I feel that business and economic functions should work together with

society to create a common good between all parties. If all business

transactions and exchanges are done fairly and on common ground there

would be less grounds to argue and cause contention. Too often do we see

businesses listing prices on items that are way more than what they paid for

the actual product. Obviously they are trying to make money, but if the

tables were turned and they were forced to pay double the amount of what

the original product cost, they would not be satisfied either.

Confucius says that “These four branches of production are the

sources of the economic life of the people. When the sources are great, the

people are rich; and when the sources are small, they are poor. Such sources

are the cause for the enrichment, both of the state and of private families.”

(1) Here he means that there should be large production. If production are

large, the sources of wealth are great, and it is good not only for the private

families, but for the public as a whole. Therefore, the natural process of

production should be left free, because it will bring great sources of wealth

to society. It is when business owners get greedy and do things for their own

personal gain that causes problems.

“In the eyes of business owners during the 19th century and the first

half of the 20th, their role was to produce goods and services and make as

much money as possible for themselves and shareholders. The public's duty

was to buy the goods and services. It was not until the 1960s that the

traditional roles changed and "stakeholders," i.e., anyone who has a vested

interest in any action a company takes, began to play an important role in the

relationship between business and society. Today, that relationship continues

to evolve toward a symbiotic partnership between business, government, and

the broader society.” (2) By having shares invested in a company, it makes

the relationship increasingly more fair between businesses and society. The

consumers need what the business has to offer, but the business needs the

consumers to keep them in business and to grow. It’s an intimate cycle

where both parties depend on one another for survival.

Charles Darwin explained this by saying “We may conclude, from

what we have seen of the intimate and complex manner in which the

inhabitants of each country are bound together, that any change in the

numerical proportions of the inhabitants, independently of the change of

climate itself, would seriously affect the others.” (3) If a business changes

and negatively affects society, they will pull away from that business and it

will not survive. If it works well with society then both shall thrive together.

“For us in business, I can see only one sure course to follow. Call it

common sense, call it policy, call it anything you like. To my mind, industry

must aim for, exist for and everlastingly operate for the good of the

community. The community cannot ride one track and business another. The

two are inseparable, interactive and interdependent.” Cleo F. Craig,

President, AT&T (1951-1956) (4) Success all depends on the relationship

between business, economic functions, society and how they all work

together. It is for this reason that fairness and respect should be a must

within all aspects of the relationship.

References:

(1) Laissez-Faire Policy, Chen Huan-Chang pg. 122

(2) Read more: http://www.referenceforbusiness.com/encyclopedia/Bre-

Cap/Business-and-Society.html#ixzz2NUWGlzfw

(3) Natural Selection, Charles Darwin pg. 284

(4)

http://www.iveybusinessjournal.com/departments/from-the-dean/creating-

shared-value-the-inseparability-of-business-and-society#.UUKoghlbw0w

Paper #1How do you believe business and economic functions should

interact with society?

Caleb FrischknechtBUS 1050MWF 9:00

Paper #1 Evaluation Criteria

ItemPossiblePoints

EvaluationPointsEarned

Opening thesis articulates your position and the main points of your argument.

10

At least three key ideas are well developed and explained as they apply to your thesis. Argument is logical and flows well.

50

At least two textbook and two outside sources as references to support your claims. (See article list on Paper #1 APA Reference information sheet.)

15

References are cited in APA format.

10

Paper logically organized and written in a clear, concise style using active voice. You follow instructions for appropriate grammatical conventions, format and length.

15

Total 100