Final Part 1

Final Part 1 - To: Poli Sci/Philo 27 students Re: Final...

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To: Poli Sci/Philo 27 students Re: Final Exam, Part I, Business Ethics The final exam will consist of two parts. Each part will have two questions, and you shall answer one whole question from each part. Below are sample questions from Part I only. Two of these questions will be on the exam. The choices have not been made yet. If you have questions about the questions or the exam, please post them on the bulletin board, so that everyone will have the same answer. Part II will be posted in a day or so, as soon as the questions are ready. Friedman -Social responsibilities is not something they should worry about. Only responsibility is to shareholders, the people whose money they are using belong to. They are things which all forms of government of all levels, whether it be national or state, should worry about. That is their job. It is the job of the National Highway Traffic Safety Administration to emplace rules on the production of cars that will minimize deaths. -Of course, it is also in the automakers best interest too, no doubt safety is a criteria which many car buyers look at. No doubt the case of the Ford Pinto hurt their reputation and, although attempted to maximize profits, ultimately failed to do so. -Social responsibility often a cloak to maximize profits. -Because we live in a democracy, the social responsibility lies in the hands of the people. In electing representatives that will pass rules and regulations that stop the actions of organiations that ultimately lead to immoral consequences. -Curbing the market is bad, iron fist of government bureaucrats. Criticizes short-sightedness of businessmen on social responsibility. -“Business of business is business”, problem with this mindset is that it focuses on too much of an internal short-term view of maximizing profits instead of having a more long-term external view. Davis -Most stockmarket value depends on the expectations of companies' cashflow beyond the next three years. -Focus more on the long-term maximization of profits as well as improving the overall stability of the company -Fundamental to integrate social issues into the highest levels of business in order to maximize profits. For example GE's focus on environmentally friendly products. . Do this through transparency, more focus and investment in R&D, etc. -It is not a bad thing to maximize profits, because it is not a business benefiting at society's expense, both sides are benefiting. In this way, Davis shares a similar view to Friedman and Ladd, in that having a competitive, free market, do well will better the economy, raise the value of the dollar, and benefit society as a whole. -Maximization of profits in the short-run through ignoring integral social issues only leads to failure in the long-run. Examples can most be clearly seen in Ford's Pinto and ValuJet Airline. -“Business of business is business” from Friedman, problem with this mindset is that it focuses on too
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This note was uploaded on 07/01/2008 for the course POLI SCI 27 taught by Professor Doppelt during the Winter '08 term at UCSD.

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Final Part 1 - To: Poli Sci/Philo 27 students Re: Final...

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