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Friedman & Freeman Unite Abstract Friedman’s theory of maximizing profit for the stockholder is related to Freeman’s stakeholder theory. When examining both from several different viewpoints: Adam Smith, Utilitarianism, Corporate Social Responsibility (CSR), and a long-term approach; Freeman’s stakeholder theory is the evolution of Friedman’s theory. A brief overview of Corporate Social Responsibility is given, as well as critique of Friedman and Freeman’s theories, before the connection is made. Concluding the paper, Peter Senge’s model of shareholder value is argued as the perfect model for today’s corporations that wish to implement Friedman’s profit maximizing model with Freeman’s stakeholder theory.
Friedman’s theory of maximizing profit for the stockholders is fading. but employees. Socialist. governments. Einstein did not construct his theory from an order from bureaucrat. and the list goes on. No society runs on anything else. This paper will connect the two theories and reveal that Friedman’s theory is alive today.Friedman & Freeman Unite Introduction America is based around pursing one’s own self-interests. Communists. A theory that considered not just the stockholders. environments. In essence the world runs on greed. greed. are key elements that link the theories. partners. Democratic. Many of the greatest inventions and companies have been developed because of selfinterest. People believe in Freeman’s stakeholder theory as the new alterative to Friedman. Greed. Utilitarian ethics. Milton Friedman put it best. Companies that only pursue profit will not last long in today’s economic climate. 1979). Henry Ford didn’t revolutionize the automobile industry that way (Friedman. Adam Smith. While this theory may seem to trump Friedman.” Self-interest is dying. but in reality his theory is simply evolving. as the realization that Friedman’s theory naturally requires companies to evolve to Freeman’s theory. The two theories do require certain parameters. though. 3 . This is how America became great. “The world runs on individuals pursing their separate interest. customers. The great achievements of civilizations have not come from the government. Friedman’s theory may seem out dated. it simply reinforces the theory of profit maximization. The example of Corporate Social Responsibility finalizes the linking Friedman and Freeman together. and a long-term focus. they all run on different forms of self-interest.
2005. i. 33). lowest price. is a perfect representation of the capitalist system working. 33). and neither was self-interest considered selfishness (Cosans. “The principle of freedom. Friedman did not just focus on profits. p. 392). business as a whole cannot be said to have responsibilities even in this vague sense (Friedman. the absence of coercion (Cosans. Instead selfishness and self-interest are. 2009. This bidding results in the contractor receiving a fair price and the owner of the home receiving a fair price. according to Friedman. 392).e. p. due to the focus only on stockholders and profit. 33). The Friedman view of a construction process would focus on the owner/shareholder gaining the highest quality facility.e. Critiques believe that Friedman’s approach leaves out the social responsibility of businesses. Bidding arena for construction services ensures the need for the company’s shareholder. There is evidence to support such claim. Stockholders provide the capital through their stock ownership.” Friedman also believed that the 4 . 2005. benefiting all.” This thought process focuses on an owner/stockholder relationship maximizing profit. 1970). p.Friedman & Freeman Unite The Friedman Approach Milton Friedman is an American Economist that believed in the free market system. known as stockholder theory. The companies that produce the building on time and within budget will succeed. One of Friedman’s most influential and controversial theory’s states that business sole responsibility is to maximize profits for the stockholders. maximizing the return on their investment (Moylan. p. and minimizing corporate social responsibility. This example. Friedman believes that only people have responsibilities and though “Corporations are artificial persons that may have artificial responsibilities. an in the shortest amount of time (Moylan. 2009. 2005. i. p. which the construction companies then spend (Moylan.
). Edward Freeman is an American philosopher that did extensive work on stakeholder theory. and societal views (Freeman. which generally will be to make as much money as possible while conforming to the basic rules of society. 1986).” This means profit is not the ends in themselves. from http://sites. 2009. If the stockholders demanded Corporate Social Responsibility then the executives would be obligated to stockholders to develop CSR. The Freeman Approach R. 1986). market-based views. both those embodied in law and those embodied in ethical customer (Cosans. Unlike stockholder theory. Retrieved 2 17. “To conduct the business in accordance with their desires. but there can be many subgroups (Figure 2). in a publicly held company that would be the stockholders.edu/group-8/_/rsrc/1235590867668/ Home/camera-project/stakeholders/Stakeholder_(en). Stakeholder theory integrates resource-based views. This theory is based on a company addressing morals and values when managing the organization. (n. This allows the company to determine how the different stakeholders should be treated (Freeman. the bottom line or profit is not the only concern for the company. 2010. but the reason why executives are obligated to increase profits. political views. p. Camera Project. These different viewpoints are used to create a specific stakeholder of the corporation.Friedman & Freeman Unite corporate executive had immediate responsibilities to the owners of the company. There are 9 different groups of Figure 1: Stakeholders stakeholder (Figure 1).com/a/psu.google. This does not limit Friedman’s theory only towards profit. Note: PSU.png 5 .d. which Friedman believed in. 392).
com/brochures/cce_2005/images/stakeholder_graph. 2005. 33). 2005.com/imgres?imgurl =http:/ /w ww. and engineers during the bidding. (2006). 2005. The architect and engineer must design the facility that meets the owner’s needs. and commission phases (Moylan. 2005. 2005. When the owner. construction. p. 33). p. Retrieved 2 17. Engagin with our Stakeholders. architects. 33).Friedman & Freeman Unite Figure 2: Coca-Cola Stakeholders Note: Coca-Cola Enterprises Inc. p. p. and engineer 6 .cokecce. The bidding must be open to all contractors that are responsible bidders that posses the required expertise. 33). p. The owner (stockholder) must commit the necessary time and resources to the project (Moylan. 33).jpg&imgrefurl=http://www . architect.: http://images. while the contractor must provide the necessary tools to make sure the facility comes to completion (Moylan.com/brochures/cce_2005/10_engaging.cokecce. from Coca-Cola Enterprises Inc. The bidder must be responsive and cooperate with the owner. financial capacity and management skills (Moylan.google. 2010.html&usg=__ZYARTDj6-03B9sCkFE5ZXAvCoM=&h=556&w=587&sz=118&hl=en&start=14&um=1&it The Freeman view of a construction process requires ethical integrity and safe guards when the bidding process is used (Moylan.
they must adopt CSR.Friedman & Freeman Unite work harmoniously together it benefits the tenants and users of the facility. p. 2005. in order to maximize profit. etc. Corporate Social Responsibility Corporate Social Responsibility or CSR is a relatively new development. the supply chain. the community and the public policy realm (Beth Kytle. both Freeman and Friedman support CSR. Friedman believes in maximizing profit for the stockholders. The proper construction of the facility allow the corporation to generate revenue and give its profits back to the owner (stockholder). however. while the community in which the facility is located benefits. Understanding Smith’s theory 7 . Where Freeman sees it as a responsibility to take care of all the stakeholders. invisible hand and selfinterest. Adam Smith: Bringing Friedman and Freeman Together Adam Smith’s. Wealth of a Nation has two important ideas. While Freeman’s theory supports CSR. they connect very different. 9). It goes beyond philanthropy and compliance to address the manner in which companies manage their economic. 34). “Encompass not only what companies do with their profits. The public and governments of the world have been steadily increasing pressure on corporations to increase their CSR.” Companies have realized that to increase their market share or keep their market share. (Moylan. Friedman’s theory seems to dismiss CSR as a waste of corporate funds. These forces have created a world of interdependence between nations. In reality. social and environmental impacts and their stakeholder relationship in all their key spheres of influence: the workplace. receiving services. In today’s society. but also how they make them. CSR is required. we are interconnected globally through commerce. 2005. living space. The Kennedy School of Government defines Corporate Social Responsibility as. the marketplace. p. In today’s economic environment.
As a result. the invisible hand is self-regulating markets. China has cheap labor. The reason being. and America has services. Smith believed that capital would stay local and foreign trade would be limited to countries absolute advantage (Smith. This has created a world that is connected greater due to companies spreading out their resources to gain competitive advantage through absolute advantages. Since companies search for competitive advantages they then look to each countries absolute advantage. competition. Some of the Arab nations would fail if the western world where not dependent on oil. Ford did not think about the worker when designing the assembly line. the choice will be appropriate for their situation. If a consumer is left to choose between products. This does not address competitive advantage between nations. This search has lead to country specific absolute advantages. the product and productions best represent the market demand locally.. 1904). for example. Japan has technology. division of labor is the specialization of separation of tasks to increase production. each of these is created through selfinterest of. Smith talks about self-interest.T. invisible hand and self-interest. Companies today operate more on competitive advantage. 1904). which division of labor and the indivisible hand are reliant on. but China would fail if America did not purchase the goods. and supply and demand (Smith. Each country’s adoption of absolute advantage has resulted in interdependence between nations. Smith’s absolute advantage only addresses the ability to produce at a lower absolute cost. America would fail if China did not produce cheap goods. we was driven by self-interest to make the most 8 . the ability to produce at a lower marginal cost and opportunity cost. India has I. The invisible hand represents how the market regulates itself. where as nations operate more and more towards absolute advantage.Friedman & Freeman Unite on the civilizations and economics requires analysis of.
To run the engines fuel is required (Pen. “The wood from which is made comes from Washington. and environmental concerns. charity. all epitomes of self-interest. With the current social demands. people shifted to smaller. Through 2003 to 2007. and brand recognition has increased. As the economy slowed down. wood. How do self-interest and the invisible hand connect Friedman and Freeman? Friedman refers to the self-interest of each person resulting in the greatest gain for society. as people demanded large vehicles (General Motors: J. 2008). Each person’s self-interest results in the maximization of society. which required a steel mill. 2008). people expect these things. fuel efficient vehicles (Figure 3). price of production has dropped. selling goods has increased. breaking it down into separate parts: lead.Friedman & Freeman Unite money possible. This has resulted in companies addressing this goodwill. Freeman believes in looking at all aspects of the business (stakeholders). Power and Associates.D. The saw required steel. what they want. The steel comes from a mine. and thus companies must deliver. 9 . metal facet. and eraser. The stakeholder theory analysis “who” the stakeholders are. By companies becoming international.” Each of these different parts required to produce the pencil required self-interest from around the world. For example in our current society people are demanding that corporations are socially responsible. This relates to Adam Smith through the invisible hand and the dictations of selfinterest of our society. and how they will be affected. Friedman uses the pencil as an example. for demanding a writing utensil such as a pencil. Hummer sales where very strong. The greatest and most important self-interest was the consumer. which required a saw.
Analyzing how Freidman and Freeman connect.daylife. (2008). By focusing these theories with the Utilitarian viewpoint. they relate to each other perfectly. Freeman would want the t-shirt company to figure out how it could affect the different stakeholders. Friedman would believe that the company must make as much profit as possible for the stockholders. this situation would be acceptable to a Utilitarian. Utilitarianism focuses on the ends to justify the means. an example of a t-shirt company will be used. In this case Freeman’s stakeholder theory is focused on the majority. For example. the two largest stakeholders would be 10 .Friedman & Freeman Unite Figure 3: Hummer Sales from 2001 – 2008 Note: General Motors: J. 2010.D. Power and Associates. from Daylife: http://www.com/photo/0dNpb4Efy5eEE Utilitarian’s Unite To connect Freeman and Friedman we must assume a Utilitarian viewpoint. and that he majority is more important than the minority. Friedman’s stockholder theory also becomes focused on the majority. Hummer Slaes Falling Flat. Retrieved 2 18. while obeying the laws. if a new drug saved a thousand people and killed ten people. In this case.
2002). In both cases. In 11 . If they charge too much. Eventually another $3. they still must address the customer and employees. but the collapse of the company ultimately. once a strong telecommunication company. overstating its cash flow by a total of $3. The stockholder of the company would not receive an adequate compensation for their investment. Even if the company shifted towards a stockholder (Freeman) viewpoint. they would have to address the customer and the employee. but focusing on the same groups. If the company were to only focus on profit and the stockholders (Friedman). The company also was giving founder Bernard Ebbers fourhundred million in off-the-books loans (Patsuris. with a possible $50 billion goodwill charge (Patsuris. WorldCom’s total restated funds were $7. The company in attempting to generate as much wealth as possible creates the best outcome for the employee and the customer. Friedman’s theory.3 billion of improperly booked funds was found during the investigation (Patsuris. employees and customers.8 billion for the 2001and the first quarter of 2002 (Ackman. the Friedman and the Freeman theories result in the situation being addressed from different viewpoints. will result in the stockholders of the company profiting. An excellent example of this is WorldCom. if only used for a short-term gain. They crumbled amidst corruption. Long-Run Connection: Greed Connects Us Freeman’s and Friedman’s theories are also connected when both theories are used for a long-term goal. 2002). make no money. If the company were to charge too much for their t-shirts then customers would not purchase them and the employees would not receive their salary. or if they do not pay the employees enough there will be no one to produce the t-shirts. 2002).Friedman & Freeman Unite the employees and the customers.2 billion. 2002).
be striving to make money. etc. Friedman’s theory is based on adapting to the current economic climate. which is why companies participate. profit would decrease drastically.” 12 . This long-run focus results in Friedman’s theory of profit maximization. The current economic climate demands CSR and Freeman’s theory incorporate CSR. When the company gives millions of dollars away for CSR. 392). According to Towers Watson Organization reputation in the community and their social responsibilities are critical (Figure 4). community. “The claim that the executive will generally. p. This means that to continue profit maximization with the Friedman’s theory. The Freeman theory does not try and change the current system. Friedman’s theory is based on evolution. unions where very strong. the economic climate against big business and giving more power to the workers. If a company simply ignored this. During the thirties through the seventies. but not always. they increase their profit. global issues. also requires that the executive needs to identify those particular situation in which the stockholder would not desire maximizing profits (Cosans. a long-term focus. This is where the Freeman theory is implemented. 404). in order to adapt to the economic climate to keep profit maximization.Friedman & Freeman Unite this case WorldCom focused only on the short-term gain of profit and even though they could have been helping the community.” Many stockholders realize that to maximize profit is to make sure the community is supportive of your company. their ultimate goal was profit. companies need to adopt and implement the Freeman theory. “He does not seek the demise of the modern corporation. 2009. Corporate Social Responsibility is important in today’s economic climate. p. rather he seeks its transformation (Stieb. 2009. That climate has shifted towards people concerned with the environment.
The bank is helping youth in foster care to establish financial security by establishing investment account. 5). 13 . 2009. p. July). also requires that the executive needs to identify those particular situation in which the stockholder would not desire maximizing profits (Cosans. The claim that the executive will generally. be striving to make money.Friedman & Freeman Unite Figure 4: Organizations Reputations in the Community Note: Towers Watson. 2010. 392). 2010.htm Corporate Social Responsibility: The Connection A more complex example would be concerning Corporate Social Responsibility. bank account. p. Friedman’s theory emphasis making the stockholder happy. Corporate Social Responsiblity: It's No Longer an Option. but not always. 5). p. it also indicates a duty for the executive to evaluate and consider non-monetary factors in his or her decision making. 2010. Friedman theory would seem to ignore any responsibility other then profit.com/tp/showdctmdoc. and other financial securities that allow the youth in foster care to proceed to college (Michigan Banker.” First National Bank is a perfect example of Friedman theory being used not just for profit but CSR (Michigan Banker. This is not true. from Towers Watson Archive Site: http://www. Retrieved 2 18.jsp?country= globa l&url=Master_Brand_2/USA/News/Spotlights/2008/2008_07_30_Spotlight_Corporate_Social_Responsibility. (2008.towersperrin. “While there is no doubt this formulation of executive duty emphasizes money.
p. they realized that helping the community would increase the profit. The bank is security in the youth’s future. if the program is successful.” The First National Bank must still address the question that Freeman asks. and giving back to the community that has helped them thrive. The bottom line for Friedman is that because the company is the shareholders’ property. p. While Freeman theory is not solely concerned with profit it still is has a central role. If the stockholders were only concerned with increase in profit short term. In this case the bank and the community benefits. 393). 2009. The community benefits in the short and long run. The stockholders of First National Bank are concerned with “non-monetary factors” (Cosans. In the case of First National Bank even if profits were lower due to their activity. The largest would be the community they service.Friedman & Freeman Unite This example illustrates how Friedman and Freeman connect. “Corporate charitable contribution to charities favored by the stockholders even if the contribution reduces profits. 392). as long as the stockholders approved. Even if the stockholders were only concerned with self-interest and profit.” Freeman theory would examine the First National Bank as addressing all their stakeholders. Meanwhile gaining great publicity. the executive has a responsibility to try to do with the company whatever the shareholder wish (Cosans. p. 2009. “I can revitalize the concept of managerial capitalism by replacing the notion that manager have a duty to stockholders with the concept that manager bear a fiduciary relationship to stakeholder and the crux of my argument is that we must reconceptualize the firm around the following question: For whose benefit and at whose expense should the firm be manger (Stieb. Good publicity will usually result in satisfactory results and growth. 2009. Friedman would approve. they could hike14 . 403). and did not care at whose expense. helping the community. The bank benefits short term from good publicity. and in the long run if a foster care youth succeeds and continues to bank with them.
These two axes reflect the tensions between staying focused on core operations and remaining open for fresh perspectives and new ideas (Senge. p. p. (2008). p. 120). P.” Originally developed by Stuart Hart and Mark Milstein. 2008. 120 15 . 122). Peter Senge’s Model: Maximizing Profit and Corporate Social Responsibility Peter Senge introduces the “The Four Elements of Shareholder Value. 122). If the stockholders were concerned with long term gain. The vertical axis for a business represents organizations need to manage businesses in the present while creating technology and markets for the future. The Necessary Revolution. New York. but customers would have gone elsewhere. Pg. the vertical axis represents time while the horizontal axis represents space (Senge. Tomorrow Innovation and Repositioning Growth Path and Trajectory Internal Shareholder Value External Cost and Risk Reduction Today Figure 5: Traditional Shareholder Value Reputation and Legitimacy Note: Senge. New York: The Doubleday Publishing Group. 2008. 2008.Friedman & Freeman Unite up rates. Congruently. they would enact this program and build community support and loyal customers. the horizontal axis for business represents the firm’s needs to grow and protect internal organizational capabilities and incorporating new perspective and knowledge from the outside (Senge.
120). (2008). The lower left quadrant represents the changes in industrialization (Senge. P. There are three distinct parts. 122 16 . p. where Strategy and Payoff are connected (Figure 6). Pg. reputation. Strategy. and Payoff. The lower right Drivers: Disruption Clean Tech Footprint Sustainable Value Framework Tomorrow Strategy: Strategy: Develop the sustainable Create a Shared competencies of the roadmap for meeting Future unmet needs Drivers: Climate Change Resource Dep. Companies that focus on only one or two quadrants will perform poorly and will have missed opportunities. Senge introduces a different model based on sustainable value. 2008. and growth (Figure 5). New York: The Doubleday Publishing Group. Each of these quadrants is critical to shareholder value and the companies that perform well in all four quadrants maximize shareholder value over time by thinking comprehensively about their particular business (Senge. waste and emissions from operations Payoff: Sustainable Growth Trajectory External Drivers: Civil Society Transparency Connectivity Sustainable Value Strategy: Integrate stakeholder views into business process Payoff: Cost and Risk Reduction Today Figure 6: Senge’s Shareholder Value Payoff: Reputation and Legitimacy Note: Senge. New York. Drivers are the factors that help us as a civilization recognize each quadrant. Drivers. This model is based on the same two dimensions. p. The Necessary Revolution.Friedman & Freeman Unite These axes produce four distinct dimensions: risk reductions. innovation. but now includes the social and environmental challenges businesses now face. 123). 2008. time and space. Poverty Payoff: Innovation and Repositioning Internal Drivers: Pollution Material consumption Waste Strategy: Min.
2008. the upper right quadrant represents resource depletion. 2008. p. 133). 2008. p. 131). Companies must recognize and adapt Friedman’s theory. as well as incorporate Freeman’s theory. 128). 131).” The lower right quadrant represents the growth of stakeholders’ power. The upper left quadrant represents the trends of emerging technologies (Senge. “Firms can create immediate value by reducing the level of material consumption and pollution associated with their activities (Senge. Friedman’s theory based on the current economic environment and reflects Senge’s model of how to maximize profit. Senge believes that being open and honest with the stakeholders of the company will improve the company’s bottom line. Senge gives an example. p. 2008. 2008. companies that operate at greater levels of transparency and responsiveness to the public’s desire for sustainable practices will see the direct impact of improved brand image on their bottom line (Senge. and poverty (Senge. The upper left and lower left quadrant represents how corporations are recognizing change in the environment and our society (Senge. 17 . and payoff is the reward for successfully implementing the strategy. p. 131). 131). embodied by Senge’s model. 2008. Finally. as a duty of corporations. Strategy is the way the corporations should go about change. Freeman theory is focused on taking care of stakeholders.Friedman & Freeman Unite quadrant represents civil society stakeholders (Senge. Senge’s model brings both the theories together. climate change. Friedman’s theory only focuses on maximizing profit for stockholders. p. satisfying the stakeholder and stockholders of the company. 2008. p. deteriorating ecosystems. 128). p. Strategy and payoff are connected. Corporations recognize this and are attempting to innovate and push new technology because consumers are demanding it (Senge. “Moreover.
if a society believes that high wages is critical at any cost. and Freeman believes in the same system encompassing corporate responsibility. in order to increase wages. Conclusion America will not change. His theory supports Friedman in the evolutionary track required for companies. Friedman is concerned with profit maximization for the stockholder. Friedman’s theory is based on this and in the current economic environment companies must incorporate Freeman’s theory. This is where Freeman’s theory comes into play. the social needs and wants. The increase in wages will result in positive publicity. it will always be based on self-interest and greed. 131). If the corporation did not evolve then they would fail. Not necessarily a problem. capitalist market. 2008. This publicity will result in maximizing profit. Firms can create value by pursuing sustainability-related opportunities. Their theories are not different when they are focused on the end result. p. If in twenty years CSR and stakeholder theory may not be important. but he recognized that the corporation must evolve with the economic climate. Friedman believed in a free-market. Corporate Social Responsibility is built on this principle. and the viewpoints of society. 18 . For example. companies should find ways to increase profit. in fact Freeman’s theory is based on Friedman’s theory. Stakeholder theory directly contributes to long-term profit maximization for the stockholder.Friedman & Freeman Unite The upper right quadrant represents sustainability and requires that all other three quadrants be fulfilled first to reach this quadrants goal (Senge. companies must be able to shift with what is viewed as important according to the social and economic climate. If companies can successfully shift with their environments they will continue to maximize profit. a long-term focus. Many great things have come from these two character traits.
all while still considering profit maximization based on the long-term. stockholder. And greed. If a company can implement Senge’s model as their business model. Greed works. It addresses social. technological. Greed. 1987).” 19 . America is shifting. ladies and gentleman. and captures the essence of the evolutionary spirit. corporation. the movie Wall Street illustrates the point perfectly. has marked the upward surge of mankind. For America to continue to flourish and for other capitalist countries to prosper. governmental. and stakeholder needs. in all of its forms: greed for life. for love. knowledge.Friedman & Freeman Unite Peter Senge’s model incorporates Friedman and Freeman to give companies a chance at profit maximization and stakeholder theory. that greed. Greed is right. “The point is. is good. environmental. Greed clarifies. but it still is based on the founding principles of capitalism. for lack of a better word. will not only save companies. the company will thrive. but that other malfunctioning corporation called the USA (Stone. you mark my words. for money. cuts through.
Friedman. from Forbes. Strategic Management: A Stakeholder Approach . R. (2006). (1979).html General Motors: J. Power and Associates. Greed. (2002.jpg&imgrefurl=http://www.com/photo/0dNpb4Efy5eEE Michigan Banker. (1986).forbes. First National Bank of Howell Helps Foster Care Youth Establich Financial Security and Build for the Future. Coca-Cola Enterprises Inc. (1970.com/imgres?imgurl=http://www.ht ml&usg=__ZYARTDj6-03B9sCkFE5ZXAvCoM=&h=556&w=587&sz=118&hl=en&start=14&um=1&it Cosans.Friedman & Freeman Unite Works Cited Ackman. Retrieved 2 18.com/2002/06/26/0626topnews. from Daylife: http://www. M. Retrieved 2 17.edu/studentgroups/libertarians/issues/friedman-soc-resp-business. Interviewer) Friedman. Freeman.com/brochures/cce_2005/images/s takeholder_graph. (2010). Donahue. Retrieved 2 18. 2009.D.com: http://www. September 13). Hummer Slaes Falling Flat. 20 . Does Milton Friedman Support a Vigorous Business Ethics? Journal of Business Ethics .: http://images. Cambridge: Harvard University: John F. 2010. 5-6. from University of Colorado: http://www.daylife.google. Corporate Social Responsibility as Risk Management: A Model for Multinationals. (2005).cokecce. The WorldCom We Hardly Knew. (P. from CocaCola Enterprises Inc. D. Engagin with our Stakeholders. Pitman Publishing . 2010. 2010. The Social Responsibility of Business is to Increase its Profits. kennedy School of Government.cokecce. E.colorado. G. 6 26).com/brochures/cce_2005/10_engaging. Michigan Banker .html Beth Kytle. C. 391-399. J. (2009). (2008). Retrieved 12 30. M.
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