Milton Friedman stated in his famous article in The New York Times in 1970 that "the social responsibility of business is to increase profits." Do you agree? If not, do you prefer that multinational corporations adopt a focus on corporate social responsibility or sustainability practices?

Question

Business

Annabelle Heath

20 January, 05:41

Milton Friedman stated in his famous article in The New York Times in 1970 that "the social responsibility of business is to increase profits." Do you agree? If not, do you prefer that multinational corporations adopt a focus on corporate social responsibility or sustainability practices?

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Answers (1)

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Jadyn Maxwell · Answer 1

In this growing economy and competitive world, it is important for any business to maintain a good customer relationship by providing value to the customers. However, focusing only on profit maximization will not benefit the business in the long run.

Focusing on profit maximizing the profit will benefit the organisation in the short term and the company will only think about business interest keeping the costumers and society interest aside.