business ethics Flashcards
quote from milton freidman on the social responsability of business
‘the social responsability of businesss to increase its profits’ - milton freidman
what did milton freidman argue
foccusing on social responsability rather than profit maximisation is bad business as it priorotises socialism which may restrict the success of other through capitalism.
what are different forms of social responsability?
eco-friendly
protecting workers rights + human rights
what is CSR
a businesses duty to society to be ethical and claim responsability over all business operations
what is whilstle blowing
when a current/former employee raises awareness towards unethical acts being commited by the business. this puts justice before their own personal comfort and security.
what accelorates a companys loss of CSR
globalistaion - huge contributing factor as unethical, cheap labour is more accessible and the drive for profit is stronger as ethical norms are disregarded. the economy is booming the the opportunity for business growth is ever-growing.
date of industrial revelotion
1800 - mass unemployement + unhygenic working conditions
date of the christian socialist movement and what they advocated
1840’s - to find better + justified arrangemnts in business
date of great dock strike and what triggered it
1889 - dockers were coming into work and being sent away again with below living wages.
date of the workers charter and what it set about
‘the workers charter’ setting out a theory of the just wage to governements, employers and workers.
date of ‘welfare state’ and what was the consequence of this
1942 - was a christianity and social order. was also a major reconstruction to welfare + industry.
date of the equal pay act and what it meant
1970 - working men and women equally with no discrimination.
date in history of extreme discrimination
1971 - unfair dismissal based of apperence.
quote for CSR
‘for a better society and cleaner environment’
the 4 key elements of CSR
legal - the avoidance of corruption, fraud and helath&saftey breaches
economic - paying fair wages and produccing a product that adheres to regulatory standards. to not disadvantage competitors for your own selfish gain.
ethical - large TNC’s should not abuse their power as their actions are more significant according to scale.
philanthropic - ‘love of your fellow human’ - this can be through charitable events, sponsorship to the arts and sports or even contributing towards local communities - CAN CROSS OVER WITH ECONOMIC ELEMENT AS THEY HAVE TO BE CAUTIOUS OF SPENDING TOO MUCH MONEY ON ONE THING.
