Friedman and Nkrumah’s Take on Shareholder Doctrines and Capitalism
summarize the main idea of the text and also bring your reflection on each. Make sure you read the text, thank you very much. Bring two discussion questions about the readings at the end
write a response to the readings –
Please summarize the texts and bring your reaction to the ideas expressed.
What did you find interesting? Troubling?What did you think the author got right or wrong about their subject.This is very free form, but you should use it as an opportunity to hone your writing skills. Your response should center on our texts.
This response should allow getting a sense of what you got out of the readings and what you would like to discuss. I encourage you to put texts we have read in a given week in dialogue with readings throughout the course. Feel free to ask clarifying/factual questions in addition to discussion questions. Here are examples of both types of questions:
Discussion question – this is a question without a clear, easily researched answer that will lead to open discussion and debate. It should be based on our texts and not overly general:
e.g.
What are the similarities and differences between Fordism and Stalinism?
How does reading Engels change the way that we see Smith?
Clarifying/Factual Question. Feel free to ask about anything that you would like more background information about. This is a question with a clear, empirical answer
e.g.
What was the constituent assembly?
Who is the silent majority”?
Professor’s Name
Course Title
Date
Discussion Post
In his highly acclaimed article “The Social Responsibility of Business is to Increase its Profits,” Milton Friedman argues for economic freedom and a direct form of capitalism. For Friedman, the overriding goal of a business is to maximize profits for shareholders, provided it conforms to the basic rules of society. The owners of the corporation employ executives to return as much money as possible. Thus, pursuing social aims beats the ultimate purpose of the corporation (Friedman 2). According to Friedman, the appropriate way to determine the allocation of scarce resources is through political mechanisms, not market mechanisms.
The interesting aspect of Friedman’s assertions is that he was challenging a phenomenon that had become widely accepted among corporates. The idea of businesses engaging in corporate social responsibility had become widely accepted in the decade prior to the article’s publication; nevertheless, Friedman still challenges the moral basis of corporate social responsibility. However, what Friedman gets wrong is that businesses have a social responsibility different from their corporate objectives. The corporation has a social purpose, and shareholders have an obligation to act to benefit gender equality, the environment, and social welfare. Businesses can only maximize their long-term value by considering the concerns of their customers, employees, suppliers, the environment, and the communities in which they operate.
Kwame Nkrumah’s “Neo-Colonialism, the Last Stage of Imperialism” describes an emerging phenomenon that he calls “neo-colonialism.” He posits that Western powers, part...