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Ethics, The executive of Theranos was found to be embezzling funds and…
Ethics
Social Responsibility
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Pros
- Because business is a part of our society, it cannot ignore social issues.
- Business has the technical, financial, and managerial resources needed to tackle
today’s complex social issues.
- By helping resolve social issues, business can create a more stable environment
for long-term profitability.
- Socially responsible decision making by firms can prevent increased government
intervention, which would force businesses to do what they fail to do voluntarily.
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Cons
- Business managers are responsible primarily to stockholders, so management
must be concerned with providing a return on owners’ investments.
- Corporate time, money, and talent should be used to maximize profits, not to
solve society’s problems.
- Social problems affect society in general, so individual businesses should not be
expected to solve these problems.
- Social issues are the responsibility of government officials who are elected for
that purpose and who are accountable to the voters for their decisions.
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The executive of Theranos was found to be embezzling funds and making false claims on her product's capabilities
A court case was filed against Ford General Motors after they tried to use bonuses to increase employee wages and the court ordered them to prioritize shareholder's interests
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The court ruled on an "anti-steering" policy forcing apple to allow developers to add other external payment
McKinsey & Company was forced to pay after a lawsuit about their practices of bribing South African politicians
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A lawsuit against Coca-Cola for misleading health claims on the benefits of drinking their Vitaminwater
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