In the business dictionary, social responsibility is defined as the obligation of an organization's management towards the welfare and interests of the society in which it operates (Business dictionary, 2015). In business world, responsibility is a big commitment that is taken very seriously because it is concern with the action undertaken in order to meet the challenges which it is also the reason that social responsibly is being stress on.
Did you know that, an american economist, statistician and writer who taught at the University of Chicago for more than three decades name Milton Friedman states (narrow view) that “Business has no social responsibilities other than to maximize profits” which in my perspective, I believe that the “profits” plays a vital role in all businesses regardless of what business you do. …show more content…
All businesses main responsibility and objectives are to maximise the company (shareholders / owners) wealth. Milton Friedman believes that in business there is no such thing as social responsibility because it does not have any commitment to promote desirable “social” ends, such as fulfilling jobs, bias-free society, clean environment and etc. Besides that, from the “broader view” it states that there are other obligations besides making profits in business because of their prominent social and economic power; therefore, it is presume that companies have to be accountable to carry out social responsibility towards society (public). Furthermore, businesses cannot make decisions which are made solely with economic point of view, because they are not related with the whole social system – business activities have deep implications for society; which resulted, society expects business to pursue other obligations also (Dudovskiy, 2012). In my point of view, I support the ‘narrow view’ more than the ‘broad view’ due to the fact that I believe that the role of all businesses is mainly on increasing profits. As what I have been taught and leaned from small till today (in university), the higher up’s of the company such as the owners which are the shareholders of the organization employ and recruit managers or potential candidate that will benefit the company with the main purpose of increasing the company businesses profits so that the shareholders get to have their reasonable return on their investment that they have invest in the company. As we grow up, we have been influence by people stating that business all all about fulfilling the purpose of making money (profits) and now when we are in adulthood, we learn that the management level in a company will try their hardest to fulfil the goal but during the process of fulfilling; each and everyone of us are only human, therefore, sometimes we tend to fail to remember to concern that there are other factors that are important. In my perspective, profits and loss of a business is just a term that is use on how well or how poorly the business is doing. Business is all about meeting the wants and needs of of the people in the society. The demand of the people is what keeps the business going, it does not matter whether the business is big or small because the duty of the profits and loss is still the same in all type of business (big / small / locally
Did you know that, an american economist, statistician and writer who taught at the University of Chicago for more than three decades name Milton Friedman states (narrow view) that “Business has no social responsibilities other than to maximize profits” which in my perspective, I believe that the “profits” plays a vital role in all businesses regardless of what business you do. …show more content…
All businesses main responsibility and objectives are to maximise the company (shareholders / owners) wealth. Milton Friedman believes that in business there is no such thing as social responsibility because it does not have any commitment to promote desirable “social” ends, such as fulfilling jobs, bias-free society, clean environment and etc. Besides that, from the “broader view” it states that there are other obligations besides making profits in business because of their prominent social and economic power; therefore, it is presume that companies have to be accountable to carry out social responsibility towards society (public). Furthermore, businesses cannot make decisions which are made solely with economic point of view, because they are not related with the whole social system – business activities have deep implications for society; which resulted, society expects business to pursue other obligations also (Dudovskiy, 2012). In my point of view, I support the ‘narrow view’ more than the ‘broad view’ due to the fact that I believe that the role of all businesses is mainly on increasing profits. As what I have been taught and leaned from small till today (in university), the higher up’s of the company such as the owners which are the shareholders of the organization employ and recruit managers or potential candidate that will benefit the company with the main purpose of increasing the company businesses profits so that the shareholders get to have their reasonable return on their investment that they have invest in the company. As we grow up, we have been influence by people stating that business all all about fulfilling the purpose of making money (profits) and now when we are in adulthood, we learn that the management level in a company will try their hardest to fulfil the goal but during the process of fulfilling; each and everyone of us are only human, therefore, sometimes we tend to fail to remember to concern that there are other factors that are important. In my perspective, profits and loss of a business is just a term that is use on how well or how poorly the business is doing. Business is all about meeting the wants and needs of of the people in the society. The demand of the people is what keeps the business going, it does not matter whether the business is big or small because the duty of the profits and loss is still the same in all type of business (big / small / locally