Discuss, compare and contrast, in detail, both Milton Friedman’s and Ralph Nader’s view on corporate social responsibility. Read the short statement below indicated in red.
Some strategists agree with Ralph Nader, who proclaims that organizations have tremendous social obligations. Nader points out, for example, that Exxon/Mobil has more assets than most countries, and because of this such firms have an obligation to help society cure its many ills. Other people, however, agree with the economist Milton Friedman, who asserts that organizations have no obligation to do any more for society than is legally required. Friedman may contend that it is irresponsible for a firm to give monies to charity. Do you agree more with Nader or Friedman? Surely, we can all agree that the first social responsibility of any business must be to make enough profit to cover the costs of the future because if this is not achieved, no other social responsibility can be met. Indeed, nosocial need can be met by the firm if the firm fails.
After reviewing the statement, looking up more information online, and comparing information, please answer the following questions:
Which great thinker of the 20th century, Friedman or Nader, do you agree with?
Why? (Explain in detail with examples and citations)
Which approach do you believe most companies are using today?
Are there any changes necessary to the approach most companies are taking currently
Defend your points with information from articles, business articles, textbooks, books, and life/work. In regards to life/work explanations, please note that adding your personal point of view is helpful to move the discussion forward, but do not dwell on anecdotal points. You need to support your answers with validated and published expert information.
