Milton Friedman's Doctrine on Corporate Social Responsibility
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Questions and Answers

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?

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

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

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

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

    <p>Friedman</p> Signup and view all the answers

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

    <p>The unfair labor practices of companies in Asian countries</p> Signup and view all the answers

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

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

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

    <p>They have limited resources</p> Signup and view all the answers

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

    <p>It may not address the underlying unfairness in the company's practices</p> 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?

    <p>The revenue is not distributed fairly among all individuals involved</p> Signup and view all the answers

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

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

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

    <p>To make a profit</p> Signup and view all the answers

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

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

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

    <p>Economic, legal, ethical, and social responsibilities</p> Signup and view all the answers

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

    <p>To create a profitable business</p> Signup and view all the answers

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

    <p>To fulfill their social responsibility</p> Signup and view all the answers

    What is the relationship between goal attainment and social responsibility?

    <p>Goal attainment is a social responsibility in itself</p> Signup and view all the answers

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

    <p>To fulfill their social responsibility</p> 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?

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

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

    <p>Avoiding harm to others</p> Signup and view all the answers

    Why do organizations undertake social initiatives?

    <p>To benefit society</p> Signup and view all the answers

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