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Theories And Theorists Essay

960 words - 4 pages

Milton Friedman came up with one of the most influential positions about businesses’ social responsibilities. Even though his theory has been frowned upon for decades by business leaders, it has seemingly been transformed to be a central facet of the modern day corporation. He believed and offered two sides, the stake holder theory and shareholder theory. Both sides of his theory are important because they affect all businesses including the healthcare industry. In general this theory comes up with the question, “What is the business of business?” Is it for business to concentrate on solving societal problems or rather focus on maximizing on shareholders’ ...view middle of the document...

Businesses should be aware that maximizing profits via short term gains may not be the best for the organization as such short term deals may undermine what could be long term achievements. This means healthcare institutions find themselves fighting two ends, trying to fulfill the shareholders’ demands as well as the patients they serve. While Friedman came up with the stakeholder and shareholder’s theory, Archie Caroll came up with the theory of social responsibility classifying the responsibilities of a business as being economic, ethical, legal and discretionary. In his theory, Caroll agrees with Friedman in that businesses should make profits, however, he also recognizes the fact that it is the responsibility of all businesses to be legally responsible. In his theory Carroll also points out that businesses are supposed to have ethical responsibilities where they are expected to do what is right, just and fair, making sure they avoid harm. To complete his theory, he listed philanthropic activities that he pointed out as being a good corporate citizen, by this, he argues that good corporate citizens contribute resources to the communities they serve to improve the quality of life.

The two theories have both similarities and differences. The theorists are in agreement about business profitability with Friedman’s shareholder theory and Caroll’s social responsibility theory which classifies business as being economic. These theories are highly consistent with all healthcare institutions. Just like any business, be it for profit or not for profit, healthcare corporations must operate to meet customers’ expectations as well as being profitable because shareholders invest with the hope of maximizing on returns.

Any business that fails to fulfill the expectations of its customers may be creating its own demise. In the healthcare industry, gone are the days when a hospital was just a building, today patients value services just like in any other business, the nearest hospital is not always the patient’s choice, patients consider many other factors. Both Friedman and Caroll’s theories recognize...

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