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BADM 4101

by: Layan Notetaker
Layan Notetaker

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About this Document

These are notes from the professor's lectures - things that he said and did not put into his slides
Business Law and Ethics
Gaston De Los Reyes
business law & ethics
75 ?




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This 2 page Bundle was uploaded by Layan Notetaker on Monday February 15, 2016. The Bundle belongs to BADM 4101 at George Washington University taught by Gaston De Los Reyes in Spring 2016. Since its upload, it has received 52 views. For similar materials see Business Law and Ethics in Business Administration at George Washington University.

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Date Created: 02/15/16
Notes from Lectures ▯ What is corporate strategy about? ▯ - Planning ▯ - Mission Statement ▯ ▯ Catching the wave – in HBR reading ▯  To be able to ride that innovation and become a company that is developing & selling products in that innovation ▯ ▯ * Resource allocation process  how we’re wired is how capable we are of ▯ preforming something ▯ ▯  Why are we talking about our life purpose? ▯ If we do not have a sense of it, there is really nothing to anchor our judgments to; what is the better way to do this/that ▯ ▯  What does Socrates claim as his special knowledge? ▯ Knowing that he didn’t know anything, he didn’t think he had a special knowledge ▯  What are the two levels of his inquiry into knowledge, according to McCabbe? The first level: Socrates investigates whether the person is right to think about what it is they're doing as the right thing to do. The second level: Socrates investigates about what it would be to know such a thing; what sort of claims does the person make when they say they know that the thing they're doing is the right thing to do ▯  The Socratic Inquiry  Zero-in on beliefs  Interconnectedness of belief ▯ ▯  Instrumental & Categorical Reasoning: Judgments you make about things that are valuable in themselves (you don’t need to come up with other reasons) ▯  Markets vs. Exchange for Pay, and What Money Should Not Buy:  What is the right division of institutional labor? The best balance of government & markets ▯  A society that relies upon the market as a means to an end:  The “end”: a good distribution of resources/ everyone gets what they want ▯  Friedman ▯ **Argument is not about social welfare! It is about property rights  Principles rather than consequences  Managers owe shareholders the duty of pursuing their wealth and nothing else, within the rules of the game o Employer – Employee relationship; Principle – Agent o Social responsibility leads to Socialism o Shareholders do everything to do to increase profits o Focus on shareholders; assume desires are maximizing their wealth (profits) o Preserves the legitimacy of the role of government in setting boundaries of property rights ▯  “The invisible hand”:  the idea that we get a positive exchange of information and good outcomes when people are focused on what is good for them when making buy/sell decisions  Andrews thinks this is not good enough for companies o Externalities (impacts that are caused by a transaction) ▯  How does Andrews characterize the Friedman doctrine?  Emphasizes the Friedman think shareholders are economic men  We should view owners as the shareholders of the company ▯ ▯  CSV: would push to finding a way to change the social problem but increase profits too – how to make more money by not leading to the social problem ▯  Andrews: maximize shareholder value not at the expense of social responsibility values ▯ ▯


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