Milton Friedman stated that the only social responsibility of a business is to use it’s resources and engage in activities that are designed to increase profits. Of course while staying within the rules of the game; which means to “engage in open and free competition without deception or fraud.”
The recent decision made by Jaguar Land Rover to expand it’s operations and create 1,700 new jobs in the UK is a prime example of a business fulfilling its social responsibility. The new bodyshop set to be opened in Solihull will be the size of seven football fields and will allow the Jaguar Land Rover product range to feature pure aluminum chassis in all of it’s future vehicles.
This announcement is exciting for several reasons. It shows that Jaguar is a company committed to innovation and forward thinking. As well as realizing how important job creation is in today’s economy.
This major move by Jaguar translates nicely into expected profits for the company and returns for investors. Lastly, this highlights what all businesses need to strive for in order to properly satisfy ethical responsibilities; which is constant company advancement as well as giving back to the surrounding community whether it be in job creation or other means.
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