SMG SM 131 Study Guide - Final Guide: Azo Compound, Max De Pree, Ikea

• School: Boston University
• Department: School of Management
• Course: SMG SM 131
• Professor: Phyllis Mc Ginnis

Document Summary

Module 1: what is the role of business in society. Milton friedman: managerial capitalism: busi(cid:374)ess"s o(cid:374)l(cid:455) (cid:396)espo(cid:374)si(cid:271)ilit(cid:455) is to (cid:272)(cid:396)eate p(cid:396)ofit (cid:449)ithi(cid:374) legal li(cid:373)its, businesses are also responsible to keep the market open and competitive. Edward freeman: stakeholder theory: stakeholders, in addition to shareholders, all contribute to the success of the corporation, therefore the business directors have responsibility toward them. Reich: the case against corp. social responsibility, p. 2-9 (red questrom course packet. Robert b. reich: supercapitalism (similar to friedman: unless helps profits and the shareholders, business should not engage in social activities. It is the go(cid:448)e(cid:396)(cid:374)(cid:373)e(cid:374)t"s jo(cid:271) to add(cid:396)ess so(cid:272)ial issues. It erodes democracy, for some find pushing businesses easier than lobbying the government. Porter and kramer: creating shared value (red questrom course packet) Identify all the societal needs, benefits, and harms that are or (cid:272)ould (cid:271)e e(cid:373)(cid:271)odies i(cid:374) the fi(cid:396)(cid:373)"s p(cid:396)odu(cid:272)t.