Friedman & Freeman
believes humans do have interests beyond their own individual interests
Who is Freeman?
a framework that guides us with deciding how we ought to act in various circumstances
What is Ethics?
others' goals and interests are taken into account
What is how are people are treated?
believes the only responsibility of business is to increase profits for shareholders
Who is Milton Friedman?
a business with only a single owner, or possibly a married couple
What is Sole Proprietorship?
supports laissez-faire economics and individual autonomy (moral individualism)
Who is Friedman?
why one needs to engage with others who see and value things differently
What are Different Perspectives?
to be worse off or better off based on someone's actions
What is consequences?
whom a corporate executive works for according to Friedman
What is the shareholders?
an approach that views business as a complex, interconnected system of elements rather than isolated parts
What is systems thinking?
an approach to capitalism which views stakeholders and businesses as interdependent with joint interests
What is Freeman's Stakeholder Theory?
individual beliefs shaped by that individual's personal experiences, cultural background, and upbringing
What are morals?
encouraging virtues or vices
What is effects on habits and character?
believes a business needs to make money and should create value for others, not just the business
Who is Freeman?
the view that ethics is irrelevant to business and can be separate
What is the Separation Fallacy?
an approach to capitalism with a focus on creating social, environmental, and financial value
What is Freeman's Stakeholder Theory?
influence how we judge the rightness or wrongness of specific actions
What are morals?
many Wells Fargo customers were charged fees on fake accounts
What is consequences?
Friedman's view of a CEO who donates company goods to a nonprofit as forcing shareholders to do something against their will
What is taxation without representation?
the level of power and interest that key stakeholders have
What is high power, high interest?
an approach to capitalism where negative externalities are not a business's responsibility
What is Friedman's Shareholder Theory?
refers to the idea that an organization's ethical behavior and practices can yield positive returns and benefits
What is Return on Ethics (ROE)?
Wells Fargo employees developed a mindset of deception which became the norm
What is effects on habit and character?
the use of company assets to positively impact society
What is Corporate Social Responsibility (CSR)?
the level of power and interest of a stakeholder which a business must keep satisfied
what is high power, low interest?