If the primary duty and concern of a corporation is to make money, then conflict is inevitable when the corporation must also acknowledge a duty to serve society.
From your perspective, how accurate is the above statement? Support your position with reason and/or examples from your own experience, observation or reading.
My response:
Some people think the primary duty of a corporation is to make a profit and reward its stakeholders. Other people support the idea that corporation should also acknowledge a duty to serve its community.
The issue is a controversial one but a closer examination reveals companies must make a profit in order to provide aid to society. How can a man of the house provide for his family if he cannot compete in the job market? In order for the family to eat, the bread winner must be able to compete for a job first and then feed his family.
Similarly, hospitals must be in the business of making a profit in order to provide the best medical care for their patients. If the hospital is not making a profit, than how can it manage to buy the best medical equipment to benefit the community?
Finally, what if hospital administrators knew of a location where a profit is achieved only if a new building is constructed but low income residents currently who reside there would need to move out prior to construction. This would eventually lead to a conflict between attaining a profit and serving its community; however, the hospital could employee several community residents in the area and provide free medical care to low income residents. This in return would benefit the community.
In closing, while there are arguments to be made for a corporation to serve society, it must first be able to make a profit and then acknowledge a duty to serve society.
From your perspective, how accurate is the above statement? Support your position with reason and/or examples from your own experience, observation or reading.
My response:
Some people think the primary duty of a corporation is to make a profit and reward its stakeholders. Other people support the idea that corporation should also acknowledge a duty to serve its community.
The issue is a controversial one but a closer examination reveals companies must make a profit in order to provide aid to society. How can a man of the house provide for his family if he cannot compete in the job market? In order for the family to eat, the bread winner must be able to compete for a job first and then feed his family.
Similarly, hospitals must be in the business of making a profit in order to provide the best medical care for their patients. If the hospital is not making a profit, than how can it manage to buy the best medical equipment to benefit the community?
Finally, what if hospital administrators knew of a location where a profit is achieved only if a new building is constructed but low income residents currently who reside there would need to move out prior to construction. This would eventually lead to a conflict between attaining a profit and serving its community; however, the hospital could employee several community residents in the area and provide free medical care to low income residents. This in return would benefit the community.
In closing, while there are arguments to be made for a corporation to serve society, it must first be able to make a profit and then acknowledge a duty to serve society.
