The Social Responsibility of Business Is to Increase Its Profits by Milton Friedman - Article Example

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The paper "The Social Responsibility of Business Is to Increase Its Profits by Milton Friedman" undermines the popularized concept of corporate social responsibility. Actions by business organizations do not amount to social responsibility and are not conducted with the required moral standards.
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The Social Responsibility of Business Is to Increase Its Profits by Milton Friedman

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Subject: Business
Type: Article
Level: Law School
Pages: 1 (250 words)
Downloads: 4

Extract of sample "The Social Responsibility of Business Is to Increase Its Profits by Milton Friedman"

Considered from a different perspective, the responsibility can meet an objective of collectivism but only government control can ensure this (Friedman, 1970). I agree with the author on the lack of reality in the corporate social responsibility concept. Using an organization’s profits for a social cause when the organization’s employees are underpaid is the same as using money that the employees should have earned to meet the social need. In the end, a problem, poverty, is created among the employees to other social needs and utilitarian ethics may identify immorality.

In addition, the fact that such initiatives together with decisions into them are not regulated suggests possible misuse of authority to harm the society and proclaim social responsibility as the cause. The corporate social responsibility concept may, therefore, be accumulating harm to organizations and their stakeholders in the end. An observable presupposition is that the concept of corporate social responsibility is hypocrisy and is a threat to segments of society and to business organizations.

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