Milton Friedman - Social Responsibility of Business?
I wsa hoping someone could help - I'm really struggling to understand what Milton Friedman's argument was in this very famous article!
Would someone be able to help by basically summarizing his argument (I'm a student of business ethics who is really struggling!!)
Answers:
In the article Freidman states that businesses do not have any social responsibility. This means that whenever a business engages in an activity to promote the social good, they are doing so voluntarily. If I were you I would suggest watching a documentary entitled "The corporation". Freidman clearly lays out the reason why businesses are not obligated to promote any social good unless it is the objective of the shareholders of the corporation. You could also go to Reason magazine and read the interview between Freidman and John Mackey, CEO of Whole Foods, regarding the social responsibility of businesses. But overall you need to know Friedman would say unless the business voluntarily promotes social welfare, they are not obligated too.
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