Social responsibility of business Essay Example | Topics and Well Written Essays - 500 words

Social responsibility of business - Essay ExampleRequiring businesses to deputize in complaisant issues is equivalent to asking for more than what businesses owe both government and the society (Sarkar 2005, p.25).increase profits is the right thing for businesses to do because engaging in affable activities would give them unfairly inordinate powers. These powers would cause businesses to control the lives of people through political action, influence on the government and domination utilise business values. Businesses know how to make profits well but are incompetent pertaining social issues. This incompetence unfolds threefold starting with businesses lack of the technical skills requisite to handle social issues. Businesses lack knowledge that is as good as that of the government about what is good for the society and incompetent investments into social issues only wastes stakeholders notes (Sarkar 2005, p.26). Overall, the nature and character of free economy requires the f unction of business to be economic and not social and going against this is tantamount to causing confusion.On the other hand, Friedman could as well give been wrong in light of a number of things. His statement ignored that social activities could have profitable gains in the end. As such, Friedmans statement focused on the short-term costs and downplayed the long-term benefits that could accrue from businesses engaging social responsibility. Concentrating on making profit only denies businesses a chance to build favorable public image. Businesses contain a favorable public image in order to get employees, customers and access to money markets. Businesses should have a conscience even when concentrating on making profit because ethical actions are necessary if a business is to keep its customers and not have them boycotting its good and services (Sarkar 2005, p.27). The possible risks that a socially trusty business dares will make the stock market to raise its stock