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Issue 1: Are Profits the Only Business of Business? I. Introduction and background. For many centuries there existed an argument of what the main purpose of large companies and corporations was. Some people believed that the purpose was to make as much money as one possibly can. At the same time others believed that the purpose was to engage in the lives of the individual communities where these companies operated.
In the following paper I am going to present the two sides of the argument: the one that claims that profits should be the only concern of businesses and the other one that believes that the profits should not be the only concern of people. II. Summarize (in your own words) the arguments for each side side 1 (Yes): The business organization should be concerned with profits just because this is what it is created for. Unlike hospital that deals with the sick, schools that deal with the education, courts that deal with the laws, governments that deal with the politics and churches that deal with religion / god , businesses should deal with money and profits. if the profits are the only concern of a business, then the business is able to share these profits with individuals that are employed in that business and in exchange to obtain their labor.
When shared profits could then provide people with different opportunities as to where to live, what to do, and how to spend ones time. Without profits people would not have as many choices and opportunities. When businesses are concerned with profits only, they start to think of the ways to make these profits and thus positively influence the society. Do you think Viagra was created to help men have longer erections?
No, I bet it was created for the purpose of making money. Do you think that Windows XP or the Microsoft Office was created to be so easy to use (compared to Mac or Unix products) to make people around the world feel happy and smart? No, they were created to make profits. In other words, on their way to make profits, the businesses already benefit the society. side 2 (No): When thinking about profits only the businesses may fail to respect unalienable human rights. For instance the Cigarette producers in their attempt to make profit do not think about millions of deaths each year because of the lung cancer.
The producers of alcohol do not think about thousands of lives lost due to drunk driving. Also one does not even think to blame the alcohol producers (concerned with profits) for the family problems, handicapped children of alcoholics, and for domestic violence. Thinking about profits makes these companies insensitive to individual needs. when chasing the profits only the companies might fail to think about the future yet concentrating only on short term. In other words, the green house effect that is caused by various industries in the world that might lead to drastic environmental changes (the recent floods, fires, etc in California might not be accidental) is never discussed in the company that directly causes it. Because if the company installs a special filtering equipment it is going to receive less profits.
when chasing profits the companies need to only formally adhere to the basic government regulations. Thus, as long as there does not exist any government regulation, the companies might abuse it. For instance many of the US chemical producers who find some of the pesticides / fertilizers banned in the USA in order not to invest additional money (and thus lose profit) in production continue to produce these chemicals in the USA yet export them to the countries with less stringer requirements. III. Present (in your own words) the strong points of both sides. side 1 (Yes): The companies innovate and bring progress to the country that allows the companies to focus on profits Many new jobs are created as the companies are free to pursue any profit oriented activity Talented people are awarded.
As long as the talent can be used to make money, talented individuals are the cash cows of any business. On the way to making profits, the companies try to create something that a customer might need and thus increase the choices of every person. The abundance of profits allows the companies to stop and think about charity. side 2 (No): concern with profits makes the companies insensitive to individual rights.
E. g. the majority of the US oil companies support the war in Iraq. Cheap terrorist Iraqi oil will result in higher profits for these companies who support the idea of war despite numerous deaths. The majority of the US military companies support the war in iraq because they are able to sell the means of waging war and killing people. When seeking profit the companies do not care about anything else.
E. g. in Amsterdam it is legal to smoke pot and eat LSD. Drug industry is a profitable business and no one cares about the effects of drugs on the drug users.
Prostitution is legal in Nevada and Thailand, and it is a profitable business, too. No one ever thought about the mental problems the prostitutes might develop later in their lives. Why care if at present they make money to themselves and pimps? The companies that think about the profits fail to do the needed things now but rather think about doing the most profitable thing in the first place. The concept of opportunity cost and the fact that the investment should be maximized causes the companies to think about creating a nuclear power plant rather than a hydropower plant if the nuclear power plant gives a higher return on investment. Thus a company might think about creating some junk food (which is profitable) rather than invest in less popular super-healthy-not-tasty food.
The company does not care if the junk-food users get obese or sick and thus, less productive, or happy. IV. Present (in your own words) the weak points of both sides. side 1 (Yes): Although the profit orientation makes the companies think of creating something new, indeed, they think about consumerism of the product not about its true need to the society.
Although many drugs were created for the profits yet cure many diseases, many sophisticated weapons were created for profits and depriving other peoples lives. side 2 (No): 1. if companies do not think about profits in the first place, they would not be able to create progress or many new choices for other people. if company do think about individuals, they may be put out of business by the companies that think only about profits. if companies do not think about the profits they would lack motivation to succeed. V.
Draw conclusion supporting side 2 (NO). In conclusion it should be noted that although the two sides appear to have their strong and weak points the side NO (the companies should not think only about profits) seems to be the most reasonable and logical solution for both the long and short run. The fact that we currently witness numerous ecological changes, the presence of numerous diseases caused by pollution or untested chemical that was allowed to be used certainly makes us think about the relative safety that the companies should assure regardless of cost. Thousands of people who witness their close ones die from lung cancer, or dozens of those who lost their kids in the Iraqi war for cheap oil, although have different opinions from Phillip Morris, or Texaco or United Technologies (who benefit from these deaths), still have the right to be heard regardless of the irrationality of their opinions from the profit-oriented point of view. SOURCE: Taking Sides, Clashing Views on Controversial Economic Issue. By, Thomas R.
Swartz and Frank J. Bonello.
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Research essay sample on Issue 1 Are Profits The Only Business Of
