The paper “ Principles of Social Corporate Responsibility and Strategies for Protecting Trade Secrets ” is an affecting example of the assignment on management. Corporate social responsibility is a topic that has received full recognition for a considerable amount of time. Some individuals argue that businesses should at times attempt to solve the various social ills affecting the society while others argue that companies should always aim at maximizing the shareholder's wealth. Both sides of these debates have been vigorously defended and forcefully attacked. The best definition to be adopted in this essay is that of the Commission of European communities.
They define corporate responsibility as the concept where organizations integrate the environmental and social concerns in their operations as well as in their interaction with the stakeholders and on a voluntary basis. In fact, corporations decide to go beyond their obligations and legal requirements with the aim of addressing the various societal needs (European Commission 2011). Friedman’ s perspective of social corporate responsibilityFriedman adopts a shareholder perspective in regard to social responsibility. By making use of this approach, he views the shareholders as essential economic engines for the organization, and it is the only group that the firms should be socially responsible.
As a matter of fact, the primary goal of companies should be to maximize profits and a portion of the profits ought to be returned to the shareholders as rewards since they took the risk in investing in the organization. He further advocates that the shareholders ought to be the ones to decide the social initiatives they should take part in as opposed to having the appointed Executive to decide for them since he was only appointed for business reasons (Butler 2011).
From his perspective, Friedman argues that a company has no social responsibility to the society or public since their primary concern is to make profits for themselves and shareholders. This concept was formulated and written in his book Capitalism and freedom. In the book, he further argues that when organizations concern themselves with the public or community rather than on their primary goal of making profits it is more likely to lead to totalitarianism.
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