Business and Society

Business and Society

Is Increasing Profits the Only Social Responsibility of Business?
In a famous article Milton Friedman argues that businesses have neither the right nor the ability to make social responsibility a priority. Profit making must be the priority. Businesses serve employees and customers best when they do their work with maximum efficiency. The only restrictions on the pursuit of profit that Friedman accepts are the requirements of law and the “rule of the game” (“open and free competition without deception or fraud”).
Peter Karoff believes that even in the absence of legal requirements, businesses must ensure that their products are safe and healthy. They must be just, practicing fairness in their dealings with vendors, customers, employees, and fellow citizens. Like other citizens who have prospered, they may fairly be expected to “give back” to the community in return for its protections and encouragements, in the form of support for charity, the schools and colleges, and the arts.

Please describe the two views on corporate social responsibility, and then present and defend your own position on this topic. Use examples to prove your point and attempt to disprove the other position.
https://www.colorado.edu/studentgroups/libertarians/issues/friedman-soc-resp-business.html
https://ssir.org/articles/entry/the_first_rule_of_corporate_social_responsibility_is_not_what_you_think

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