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Business Law And Ethics. Can The Issue Of Profitability And Ethics Be Balanced Against Each Other

918 words - 4 pages

BUSINESS LAW AND ETHICS.Can the issue of profitability and ethics be balanced against each other:Businesses in today's world is a major part of everyday life some corporate are even larger than many economies of the world thus the businesses have a responsibility towards the very society in which they carry out their operations. This is known as corporate social responsibility according to (Kotler year missing)"corporate social responsibility is a commitment to improve community well-being through discretionary business practices and contributions of corporate resources" this shows that firms have a duty towards the society and specially towards the stakeholders which according to Friedman(1962) define stakeholders as "all those that affect or are affected by the actions of the firm" or in other words anyone who has a stake in the business. But the question arises that the main aim of any business is profitability and what drives a firm to become socially responsible when its main aim is to make profit and to what extent the corporate are willing to go in terms of social responsibility.As far as social responsibility is concerned the a large corporate carries more responsibility that a small business hence the number of stakeholders of a large firm are much lesser as compared to the smaller ones but still only the large businesses are accused of acting irresponsibly because they are expected to be leaders and should lead by example. The phenomenon of firms being responsible is not an option it is a need specially in today's world in which businesses have surpassed economies of the world in terms of revenue and production large businesses have gained huge power and wealth due to greater opportunities, investment, new markets to sell their products, mergers and acquisitions and comparative advantage and globalization. According to an article by Joh Donovan( 2010) Royal Dutch Shell is the 25th largest economy of the world bigger than Norway which is a developed European country ,AT&T AND Verizon capture more than 50% of the market share for American cellular phone customers. These statistics show how big these companies are and the kind of influence they have on the society and if they divert even some percentage for the wellbeing of the society and stakeholders because of whom they have became so bigger the society as a whole will be much better off but being socially responsible does not mean they have to forgo their main motive which is profit maximization but they have to acknowledge their economic legal and social responsibilities. They should formulate their goals in a way so that they can meet their business as well as social requirements. As a society we have many needs which can be in the form of Banking, insurance, communication, health and medicine, entertainmentTransportation and many others which are provided by businesses and corporate which suggest that businesses have a capacity to deliver and they can have a hue influence on the...

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