Business Ethics and Social Responsibility Essay - 2333 Words

This paper will compare and contrast the various interpretations of four separate authors in respect to ethics and social responsibility as they apply to business. The four articles to be reviewed are; â€Å"The Social Responsibilities of Business is to Increase its Profits† by Milton Friedman, â€Å"The Relevance of Responsibility to Ethical Business Decisions† by Patrick E. Murphy, â€Å"What is ‘business ethics’† by Peter F. Drucker and â€Å"To Be Ethical Not To Be: An International Code of Ethics for Leadership† by Ala’ Alahmad. Each of these articles represents the author’s interpretations on the interplay between â€Å"business ethics† and â€Å"social responsibility† supported by both external and personal research. Although none of the authors represent†¦show more content†¦Social responsibility can be defined as the obligation held by both individuals and corporations to act in a way that benef its society at large. It is the behavior that addresses the trade-off between the economy and ecology and therefore attempts to reach equilibrium between the two. Corporate Social Responsibility (CSR) is a relatively new concept which imposes strategies designed to create positive impact on society while maintaining profitable business practices. Since every business holds different economic and sociologic objectives, there really are no clear-cut CSR directives; however the main motive of CSR is shared among all businesses. In Ala’ Alahmad’s article, he makes the assertion that although there is no accepted international code of ethics, the following values should be held by all leaders: â€Å"honesty, tell the truth no matter what, respect, punctuality, not judgmental, just, humble and dignity†. He also states that ethics are â€Å"a person’s concept of right and wrong†. Note that he does not state it is a corporate or company’s concept of right or wrong. He holds to the concept that ethics are entirely a product and parcel of the individual. To further supplement this argument he states that â€Å"ethical leadership is the demonstration of normatively appropriate conduct through personal actions and interpersonal relationships, and promotion of such conduct among followers through two-way communication,Show MoreRelatedSocial Responsibility And Business Ethics Essay1470 Words   |  6 Pagesrole of social responsibility in business organizations and societ y. This paper will compare similarities and differences between Cohen’s perspective on social responsibility to the social responsibility and business ethics theories of Drucker and Milton Friedman. Furthermore, this paper will provide a frame of reference on corporate social responsibility and business ethics presented in other research. 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