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In my opinion, social responsibility should be the core value of every business in the world to survive. According to Freidman, it means that all businesses will be engaged in making profits. The businesses will leave out most of the functions that the community expects them to perform. For example, dealing with pollution related issues and development of infrastructure around the area of business. By so doing the society will lag behind. Probably back in 1970 and the proceeding years it was right to say so but, currently if a business follows that trend, it will be in the wrong path and be sure to fail.
Friedman’s Article Reaction Paper Example
In his article, Friedman argues that, a business cannot have responsibilities. He claims that a corporation is an artificial person and has artificial responsibilities but in the real sense, it cannot have responsibilities. I beg to differ. Just as a business is able to execute its responsibilities of suing, entering into contracts so should be the case when it comes to social responsibility. It should do so through the same persons who enable it carry out its functions. These persons, employees of the business, should be the people to participate in the social responsibility of the business. According to Friedman, the executives of a corporation have their responsibility to their employer, the corporation, and to nobody else. This therefore means that their sole purpose is to make as much money as possible. While this is true, it does not define the activities that the executives can engage in, in order to make the huge amounts of money. This leaves a lee way for the inevitable social responsibility. Through it the executives can be able to make lots of money for the corporation and also ensure that the perpetual succession of the business is maintained.
Social responsibilities make a business more acceptable in a society and people are more likely to identify with it. For example, a company that deals with fashion engages in cleaning up the town in which it is situated, it is likely to be favored by more people. People will have no choice but to buy more from it since the company is not just there to make profit but also is concerned on what happens to the people surrounding. The business will be fully supported. For instant, if the business needs more land for expansion the locals will be ready to sell. Thus, social responsibility is a contributing factor to the success of a business.
In addition, Friedman claims that, since a executive is an employee of the business and has been put in place by the stakeholders then his responsibility is to the stakeholders and to nobody else, thus when he spends the business profits on social purposes he becomes a public or a civil servant and such a thing is not tolerable as they were not elected to office through a political process. Much as this is true, it is should be applied in the context of a corporation. Because a business and the community are, inseparable and one cannot do without the other. The business depends on the society in order for it to make profits. On the other hand, the society depends on the businesses for their day to day goods and services such as meals, clothing and education. Therefore, they have to depend on one another. For a business to survive in a particular society it has to appease the people in that area in order for them to feel that they are part of the business success and will thus support the business in its endeavors.
It is therefore clear that social responsibility is a part of the business and any business that hopes to have a bright future ahead should not avoid it. At some point Friedman alludes that the society cannot wait for the slow government processes to solve all their social problems. It is true, but it is not applicable when the government is too slow. Even when the government processes are fast enough the business should try to endear themselves to the people through social responsibility making the business more successful. It will make more profits as the stake holders want but some of these profits will be set aside for social responsibility so as to ensure more profits in future.
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