Is Profit Maximization the Social Responsibility of Business?"" Milton Friedman and Business Ethics"
- In 1970, Milton Friedman defined his now famous viewpoint that “the social responsibility of business is to increase its profits”. This position is still prominent and can be seen as a strong criticizm of most of the currently held views on Corporate Social Responsibility. In this paper, I argue that Friedman’s view has a point, but is, none the less, one-sided. Inappropriate forms of pursuing profits can become a threat to the foundations of a free society to the same degree as inappropriate moral demands for corporate social responsibility which were – rightly – criticized by Friedman.
Document Type: | Working Paper |
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Language: | English |
Author: | Andreas Suchanek |
Chairs and Professorships: | Chair of Economic and Business Ethics |
Full text/ URN: | urn:nbn:de:101:1-200910061875 |
Series (Serial Number): | HHL-Arbeitspapier / HHL Working paper (69) |
Year of Completion: | 2005 |
Note: | HHL Working Paper 69. Leipzig: HHL – Leipzig Graduate School of Management, 2005 |