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Social Responsibilities of the Firm

According to Milton Friedman, “Business has only one social responsibility – to make profits (as long as it stays within the legal and moral rules of the game established by society). Few trends could so thoroughly undermine the very foundations of our society as the acceptance by corporate officials of a social responsibility other than to make as much money for their stockholders as possible.” Explain why you agree or disagree with such a statement.

Additional information:

Milton Friedman was the recipient of the Nobel Memorial Prize in Economic Sciences in 1976.
“Not looking to your own interests but each of you to the interests of the others” (Philippians 2:4, NIV).