Corporate Social Responsibility

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In his influential 1970 article, Milton Friedman protested against the notion of corporate responsibility for corporations. What are his 3 main premises of his argument?
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Terms in this set (15)
Crane and Matten's definition of a stakeholder makes it clear that it is impossible to identify a definitive group of relevant stakeholders for any given corporation in any given situation. Nevertheless, a typical representation is possible, and three different models are presented. What stakeholders are included in the stakeholder view of the firm and in the network model of stakeholder theory, but not in the traditional model of managerial capitalism?
The privatization of major public services and publicly owned companies has led to private actors dominating major industries such as media, telecommunications and transport.

Market and industrial liberalization and deregulation has increased the power of private actors: the more strongly the market dominates economic life, the weaker governmental intervention and influence is.

Decisions over employment, lay-offs and relocation are taken by firms, and governments cannot directly control employment levels (though they are made responsible for unemployment).

Globalisation facilitates relocation and potentially makes companies able to engage governments in a 'race to the bottom'

The central problem behind the trends is the issue of democratic accountability in an environment in which decisions affecting people's lives are increasingly taken by firms that are not subject to democratic control.
T or F: We have seen a slow decline in the interest in ranking firms according to their corporate social performance.FalseWhat is essential to corporate transparencyComparability of information.The attempt by companies to meet the economic, legal, ethical, and philanthropic demands of a given society at a particular point in time., is often called _________corporate social responsibilityexamples of CSR to the correct element of the CSR "pyramid"Declining a tax loophole → Ethical Responsibilities Donations to local causes → Philanthropic Responsibilities Returning dividends to shareholders → Economic Responsibilities Scrupulously labelling products in accordance with regulations → Legal Responsibilities.What applies to "contemporary CSR?"Focus is on reward of CSR. Markets drive responsiveness. CSR is integrated into the business model.