Corporate Social Responsibility Milton Friedman

Abstract Milton Friedman, a well-known, Nobel Prize recipient, and economist, who preached against corporate social responsibility as a goal to American businessman. His concepts, and arguments, has been their foundation for fiscal success thereby generating end-profit for shareholders. However, over the past 40-years, financiers have realized not only do they owe earnest to their shareholders but also their customers. The government and society have both found roles to play in the future of big business in America. That-being, corporate social responsibility (CSR) has proven to be a good business practice for the future societal and financial success of commercial businesses. Goals of the Firm Makower (2006) in a 1970 Times magazine article, â€Å"The Economist† Milton Friedman argued that businesses sole purpose is to generate profit for shareholders. Basically, the only real social responsibility of businesses—is to use its resources and engage in activities designed to increase profits so long as they stay competitive, by engaging in open and free competition without deception and/or fraud. Makower (2006) His theory was that those companies to adopt responsible attitudes towards their consumers would be faced with revenue constraints; whereas, the companies that did not would inadvertently be rendered less competitive in there market. CSR (Corporate Social Responsibility) was not thought to be a â€Å"best† business practice to incorporate for the future success of hisShow MoreRelatedThe Contrasting Views of Milton Friedman and Ralph Nader on Corporate Social Responsibility2452 Words   |  10 PagesCorporation is a legal entity made of natural pe rsons or other legal entities that holds legal identity within the society. 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