Social Responsibility of Business

I agree with Milton Friedmans point of view on the social responsibility of business to an extent. His point about how the social responsibilities are loosely defined and lacking in rigor is right on. However, he also says that this would be pure socialism “if they or anyone else took them seriously”. So..that means that although these ideas about business responsibility exist and they are loose and poorly constructed, in addition to that, no one cares? So why then are you writing this article? Especially if no one not even themselves truly believe these responsibilities are real and true. These social responsibilities of a corporation are to the stakeholders, if you are a worker to the people you work with and if you are an executive to those people who have invested in you, in a free enterprise society. However, aren’t there more stakeholders than this involved in what the corporation does? There are environmental and ethical stakeholders who are involved in corporation rules and especially the consequences of what a corporation does. So although these responsibilities in a free enterprise society are to the corporation and their immediate stakeholders, there also should be some realization that a corporation also impacts the environment around them and therefore people around them. This is not a socialist idea, it is human decency and part of being civilized. So Milton Friedman is right in some ways, but fairly contradictory in his writing.

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One Response to Social Responsibility of Business

  1. aml028 says:

    I am a little bit confused by your blog. A corporation has the “social responsibility” to various stakeholders like their workers, customers and the surrounding community. A firm has the responsibility to follow environmental regulations and to support the local community. I feel if the corporation holds the customer as the most important stakeholder then the local community will follow behind it. If their customers are happy then the local community will also be satisfied. I don’t really understand where Friedman is contradictory.

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