Monitoring Business: Ethics or Money? .
In recent years heated debates have arisen in lieu of business practices in foreign countries. Some argue that businesses are taking advantage of third world countries while corporations are contesting that they are helping developing countries by incorporating more jobs into those countries. The question that is derived from businesses that move into foreign countries it that of; whether or not there should be an organization or coalition of people that monitor a business" ethical practices, should that be left to the business itself, or should that even be a concern of a business entity? The answer lies in a compromise of the two where ethical business standards are maintained while business profit potential will not be harmed significantly. Two opposite sides of the spectrum lie in Milton Friedman's essay "The Social Responsibility of Business Is to Increase Its Profits" and the guidelines for the Worker Rights Consortiums" model code of conduct. The medium can be found in Philip H. Knight's statement regarding the University of Oregon and his support for the Fair Labor Association, "Nike did not invent the global economy, but has been determined to be a leader and to show its good citizenship" (Current Issues, p.546). For the sake of keeping the argument concise it will be maintained that business in this essay is referring to corporations, seeing that in sole proprietorships what is done with those businesses is also the will of the person, in other words the business is the person and vice versa.
To understand where in the realm of business a good business should lie one must first see the ends of the spectrum. Milton Friedman is his essay printed in the New York Times on September 13, 1970 "The Social Responsibility of Business Is to Increase Its Profits," one can see the legal left side of the spectrum. Granted the spectrum can be reached farther left past Friedman's point, but that would not be within the statutes of legality, so it will be maintained that this essay will only pertain to those businesses that reside within the law.