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This paper explores the level of obligation called for by Milton Friedman’s classic essay “The Social Responsibility of Business is to Increase Profits.” Several scholars have argued that Friedman asserts that businesses have no or minimal social duties beyond compliance with the law. This paper argues that this reading of Friedman does not give adequate weight to some claims that he makes and to their logical extensions. Throughout his article, Friedman emphasizes the values of freedom, respect for law, and duty. (...) |
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How do ethical investment funds choose their ethical criteria? How intelligent is this process from an ethical point of view? This paper reports on his field work carried out as part of the Bath University ‘Morals and Money’ Project. After completing this research, Dr. Craig Mackenzie left academia to become ethics development officer at Friends Provident. He can be contacted at 15 Old Bailey, London, EC4M 7AP; [email protected]. |
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This paper argues that widely accepted understanding of the respective responsibilities of business and government in the post war industrialized world can be traced back to a tacit social contract that emerged following the second world war. The effect of this contract was to assign responsibility for generating wealth to business and responsibility for ensuring the equitable sharing of wealth to governments. Without question, this arrangement has resulted in substantial improvements in the quality of life in the industrialized world in (...) |
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For more than 15 years, the investment community and the academic community have written extensively on socially responsible investment (SRI). Despite the abundance of SRI thought, the adoption of SRI practices among institutional investors is a comparative rarity. This paper endeavours to achieve two goals. First, by integrating the practitioner and academic literature on the topic, the paper attempts to identify the many impediments to SRI in Europe from an institutional investor's perspective. Second, the paper proposes a unitary framework to (...) |
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Ethical or socially responsible investment is one of the most rapidly growing areas of finance. New government regulations mean that all pension funds are obliged to take such considerations into account. However, this phenomenon has received little critical attention from business ethicists, and a clear conceptual framework is lacking. This paper, by a practitioner in the field, attempts to fill this analytical gap. It considers what difference, if any, lies between the terms ‘ethical’, ‘green’, or ‘socially responsible’. It also tackles (...) |
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The practical policy of issuing tradeable permits for depletion and pollution requires for its implementation the clear separation of the three basic economic goals of efficient allocation, equitable distribution, and sustainable scale. Economic theory needs to catch up with policy in recognizing that scale issues cannot be reduced to either allocation or distribution. |
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