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Should Social Responsibility and Business Ethics Serve a Role in Corporations

In: Business and Management

Submitted By maxr37
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Should Social Responsibility and Business Ethics serve a role in Corporations?
NorthCentral University Abstract
When you turn on the television, surf the internet or browse the Wall Street Journal the terms – business ethics and social responsibility are discussed. Recently, the Gulf coast oil spill has questioned the social responsibility of British Petroleum. However, can the terms business ethics and social responsibility apply to corporations? A review of two articles - “What is business ethics?” by P. Drucker and “The social responsibility of business to increase its profits written” by M. Friedman evaluates the two ethical terms. These articles suggest both business ethics and social responsibility should not apply to corporations. The focus of this paper will compare and contrast two approaches to business ethics. The conflicting objectives between the two parties will be analyzed. Lastly, my view and definition of business ethics and social responsibility will be conversed. Research for this paper consists primarily of peer reviewed articles and published articles. Should Social Responsibility and Business Ethics serve a role in Corporations?
During the twenty- first century, businesses are confronted with many different responsibilities. Each responsibility must be address while ensuring obligations to stakeholders, special interest groups, employees and the environment. Businesses are expected to have very strong ethics, but often this is not the case. The question comes to mind, “Can a corporate entity by definition have business ethics and social responsibility?” While both Drucker and Friedman discussed social responsibility and business ethics as merely word play to societies own social conscience, Drucker explored business ethics through an historical perspective outlining western traditions while Friedman evaluated social…...

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