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Essay / Research Paper Abstract
This 5 page paper discuses the business of
business and specifically, addresses the ethical question of using assets in philanthropic ways. Adam Smith's invisible hand theory is explained, a theory Smith himself did not believe in. Milton Friedman's opposition to corporate philanthropy is discussed as is stakeholder theory. Bibliography lists 6 sources.
Page Count:
5 pages (~225 words per page)
File: MM12_PGethicstak.rtf
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Unformatted sample text from the term paper:
at least two centuries. In 1776, Adam Smith, a Scottish philosopher addressed this question and his work, The Wealth of Nations is still considered a classic. He, in fact, changed
the way people thought. Smith said that every individual worked for his own advantage, to increase his own personal wealth and not the wealth of society. "He generally, indeed, neither
intends to promote the public interest, nor knows how much he is promoting it....., he intends only his own gain, and he is in this, as in many other cases,
led by an invisible hand to promote an end which was no part of his intention" (Biographies, 1998; htm). What an individual does, he does in self-interest, not out of
benevolence for others. Smith was explaining the economic interactions between people, classes and nations in his book. The invisible hand theory follows along the idea that when each individual
pursues his or her own pursuits, he is led by an invisible hand which promotes an end which was not part of his original intentions and therefore, does more for
the general society than he could have done if he had deliberately set out to do so. The invisible hand is a metaphor for the good that individuals and companies
do unwittingly (Nickerson, 1999). There is a simple reason for this result. As individuals produce goods in order to gain a profit, they are also providing goods or services that
benefit the rest of the society. But, things have changed since the 18th century and goods and services are no longer produced because there is a specific need. Still, this
metaphor is used in the discussion of business ethics. One of the most interesting discoveries made about Adam Smith and his theory of the invisible hand is that he himself
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