s Article Analysis
Milton Friedman is an American economist, a statistician, and an author. He was born in 1912 and died in 2006. He was a Nobel Prize recipient and lectured at the University of Chicago. Peter Drucker was born in 1909 and died in 2005. He was a writer, management consultant, lecturer, and social ecologist. This essay focuses on two articles from the above-renowned writers. Peter Drucker’s article talks about what business ethics is all about while Milton Friedman’s article talks about the social responsibilities of a business. Friedman and Drucker have noted management authorities.
Compare and Contrast of Business Ethics
Business ethics refers to ethical principles that arise in a business environment. Social responsibility is a theory to which an individual or an organization is mandated to act and benefit society. Friedman talks about social responsibilities without touching on business ethics while Drucker talks about business ethics and social responsibilities. In his article, Drucker says that business ethics is a modern way of talking about social responsibilities According to Friedman, the social responsibility of a business in a free enterprise system is to increase profits. However, he clarifies that the business on its own can never be accorded with such responsibilities. It is only the people who have a direct and powerful influence on a business that possesses such social responsibilities.
Discussions of social responsibility in a business are delegated to individual proprietors or the corporate executives who are mandated to conduct the day-to-day running of the business to make as much money as possible. However, they must also consider conforming to other basic rules of society. A corporate executive should act in a way that is not for the benefit of his employers but the benefit of the many. This fact coincides with Drucker’s article on business ethics. Drucker says that any person who is in power in any institution must confer benefits on others. He says that ethics of social responsibilities gives an allowance on advocacy of any decisions that in the end serves the interests of the many. (Drucker, 1981), ethics interdependence covers ethical and unethical behaviors. Both articles show that leaders of a business lack functional leadership roles in leading an organization’s inside operations. Both authors agree that both ethics and social responsibilities occur at the individual level but not at an organization’s level and they questioned the legality of giving moral, social, and ethical responsibilities to an entity.
Friedman points out that the main responsibility of a business is to its stockholders and increment of profit. He showed how a business is combined with both legal and ethical limitations in its operations and that a business should never deplete its resources and its customers. Drucker on the other hand gives a different approach towards ethics as he emphasizes ethics of both prudence and self-development from Aristotle’s era to Confucius’ time and finally to the modern business ethics.
Drucker believes that it is important to know how public and private enterprises manage their resources and their moral and ethical organizational performance. He emphasized the need for a business to develop core values that displays an organization’s social responsibility. Milton Friedman’s notion was different from that of Drucker as he believed that a business’s main concern is the maximization of profits to attain any form of social responsibility.
Ethics and Social Responsibility of Business
I find that both articles have substantial facts on ethics and social responsibility regardless of each writer’s differing opinions. It’s important to note that certain ideas from both articles can be borrowed to make a sound hypothesis like the existence of corporate responsibility without doing away with either stockholder’s value or the individual’s interest. However, in today’s business environment, Friedman’s and Drucker’s views cannot be wholly relied on because many other factors affect a business besides the ethics and responsibilities of a business.
Order Now
Live ChatRelated essays
Essays-Writer.net is a trustworthy company that I have been using for the last couple of years. I am employed with two different companies. Needless to say, time is a continual issue. If not for your help, I would not have been able to make it through these 2 years. I have no doubt that you are absolutely the best writing company anywhere! You have bailed me out repeatedly with my written assignments. Each and every one of them has been well-written, interesting and exactly what I needed. Thank you so much for coming through for me time-after-time.
I’d just like to say that Writer #2281 did a fine job of writing my research paper. I will be back in a couple of weeks with another order. I am completely satisfied with how things went with Essays-Writer.net. Thanks!
Big thanks to your writing team for coming through for me with my last order. I didn’t give them a lot of notice, but they were able to come up with a superb paper for me. This is the kind of service that I love. Sometimes, I get forgetful, and I forget when my paper due dates are. It is so comforting to know that I can be in a rush and contact Essays-Writer.net and that you will deliver a great paper for me, no matter what. The fact that you include an anti-plagiarism report is great, too. I appreciate knowing that my work is totally original. Essays-Writer.net rocks!
Dear Essays-Writer.net, It was 3 a.m. on New Year’s Day this year, and I had a question about a very important paper that I had ordered. I thought there would be no way for me to speak to anyone, when I remembered a crucial detail that I had left out, but I dialed the number anyway. You can imagine my surprise when one of your great customer service officers picked up the phone and proceeded to help me out. I was very impressed by this! I have since learned that your customer service department stays open all the time, even during holidays and in the middle of the night. You obviously understand that your student customers need things like this. Please allow me to express my appreciation. You do outstanding work, and your customer service is unsurpassed.
People should know about such a great essay site. I will broadcast it!