CHAPTER 2. Business Ethics and Social Responsibility. Click your mouse anywhere on the screen when you are ready to advance the text within each slide. .
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“The one and only social responsibility of business is to increase its profits.”
Milton Friedman (b. 1912),
Nobel laureate in economics
Ethics is the study of how people ought to act.
There is little evidence that ethical behavior increases profits or that unethical behavior decreases profits… so why bother?
“Ethical behavior offers significant advantages: society as a whole benefits; executives who behave ethically have happier, more fulfilled lives; and unethical behavior can destroy a company.”