Professional Ethics, Notes Week 10 Part 1
Professional Ethics, Notes Week 10 Part 1 PHI 1120, Professional Ethics
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PHI 1120, Professional Ethics
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This 2 page Class Notes was uploaded by Chloe Luyet on Tuesday March 22, 2016. The Class Notes belongs to PHI 1120, Professional Ethics at Wayne State University taught by Dr. Ryan Fanselow in Winter 2016. Since its upload, it has received 46 views. For similar materials see Professional Ethics in PHIL-Philosophy at Wayne State University.
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Date Created: 03/22/16
Comprehension Quiz Questions 1. Friedman says that corporations ought to just maximize profits 2. A company that aims solely to maximize profits acts wrongly according to the strong version, but not the weak version of corporate social responsibility 3. Friedman’s claim that managers are not autonomous resembles the agency model of the professional-client relationship I. Corporate Social Responsibility a. 2 versions: i. The stronger version 1. corporations shouldn’t just maximize profits 2. they also have a duty to make world a better place 3. corporations act wrongly if they don’t do good ii. The weaker version 1. it’s admirable if corporations don’t just maximize profits 2. but they’re not required to do anything other than maximize profits a. the don’t act wrongly if they just maximize profits b. Friedman negates both of these versions i. says the term social responsibility implies that a business has a responsibility, but only people have responsibilities ii. only job of a business is to maximize profits; if it does otherwise, it’s making a mistake iii. The Core Argument: 1. Managers (etc.) should do only what their employers/shareholders,etc. want a. EX/ money is owned by company and you must do what they want b/c, otherwise, it’s stealing…donating someone else’s money b. only applies when acting their capacity as a business person i. on your own free-time w/ your own business/resources; you can do whatever you want 2. Corporate social responsibility involves not doing what your employers, etc. want 3. Therefore, it’s wrong to act in accordance w/ “corporate social responsibilities” a. rests on the idea that stealing is wrong and when you’re managing someone else’s money, you should do what they want with it b. what about if you build a school just to make the company more profitable and popular w/ a community in the long run? i. Friedman says this is okay b/c it’s maximizing profits, but he also says that when companies do this, it instills a message to the community reinforcing the idea that companies should do more than make profits (and this is bad) c. It’s not always good defense of actions taken in business to say: “It’s my job. It’s my role. I agreed to this when I accepted my position” b/c if it’s morally wrong, the questions would be, then WHY did you take that job? You should not have taken it, then. i. Says that asking employer to benefit community is like taxing 1. not necessarily true b/c they have the option whereas, paying taxes is not a choice. a. You don’t have much of a say where the taxes are spent, but w/ social responsibility, you can choose where the money goes to some extent II. Capitalism (Free Market) a. when companies look out for their own self-interest, others end up benefitting i. EX/ If a bakery makes the best bread and weeds-out competitors and a store sells the best cuts of meat, consumers benefit b/c they have a good meal available to them. Motor City makes money b/c the stores do and consumer gets good food b. thrives on everyone looking out for themselves i. Invisible Hand: Adam Smith ii. EX/ New Yorkers all look to get themselves on the subway w/o worrying if others make it b4 the door closes b/c if they wait and say “you go first”, no one gets on the subway c. more people benefit when each person only cares about themselves