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Stakeholder Theory and Organizational Management

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Stakeholder Theory and Organizational Management

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Questions and Answers

According to Ed Freeman, who are the stakeholders of a corporation?

Employees, customers, suppliers, and governments

Any group or individual who can affect or is affected by the corporation's purpose (correct)

Only the stockholders

Only the employees and owners of the corporation

What is Milton Friedman's view on the responsibility of corporations?

Corporations should focus on distributing wealth equally in society

Corporations should listen to all stakeholders and address their concerns

Corporations should increase profits as much as possible, as long as they stay within legal and moral boundaries (correct)

Corporations should prioritize the interests of stockholders over other stakeholders

Why does Milton Friedman consider stakeholder theory to be dangerous?

It undermines the ability of corporations to increase profits

It undermines democracy by allowing entrepreneurs to distribute wealth without being elected (correct)

It undermines the power of stockholders

It undermines the power of governments

What is the key difference between Milton Friedman's and Ed Freeman's views on stakeholders?

Friedman believes corporations should focus on profits, while Freeman believes they should listen to all stakeholders Signup and view all the answers

According to the passage, what is the key reason why Milton Friedman sees stakeholder theory as undermining democracy?

Stakeholder theory allows entrepreneurs to distribute wealth without being elected Signup and view all the answers

What is Friedman's view on the role of corporations?

Corporations should focus solely on maximizing profits. Signup and view all the answers

What does the text suggest about stakeholder theory?

It promotes a pluralistic perspective on business and society. Signup and view all the answers

What is the 'separation fallacy' criticized by Freeman?

The belief that the economy can be separated from other societal domains. Signup and view all the answers

What does the text suggest about the 'Great Reset' advocated for after the pandemic?

It advocates for stakeholder capitalism over shareholder capitalism. Signup and view all the answers

How would Friedman view the 'Great Reset'?

As a threat to democracy by giving corporations too much power. Signup and view all the answers