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Off the hook with Milton Friedman | Seth’s Blog
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Off the hook with Milton Friedman | Seth’s Blog

Nearly fifty years ago, Milton Friedman published a polemic, an article that altered the way many people think about corporations and their role in society. Countless writers have explained why it’s poorly reasoned, dangerous and wrong. (Including business school deans, Harvard Business Review and Fortune).

The simple message of the simple article was: “there is one and only one social responsibility of business – to use its resources and engage in activities designed to increase its profits…”Friedman does add a parenthetical, “so long as it stays within the rules of the game, which is to say, engages in open and free competition without deception or fraud,” but it’s clear that his emphasis is on the first part.

Businesses, he argues, should show no corporate responsibility, do nothing to further the goals of an ethical society

Source: Seth’s Blog: Off the hook with Milton Friedman