Each student will submit a 1,200-1,400 word paper – roughly 4-5 pages through Canvas.  The paper on the purpose of business.  This topic has been in the forefront of management discussions for the past decade.  Recently, the discussion has heated up due to a major shift in the position on the purpose of business of the members of the Business Roundtable for the first time since the 1990’s.  For roughly the last 30 years, management teams generally have focused on maximizing shareholder value as the primary purpose of business.  Milton Freidman, Nobel-prize winning economist, issued a famous letter to the editor of the New York Times in September 1970 arguing that the job of the corporation was to make money for shareholders.  His argument followed by a highly-influential academic paper by Drs. Jensen and Meckling convinced many that a sole focus on shareholder returns was the correct way to manage a firm.  As an aside, the corporate raider came into prominence in the early-to-mid 1980s which also helped convince management teams to focus on shareholder returns.  The Business Roundtable issued a statement in August 2019 that declared the purpose of the corporation is to create value for all of its stakeholders – employees, customers, suppliers, communities, and shareholders.  The statement was signed by 181 CEO’s including the CEO’s of Walmart, Goldman Sachs, JP Morgan Chase, Johnson & Johnson, and Deloitte. Your assignment is to compare and contrast the “shareholder view” of the purpose of business with the “stakeholder view” of the purpose of business.  There are two major schools of thought on this topic - the shareholder view and the corporate social responsibility view (CSR).  You must consult at least 2 reputable sources on each view and cite relevant facts and opinions in your paper.  Draw your own conclusion about the purpose of business.  We are not “looking for” a particular conclusion.  Make sure you address these questions/issues in your paper.1.    In your view, which view of the purpose of a corporation (business) is appropriate?2.    Why did you select that view?  Answer this question by comparing and contrasting the major elements of the two views.3.    Given your view of the purpose of business, what does that mean in terms of the industries and companies that appeal to you as potential places to work after graduation? Required Paper Format1.    Double spaced, font 11.2.    Length 1,200-1,400 words (roughly 4-5 pages) excluding citations, tables, illustrations, and graphs.3.    Cite your sources (at least 2 for each view) using MLA format.4.    Page 1 paragraphs 1 and 2 – Your conclusion and support for the conclusion. Lead with your conclusion.  For example, the first sentence of your paper should be similar to 1. “I believe management should focus solely on profits and maximizing shareholder returns;” or 2. “I believe management should focus on the company’s important stakeholder groups rather than focusing on profits alone.”  Your opening statement should be followed by the major reasons you chose that view.  The conclusion and summary should be 1 to 2 paragraphs in length.5.    Paragraph style – Block, no indentations.