Milton Friedman's Doctrine on Corporate Social Responsibility

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What is the primary focus of corporate social responsibility according to Friedman's view?

Meeting legal and ethical standards

Increasing profits for the owners (correct)

Achieving social goals without profitability

Improving the community's well-being

What is the main difference between CSR and discretionary social initiatives?

CSR is mandatory, while discretionary social initiatives are voluntary

CSR focuses on profit-making, while discretionary social initiatives focus on community welfare

CSR is concerned with goal attainment within the law, while discretionary social initiatives go beyond legal requirements (correct)

CSR is primarily focused on ethical standards, while discretionary social initiatives focus on profitability

According to McWilliams and Siegel, what is the critical aspect of CSR that is often overlooked?

The organization's focus on profitability

The organization's achievement of goals within the law and ethical standards (correct)

The organization's discretionary social initiatives

The organization's actions beyond legal requirements

What is the basis of Friedman's categorical statement about a business's social responsibility?

The primary goal of businesses to make profits for their owners Signup and view all the answers

What is the restricted view of CSR that is criticized in the text?

CSR as the actions of organizations based on a sense of goodwill towards the community Signup and view all the answers

Who argued that the primary social responsibility of a business is to increase its profits?

Friedman Signup and view all the answers

What was the focus of the protests by students in over 40 universities in 2005?

The unfair labor practices of companies in Asian countries Signup and view all the answers

What is an example of commutative justice in the context of a company?

Increasing the salary of employees to match the company's profits Signup and view all the answers

Why can't small non-profit sport organizations engage in large-scale social initiatives?

They have limited resources Signup and view all the answers

What is the limitation of a company donating huge sums of money to a sports club?

It may not address the underlying unfairness in the company's practices Signup and view all the answers

What is the key issue in the distribution of millions of dollars raised by a professional sport franchise or an American university in a single game?

The revenue is not distributed fairly among all individuals involved Signup and view all the answers

What did Dan Price, the founder of Gravity Payments, do to exemplify commutative justice?

He raised the salaries of his employees to $70,000 Signup and view all the answers

What is the primary social responsibility of a business, according to Milton Freedman?

To make a profit Signup and view all the answers

What is the main distinction between social responsibility and social initiatives?

Social responsibility is related to the core business of the organization, while social initiatives are not Signup and view all the answers

According to Archie Carroll, what are the four primary responsibilities of an organization?

Economic, legal, ethical, and social responsibilities Signup and view all the answers

What is the ultimate goal of an organization, according to Milton and Carroll?

To create a profitable business Signup and view all the answers

Why is it important for organizations to rectify mistakes and compensate for harm caused to others?

To fulfill their social responsibility Signup and view all the answers

What is the relationship between goal attainment and social responsibility?

Goal attainment is a social responsibility in itself Signup and view all the answers

Why is it important for organizations to avoid harming others in the process of achieving their goals?

To fulfill their social responsibility Signup and view all the answers

What is the difference between social responsibility and social initiatives in terms of their relationship to the core business of the organization?

Social responsibility is related to the core business, while social initiatives are unrelated Signup and view all the answers

What is the primary focus of an organization's social responsibility, according to the paper?

Avoiding harm to others Signup and view all the answers

Why do organizations undertake social initiatives?

To benefit society Signup and view all the answers