"The only responsibility of corporate executives, provided they stay within the law, is to make as much money as possible for their companies."
Should the only responsibility of a business executive be to maximize business profits, within the bounds of the law? In several respects this position has considerable merit; yet it ignores certain compelling arguments for imposing on businesses additional obligations to the society in which they operate.
On the one hand are two convincing arguments that profit maximization within the bounds of the law should be a business executive's sole responsibility. First, imposing on businesses additional duties to the society in which they operate can, paradoxically, harm that society. Compliance with higher ethical standards than the law requires--m such areas as environmental impact and workplace conditions--adds to business expenses and lowers immediate profits. In turn, lower profits can prevent the socially conscious business from creating more jobs, and from keeping its prices low and the quality of its products and services high. Thus if businesses go further than their legal duties in serving their communities the end result might be a net disservice to those communities.
Secondly, by affirming that profit maximization within legal bounds is the most ethical behavior possible for business, we encourage private enterprise, and more individuals enter the marketplace in the quest of profits. The inevitable result of increased competition is lower prices and better products, both of which serve the interests of consumers. Moreover, since maximizing profits enhances the wealth of a company's stakeholders, broad participation in private enterprise raises the wealth of a nation, expands its economy, and raises its overall standard of living and quality of life.
On the other hand are three compelling arguments for holding business executives to certain responsibilities m addition to profit maximization and to compliance with the letter of the law. First, a growing percentage of businesses are related to technology, and haws often lag behind advances in technology. As a result, new technology-based products and services might pose potential harm to consumers even though they conform to current laws. For example, Internet commerce is still largely unregulated because our lawmakers are slow to react to the paradigm shift from brick-and-mortar commerce to e-commerce. As a result, unethical marketing practices, privacy invasion, and violations of intellectual-property rights are going unchecked for lack of regulations that would clearly prohibit them.
Secondly, since a nation's laws do not extend beyond its borders, compliance with those laws does not prevent a business from doing harm elsewhere. Consider, for example, the trend among U.S. businesses in exploiting workers in countries where labor laws are virtually non-existent in order to avoid the costs of complying with U.S. labor laws.
Thirdly, a philosophical argument can be made that every business enters into an implied social contract with the community that permits it to do business, and that this social contract, although not legally enforceable, places a moral duty on the business to refrain from acting in ways that will harm that community.
In sum, I agree with the statement insofar as in seeking to maximize profits a business serves not only itself but also its employees, customers, and the overall economy. Yet today's rapidly changing business environment and increasing globalization call for certain affirmative obligations beyond the pursuit of profit and mere compliance with enforceable rules and regulations. Moreover, in the final analysis any business is indebted to the society in which it operates for its very existence, and thus has a moral duty, regardless of any legal obligations, to pay that debt.
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