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Gulf Oil Spill and Corporate Social Responsibility

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After reading articles about the gulf oil spill and corporate social responsibility, I am having difficulty explaining how the philosophy of Milton Friedman played a role in management's decision and identifying one other ethical framework that influenced management during this event.

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First and foremost, before I begin going into detail about this question, I believe it is extremely important to identify who Milton Friedman was. Milton Friedman was a prominent economist from the University of Chicago, who has been well respected in a number of philosophical circles. Friedman was a strong defender of capitalism and firmly believed that the government should not be involved in economic matters.

When the gulf oil spill occurred, a number of individuals were extremely critical regarding the approach that British Petroleum took incorrectly their mistake. Although many people have firm beliefs about how the company handled this crisis, followers of Friedman would quickly be capable of identifying Milton's perspectives regarding the actions taken by B.P. Friedman believed that the role of businesses was to make a profit. He was quoted saying, "Corporate executives ...

Solution Summary

This solution provides information regarding ethical decision making frameworks, specifically focusing on Milton Friedman's framework in relationship to the Gulf Oil Spill. This solution highlights two ethical philosophies and explains the role that ethical viewpoints have played in newsworthy issues.

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Business Ethics: BP Deepwater Horizon and the business ethics and corporate social responsibility involved in the BP Gulf Coast Oil Spill. It identifies stakeholders that were affected, and how this crisis will affect BP's strategic plans

In April 2010, the explosion on the British Petroleum (BP) Deepwater Horizon drilling rig killed 11 workers and injured 17 others. The rig continued to gush oil into the Gulf of Mexico until it was capped on July 15, 2010. The well was declared effectively dead by the United States federal government on September 19, 2010. By this time, almost 5 million barrels of crude oil leaked into the Gulf. Marine and wildlife habitats were damaged, and tourism and fishing industries were crippled along the Gulf Coast. Fishing grounds, national parks, wildlife sanctuaries, and beaches across Louisiana, Mississippi, Alabama, and Florida were threatened by the spill. The economy of this region was damaged by the spill. Many businesses were forced to close, and many people were left unemployed. The BP oil spill is considered an example of why many businesses and organizations need better corporate responsibility standards.

1. Why is the BP oil spill considered a matter of corporate social responsibility? .
2. Discuss the BP oil spill in relation to business ethics. .
3. Which stakeholders were affected by the oil spill? How were these stakeholders affected? .
4. The natural environment is considered a stakeholder. What is BP's responsibility to the environment? .
5. How will this crisis affect the way businesses create their strategic plans?

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