in learning this material is that fundamental level of knowledge.
Going beyond that,
you can also keep taking it up to the next level of analysis.
Can you take knowledge and take it apart and look at its individual parts?
The next level is, can you take that and put a synthesis and put it back together?
As an example I would say when I was about ten years old I got a very fascinated with
my parents' phone.
So I was very analytical, and I took the phone all apart.
But I found out at the time I was ten, I wasn't very good at synthesis because I
couldn't put it back together the way it was when I originally started.
Now beyond that the next level is application.
Can you take the knowledge that you had and apply it to a new situation?
So that really shows a deep understanding.
And what made me think of Bloom's Taxonomy is actually ethical responsibilities is
what Bloom would call the highest level in his taxonomy.
And that is when a student starts to not ask the question, am I doing this right?
And they start to ask the question, am I doing the right thing?
Then that's what Bloom regards as a very high level of education at that point when
you start to habitually think that way.
And at the highest level is even beyond doing the right thing within
the organization itself, is there a question of are you doing the right thing
for others beyond the corporation?
Is the organization a corporate citizen not only to the corporation itself,
but is it a corporate citizen to the world beyond the boundaries of that corporation?
Your question then goes to a comment by Milton Friedman, a famous economist,
Nobel prize winning economist from the University of Chicago.
Who stated that the only social responsibility of business is to
increase profits so long as it stays within the rules of the game.
So the questions is,
are philanthropic responsibilities part of the public corporation's responsibility,
or is its only corporate responsibility to increase profits?
Please reflect on this question and
post your response in the discussions for this video, thank you.
So Milton Friedman circa 1962 noted the social responsibility of
business is to increase profits, and this part often is left out of the quote,
so long as it stays within the rules of the game.
So he does have an ethical aspect to it, but
just staying within the legal boundaries and making profits.
And so, in some sense in our pyramid, it's really mostly the first two levels,
the economic responsibility, the legal responsibility.
So the issue then is for
today's businesses it tends to be more than just making profit.
So the question is, does corporate social responsibility,
or CSR, help build competitive advantage?
And then the answer also might depend on where you do business.
So for example United Arab Emirates, Japan,
and India are less interested in corporate social responsibility.
While other countries like China, Brazil, and
especially Germany are more interested in CSR.