A critique of Milton Friedman's essay ‘the social responsibility of business is to increase its profits’
Journal of Business Ethics · 1986 · Volume 5 · Issue 4
Abstract
The main arguments of Milton Friedman's famous and influential essay are unsuccessful: He fails to prove that the exercise of social responsibility in business is by nature an unfair and socialist practice.Much of Friedman's case is based on a questionable paradigm; a key premise is false; and logical cogency is sometimes missing.The author proposes a different paradigm for socially responsible action in business and argues that a commitment to social responsibility can be an integral element in strategic and operational business management without producing any of the objectionable results claimed by Friedman.
Keywords
Economic Growth, Social Responsibility, Responsible Action, Socialist Practice, Milton
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