anything that year they would be ashamed to read about in their local newspaper

Anything that year they would be ashamed to read

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anything that year they would be ashamed to read about in their local newspaper. “You can lose a reputation that took 37 years to build in 37 seconds. And it might take more than 37 years to build it back.”
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Reputation “The purest treasure mortal times can afford is a spotless reputation” - William Shakespeare
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Virtue Virtue :The quality of doing what is right and avoiding what is wrong. "Virtue develops from a habitual commitment to pursue the good.” - Ronald F. Thiemann, a professor of religion and society at Harvard Divinity School Wisdom is know what to do next; virtue is doing it. - David Starr Jordan (1851 - 1931), American naturalist
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3 Theories of Social Responsibility Classical Theory Stakeholder Theory Corporate Social Responsibility Theory (CSR)
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Classical Theory Definition: The role of business is to maximize profits within the law (see Milton Friedman, "The Social Responsibility of Business Is to Increase Its Profits.", New York Times Magazine , 1970)
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Classical Theory Put another way, by Harvard Professor Theodore Levitt, “In the end business has only two responsibilities - to obey the elementary canons of face-to-face civility (honesty, good faith, and so on) and to seek material gain.” - “The Dangers of Social Responsibility”, Harvard Business Review 36 (Sept.-Oct., 1958)
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Classical Theory Serve the interests of the shareholders Social obligations limited to “ordinary moral expectations”. Views obligations to non-shareholders as a constraint Trusts in Adam Smith’s “Invisible Hand” (The Wealth of Nations) - The assumption that society benefits most when individuals are allowed to define and pursue their own self-interests, with minimal interference from governments or other authorities.
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Classical Theory - Contra Problems with: Market Failures (e.g. Pacific Lumber a successful, balanced enterprise ruined by a corporate takeover)
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Classical Theory - Contra When the 1990’s Tech Stock Bubble “burst” it sent layoffs soaring, 401(k) assets tanking. According to the Center on Budget and Policy Priorities, between 1997 and 1999 the bottom 20% of earners saw their income decline, while the richest 1% saw their income more than double. The invisible hand is a bit partial in the way it dispenses favors. (Marjorie Kelly, The Divine Right of Capital)
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Classical Theory -Contra “In fact, the purpose of a business firm is not simply to make a profit, but is to be found in its very existence as a community of persons who in various ways are endeavoring to satisfy their basic needs, and who form a particular group at the service of the whole of society. Profit is a regulator of the life of a business, but it is not the only one; other human and moral factors must also be considered which, in the long term, are at least equally important for the life of a business.” - Pope John Paul, Centesimus annus, May 1, 1991
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Stakeholder Theory Definition : The primary consideration in business decision- making is preserving/promoting the rights of stakeholders Takes into consideration the moral principle of mutual respect.
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  • DWI MARTANI
  • Business, Ethics, moral principles, Responsibility Theory

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