Milton Friedman’s shareholder enrichment approach has been the dominant business philosophy for decades. However, there are a number of reasons why we should stop embracing this approach and focus on the Golden Rule, quality, and sustainability instead.
First, Friedman’s approach is based on the idea that the only social responsibility of a business is to increase its profits. This is a narrow view of business that ignores the many other stakeholders that businesses have, such as employees, customers, suppliers, and the environment.
Second, Friedman’s approach has led to a decline in the quality of products and services. When businesses are only focused on making profits, they are less likely to invest in research and development or to make sure that their products are of high quality. This has led to a number of scandals, such as the Volkswagen emissions scandal and the General Motors ignition switch recall.
Third, Friedman’s approach has contributed to environmental problems. When businesses are only focused on making profits, they are less likely to invest in sustainable practices. This has led to an increase in pollution and climate change.
Fourth, Friedman’s approach has led to a decline in worker satisfaction. When businesses are only focused on making profits, they are less likely to invest in their employees or to provide them with good working conditions. This has led to an increase in employee turnover and dissatisfaction.
Fifth, Friedman’s approach has led to a decline in trust in businesses. When businesses are only focused on making profits, they are more likely to engage in unethical or illegal behavior. This has led to a decline in public trust in businesses.
In contrast, the Golden Rule, quality, and sustainability focus on the long-term health of businesses and society. The Golden Rule teaches us to treat others as we would want to be treated. This means that businesses should treat their employees, customers, suppliers, and the environment with respect. Quality means that businesses should produce high-quality products and services that meet the needs of their customers. Sustainability means that businesses should operate in a way that does not harm the environment or future generations.
There are a number of things that businesses can do to focus on the Golden Rule, quality, and sustainability. First, they can adopt ethical codes of conduct. Second, they can invest in research and development to improve the quality of their products and services. Third, they can use sustainable practices to reduce their impact on the environment. Fourth, they can pay their employees a fair wage and provide them with good working conditions. Fifth, they can be transparent about their business practices.
By focusing on the Golden Rule, quality, and sustainability, businesses can create a more just, equitable, and sustainable world.
Category: Management
Sunday June 7th 2020
Since early February, we here in the United States have had to live with the coronavirus and its economic implications. Over the last two weeks, we have confronted with the reality of our racist tendencies. Over the last 20+ years, this country has fractured into the left the Democrats and the right the Republicans; groups like the tea party have driven these tribal tendencies who wish to engender their thoughts on everyone.
The sense of discomfort that lives within my soul creates tensions and a sense of despair. If only we could see the light. If only we could believe the truth. If only we could come together as one people each of us would be much happier and able to live a more productive and satisfying life
What can I do? What can you do to change the way we think to change the way we act to change the way we embrace each other? Some would remind us of the works of great religious leaders such as Jesus Christ, Lao-Tzu, Confucius Siddhartha Gautama. Men and I am sure women who have spoken of peace and tranquility. They talked about friendship and the bonds of togetherness? It is these bonds of friendship we have to find again. It is the ability to accept and embrace each other we need to remember. We need to stop arguing with each other. We need to start embracing each other. We need to remember that debate is a good thing, while arguments are not.
When I was a young man, I believed it would take three generations for us to address are the racial tensions in this country. I think my problem then was from which age do we begin; it was not the generation that I came from the baby boomers. Maybe not even Gen X. It needs to have a fresh start. It needs to be built on the beliefs of togetherness. Yesterday evening we watched a documentary about Thurgood Marshall. I had no idea how complexed the arguments and the legal battles have been to reach where we are today. The Jim Crow laws so divisive created the division in the South. Separate but equal established a baseline to segregate those of color from those who believed they had the power.
I so much want to walk forward into a world where peace is the norm where cooperation is how we work together. But, the tension, the tribal tendency, seems to be deeply ingrained in our human psyche. It is the human psyche we need to address. We need to transform our thinking from that of fight and right to that of compassion, cooperation, and solidarity.
What more can I say? I can only pray that ‘we the people’ will find the way forward. That ‘we the people,’ will work together to find a more peaceful union. That we, the people, will finally achieve what the founders envisioned. What some would say God offered us in the Garden of Eden before we fit into the fruit of knowledge. We should harness understanding for good.
Ten steps to making a project successful
Wednesday September 5th, 2018 I had the opportunity to speak to a Information Technology class about my ten successes and learning as a project and program manager. Below is the presentation I used with this I hope interested room full of student of Kennesaw State University.
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