Every society and every culture has its own definition of business ethics. Individualism, according to Friedman, says that their is only one goal of business, to profit, so the only obligation that the business personnel have is to the maximize profit for the owner or the stockholders.Going by what Friedman is saying about individualism, the University of North Carolina was doing everything right.
Coaches were becoming happy because their student-athletes were still able to play even though they should not have been able to. By enrolling their student-athletes in these fake classes everything was going well academically, so that they could focus more on the court or the football field.
Because business schools and business managers can no longer rely on the first discredited folk theory, they can no longer simply shrug their shoulders and claim that cheating is not their problem because it is ”too late” to do anything about ethics.
How not to introduce values and ethics during an orientation might best be illustrated by the manufacturing company’s general counsel we heard about who, when asked to address new hires on the company’s ethics and compliance program, simply read the code of conduct aloud to a group of new employees.
Economist Milton Friedman articulates this view in an essay that is quite popular with business students, The Social Responsibility of Business Is to Increase its Profits.”1 According to Friedman, corporate officers have no obligation to support such social causes as hiring the hard-core unemployed to reduce poverty, or reducing pollution beyond that mandated by law.