Critical Review of Milton Friedman's Essay on the Social Responsibility of Business

Overview of Milton Friedman's essay

Write a critical review of Milton Friedman's essay 'The social responsibility of business is to increase its profits'

This is a widely-cited piece, often used by advocates of corporate social responsibility to persuade us of the weakness / irresponsibility of the shareholder model of capitalism. It is advised that you read the original version of the Friedman text (see reading list for article details/reference).

You might like to think about:

·What Friedman is trying to persuade us to accept / reject?  

·What sorts of arguments he uses (does he argue from first principles; does he use empirical evidence; what criteria for judgement does he use?)?  

·Are his arguments ethically consistent, and persuasive enough?  

·Do they stand the test of time, or have circumstances changed?  

·What alternative perspectives are there to Friedman's?

·To what extent do these alternative views provide more comprehensive and/or ethically consistent approaches to sustainable business practice?

Your answer should not exceed 2500 words, not including the reference list.

The learning outcomes that are being assessed in this assignment are:

a)Showcase extensive comprehension of the range of businesses’ responsibilities and the CSR imperative to create positive impact (social value)

b)Evidence originality in the integration and application of appropriate models and techniques in analysing the responsibility of firms for their impact on society.

c) Critically analyse and evaluate dilemmas faced by business organizations in confronting their corporate responsibilities.

d)Articulating effective evidence-based arguments in writing

Your grade will depend on the extent to which you meet these learning outcomes in the way relevant for this assignment. Please see the grading rubric at the end of this assignment brief for further details of the criteria against which you will be assessed.

The maximum word limit for this assignment is 2500 words

In accordance with the Assessment and Feedback Policy, as stated in section 4.40 where a submission exceeds the stipulated word limit by more than 10%, the submission will only be marked up to and including the additional 10%. Anything over this will not be included in the final grade for the assessment item. Abstracts, bibliographies, reference lists, appendices and footnotes are excluded from any word limit requirements.

In line with section 4.41 of the same Policy, where a submission is notably under the word limit, the full submission will be marked on the extent to which the learning objectives have been met.

Assignment Support

In-class and Face-2-Face support will be provided by your specific module tutor. Specific to the later, please, arrange with your tutor to agree a time that is mutually convenient.

Generic Grading Criteria

You will find the generic grading criteria for achievement at  University Grading Criteria.  Also explained here are the meanings of the various G grades at the bottom of the grading scale.

To submit your work, please go to the ‘Submit your work’ area on the NILE site and use the relevant submission point to upload your report. The deadline for this is 11.59pm (UK local time) on the date of submission.

Written work submitted to TURNITIN will be subject to anti-plagiarism detection software.  Turnitin checks student work for possible textual matches against internet available resources and its own proprietary database.  

When you upload your work correctly to TURNITIN you will receive a receipt which is your record and proof of submission.

If your assignment is not submitted to TURNITIN rather than a receipt you will see a green banner at the top of the screen that denotes successful submission.

N.B Work emailed directly to your tutor will not normally be marked. The only exception to this is when you are instructed to do so because TURNITIN is down.

Late submission of work

For first sits, if an item of assessment is submitted late and an extension has not been granted, the following will apply:

·Within one week of the original deadline – work will be marked and returned with full feedback, and awarded a maximum bare pass grade.

·More than one week from original deadline – maximum grade achievable LG (L indicating late).

At the second opportunity deadline (resits) work submitted late will be awarded a LG grade.  There is no opportunity to submit work late for a bare pass.

Extensions

The University of Northampton’s general policy with regard to extensions is to be supportive of students who have genuine difficulties, but not against pressures of work that could have reasonably been anticipated.  

For full details please refer to the Extensions Policy.  The module leader can, where appropriate, authorise a short extension of up to two weeks from the original submission date for first sits only. There are NO extensions for resits. The TWO weeks means 14 calendar days including weekends and any University closed days.