According to Milton Friedman, every business has a responsibility of making profits and attaining the benefits with the available resources as long as it operates within the legal and ethical customs. Ethical jurisdiction maintains that every business should operate fairly without negatively interfering with the standard operation of other businesses and the society. Implicitly, any operations of the business should not inconvenience or harm the society or other businesses. BP Oil Mining Company succumbed to a huge accident that led to an oil leakage from the sea floor that saw many people affected, water life lost and a tremendous damage on the environment. Friedman’s view on business operations has been significant in the decision making process. For instance, the company compensated all affected victims. Additionally, the company has enhanced more sustainable approaches to attain a sustainable remedy(Halbert & Ingulli 2008).
Operations of any business, however, might affect other operations within the immediate society either accidentally or under unavoidable circumstances. According to Friedman, BP Company should take responsibility of the damage and work hard to restore the situation (Halbert & Ingulli 2008). Damages are always part on business operation; however, the repercussions depend on the decisions agreed upon by the parties involved. Remarkably, the degree of cooperation saved the company from serious judicial acquittals. The company has been keen to retain its business image.
Sustainability within business operations has been a significant ethical framework that influenced the management decisions following the accident. The current level of cooperation between BP Company and science experts to find out approaches to contain the damage efficiently has been significantly fruitful. Additionally, the company has a responsibility of accountability to the public and other parties. In this case, BP Company has extensively cooperated with all the relevant parties including the house of congress. The company reported on the eventualities of the accident and measures to mitigate the repercussions of the incidence. However, despite the above efforts, the company has been subjected to criticism because of the conflicting forecasts. The amount of damage was significantly higher than the company had earlier projected (Verschoor 2010).
References
Halbert, T., & Ingulli, E. (2008). Law & ethics in the business environment. (6th ed ed.). Mason, OH: South-Western Pub.
Verschoor, C. C. (2010). BP Still Hasn't Learned Ethical Lessons. Strategic Finance, 92(2), 13-15. Available in University Library
Bibliography
Micewski, E. R., & Troy, C. (2007). Business ethics - deontologically revisited. Journal of Business Ethics, 72(1), 17-25. doi:10.1007/s10551-006-9152-z. Available in University library
Schaefer, B. P. (2008). Shareholders and social responsibility. Journal of Business Ethics, 81(2), 297-312. doi:10.1007/s10551-007-9495-0. Available in University library
Lange, D., & Washburn, N. T. (2012). Understanding Attributions Of Corporate Social Irresponsibility. Academy Of Management Review, 37(2), 300-326 doi:10.5465/amr.2010.0522. Available in University library.
Verschoor, C. C. (2010). BP Still Hasn't Learned Ethical Lessons. Strategic Finance, 92(2), 13-15. Available in University Library
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