Theoretical and Practical Perspectives
CHAPTER TEN Ethics and Beyond: Corporate Social Responsibility and Doing Business in the Global Marketplace
| 323 →
Ethics and Beyond: Corporate Social Responsibility and Doing Business in the Global Marketplace
Back in the 1970s, renowned economist Milton Friedman argued that while it was important for businesses to “stay within the rules of the game” and “operate without deception or fraud,” businesses did the most for society by just maximizing shareholder profits (Reason 2005). And many corporations bought into this philosophy. But much has changed in the corporate landscape over the last four decades. Increasingly, firms have recognized that it takes something more than engaging in ethical business practices and generating profits to navigate the mines of today’s global marketplace. That something is the realization that companies are beholden not just to shareholders, but also to their customers and employees, the environment, and even society in general (Grow et al. 2005). Marketers must sell the message that they are “doing well by doing good” and simultaneously create high-level awareness of the connection between their brands and the social issues they support (Harris 2005). Today, more than ever, a company’s reputation in the global marketplace is related to its social, as well as its ethical, performance.
BUSINESS ETHICS IN THE GLOBAL MARKETPLACE
You are not authenticated to view the full text of this chapter or article.
This site requires a subscription or purchase to access the full text of books or journals.
Do you have any questions? Contact us.Or login to access all content.