PP247 Lecture Notes - Lecture 5: Fiduciary, Jargon, Abortion Debate
Document Summary
Pp 247 unit five: social responsibility of business. We now move from the question of justice and the merits of capitalism, to the most fundamental issue of business ethics. If you struggled with all the new concepts and terminology in the last three units, you will notice things starting to get easier. That will be balanced somewhat by having more readings, but the material will be less dense. The unit begins with a classic article by milton friedman defending stockholder theory, followed by a critical response from tom mulligan. Freeman then presents a stakeholder theory of business, and solomon and beam further take issue with friedmanism. Milton friedman (1912-2006) is a nobel prize winning economist and defender of free markets. His article on the social responsibility of business is often anthologized and many business ethicists have sought to refute it. Friedman is the classic defender of the stockholder.
