Rockefeller, Jr "i believe" quiz 3

What is his concern about capital/labor problem?

-Theres disputes and inequalities 

- there are four parties of industry: Capital, management, labor, and community 

- He says that capital and labor are at odds with each other. Growing distance, inequality and arguments between capital and labor

-- What is Jr’s attitude toward CSR and how does he respond to the issue

- Positive and supports CSR

- Legislation is not the solution to solving problems, he was a capitalist who wanted to remove inequalities 

- put CSR above profit when required

--Who are the parties to industry

- Capital management, labor, and community 

--How does Jr view the relationship between Capital and Labor

- Capital and labor are at odds with each other, that is the problem

- But they rely on each other.  Cant make money withou tlabor but labor needs capital to preform jobs

--Why is CSR necessary according to Jr

- Because industries are just as responsible for ensuring rights as the government is 

What are the first five statements of Jr’s “I Believe” creed Friedman: Capitalism

1. I believe in the supreme worth of the individual and his right to life, liberty and the pursuit of happiness

2. I believe that every right implies a responsibility; every opportunity an obligation; every possession, a duty 

3. I believe that the law was made for man and not man for the law; the government is a servant of the people and not their masters

4. I believe in the dignity of labor, whether with head or hand; that th world owes no man a living but owes every man an opportunity to make a living

5. I believe that thrift is essential to well-ordered living and that economy is a prime requisite of a sound financial structure, whether in government, business, or personal 

--Why does Friedman views CSR as a “socialist/Communist” plot

- because business sole purpose is making profits in return for shareholders

“All things have theri place”

CSR is not business’s job

If CSR is pushed it is taking other poepls money to pursue a social cause which is socialism

What are the social obligations of Capitalist business to environmentalism and Diversity

- make money and do what is best for the business and make the most money to return to shareholders

- individuals can be socially repsoinciable but its no the businesses responsibility

--What are the social obligations of business in a Capitalist society according to

- To make profit within the framework of law and ethics 

- Make money without breaking the law

Friedman: --What is Friedman’s attitude toward “cause marketing”

thinks it is fraudulent but is not his place to criticize businessesbecause that in itself woul dbe CSR