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Milton Friedman: Corporate Social Responsibility - Assignment Example

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In the paper “Milton Friedman: Corporate Social Responsibility” the author discusses the use of Corporate Social responsibility practices, which has been on the rise recently in businesses all over the world because it is a way that firms not only benefit themselves but also benefit the entire society…
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Milton Friedman: Corporate Social Responsibility
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Analysis of Milton Friedman Essay The use of Corporate Social responsibility (CSR) practices has been on the rise recently in businesses all over the world because it is a way that firms not only benefit themselves but also benefit the entire society.
According to Friedman, the social responsibility of businesses is to increase profits; however, this is not the case as businesses are not only concerned with profits, but also with promoting social ends. Friedman is not right to some extent because businesses or people should be responsible for their own actions and, therefore, they should not exploit other people for either selfish or unselfish reasons. When business exists only to make a profit, they will engage in activities that are not ethical, for instance charging unreasonably high prices. Businesses should act or play fairly in their daily operations because it actually maximizes profits. Being fair-minded allows businesses to set prices that are able to help them maximize their individual profits as well as achieving an equitable outcome in their joint marketing channel. This is so because profits and ethics are pretty compatible since the public interest, moral codes and social values normally pose no threat to profit maximization of any business (Mullerat & Brennan, 125).
Businesses and people normally have greater responsibilities in life that is just making money. We need to the responsible for the community as a whole; we need to protect the interest of other stakeholders. We need to embody the spirit of performance in our daily endeavors by exhibiting high levels of integrity in our moral and ethical conduct. In as much as we focus on results (profits), we need to build on strengths, lead beyond borders so as to meet requirements and needs of other stakeholders. Businesses should concentrate on building a healthy and cohesive community because it is for the greater good (Mullerat & Brennan, 125).
Work cited
Mullerat, R., & Brennan, D. (2011). Corporate social responsibility: the corporate governance of the 21st century. Alphen aan den Rijn, Kluwer Law International. Read More
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