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What Is Business Ethics

In: Business and Management

Submitted By friday4U
Words 1490
Pages 6
Abstract The articles, “What is business ethics?” by Peter Drucker and “The Social Responsibility of Business is to Increase its Profits” by Milton Friedman are about Business ethics and social responsibility to society at large. While both authors agree that we should have ethics in the business world, they argue that society holds corporations and ordinary individuals to different set of standards.
Keywords: Social Responsibilities and Business Ethics
In order to exam the assigned articles, it was important to understand the true definition of what is meant by social responsibility and business ethics to better understand whether Drucker and Friedman fully exploited ethics as we understand it in the business world today. Equally important was to examine the backgrounds of Milton Friedman and Peter Drucker. According to Wikipedia, Social responsibility is defined as an ethical ideology or theory that an entity, be it an organization or individual, has an obligation to act to benefit the society at large.
According to Wikipedia, Business ethics (also known as corporate ethics) is defined as a form of applied ethics or professional ethics that examines ethical principles and moral or ethical problems that arise in a business environment. It applies to all aspect of business conduct and is relevant to the conduct of individual and business organizations as a whole.
Based on Woopidoo “Milton Friedman (born July 31, 1912), won The Bank of Sweden Prize in Economic Sciences in Memory of Alfred Nobel in 1976. Born in New York, he obtained a Bachelor’s degree from Rutgers University, his Master’s degree from the University of Chicago, and his Phd from Columbia University. Friedman can be classified as a monetarist. He maintains that there is a close and stable link between inflation and the money supply.
Based on Woopidoo, “Peter F Drucker (November 19,...

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