In Milton Friedman’s article regarding firms’ social responsibility, he does not believe this responsibility is to give to charities, help out the surrounding communities or look out for the greater good of its employees or customers, rather a firm’s social responibility is simply to generate profit. This article was written in 1970. This was a time when there was political and social unrest in the world. The article might have been relevant for that period in time. It was more so the mentality of look out for yourself. Presently, the world is in a state of unrest as well. There are wars, political unrest, debt problems and the US could be headed for another recession. All of these things could negatively impact a society and support that mentality of look out for yourself, but society no longer works that way. Individuals as a whole are more giving and care more about social responsibility regarding the greater good of the community. To give to charities and to look out for customers and employees is the status quo of a firm nowadays. Companies such as Toms are praised for their business model of generating profit but also looking out for the greater good of society. Freidman’s article just does not seem relevant to the current status quo in society.
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