Milton Friedman

I disagree with Milton Friedman that market competition is the surest way to improve the quality and promote innovation in education. I think most public schools do a good job of educating children and they have for a really long time. My mom teaches at an elementary school in my hometown. It is an A school and delivers a better education than many of the private schools in my area. I am aware that this is not the case with all public schools, I know some are horrible my mom has worked at some…

Sustainable development: Aldo Leopold (1949) once said, “Cease being intimidated by the argument that a right action is impossible because it does not yield maximum profits, or that a wrong action is to be condoned because it pays”. Sustainable development allows us to satisfy our needs the present without compromising future generations’ abilities to satisfy their needs. Sustainable development is made up of three aspects: economic, social and environmental sustainability. Once all three of…

7. Name Theory Adam Smith Adam Smith, a Scot and a philosopher, after years of observing the world of business affairs came to the conclusion that, “Collectively the individuals in society, each acting in his or her own self-interest, manage to produce and purchase the goods and services that they as a society require.” His ideal of laissez faire economic later on sparked the idea of free market. Karl Marx Karl Marx believed that capitalism would bring about instability, struggle, and decline,…

A perfect example would be the Cummins Engine Company. Year after year this company insisted on donating to charitable foundations. And year after year they were threatened by bankruptcy. Any business or economics professor will tell you that their choices were not the smartest in the world. Their short term benefits suffered greatly because of these choices. Their long term, however have not suffered. They now produce over $5 billion in revenues each year. "The iron law of responsibility states…

Technical Consumer Products (TCP) International Holding Ltd. is a Swiss corporation connected through many foreign offices and subsidiaries with operations in China and the United States. TCP offers energy efficient lighting products and does business around the world from the United States, to Asia, Europe, and Latin America. In regards to ethics, the business conforms to governed laws of every country in which it operates. To analyze the ethics of TCP Global Corporation, their Mission…

Legalization of marijuana has been a controversial issue in the U.S. for several years. The people vs. the federal government or the state vs the federal government are just some of the main debates over its legalization. In the past marijuana was used as medicine until the 1937 when a new tax fee led to end of its use. In 1972 marijuna was placed in schedule I of the controlled Substance Act , meaning it has a high potential for abuse and no currently accepted medical use in treatment in the…

Business Ethics & Corporate Social Responsibility Report: Bombardier Inc. Background Information: Bombardier is the world’s leading manufacturer of both planes and trains. It was founded in 1942 by Joseph-Armand Bombardier and it is focused in making mobility more efficient and sustainable. In 1947, during this time is when Bombardier goes into mass production. In 1969, Bombardier goes in public in the Toronto Stock Exchange. Throughout the years, there were many improvements and expansions…

What is Globalization? Globalization is the amalgamation of ideology, cultures, civilizations and perspectives, with technology, goods, and services, in order to create a “Global business culture”. What are some of the main challenges of Globalization? Localization of a good or service is one of the core challenges of globalization; to have the ability to ensure your product is successfully launched and is received well in your chosen local marketplace. This requires a lot of effort to test…

mutually cooperative exchanges with third world business affiliates. Milton Friedman’s (1970) crucial article, “The Social Responsibility of Business is to Increase its Profits” on this issue defines massive problem between corporate greed/profit and the ethical issues that arise out of this profiteering culture: “The corporate executive would be spending someone else 's money for a general social interest” (para.9). In this ideology, Friedman (1970) supports the contention that there is no…

long run. They believe monetary policy will only have a positive outcome when the prices are rigid. Changes in supply and demand are said to have a slow response from prices and wages. This resulting in shortages and surpluses in the economy. Milton Friedman even said, “under any conceivable institutional arrangements, and certainly under those that now prevail in the United States, there is only a limited amount of flexibility in prices and wages.” Even though that would be considered a…