Question: 2. Milton Friedman said, there is one and only one social responsibility of business to use its resources and engage in activities designed to increase

2. Milton Friedman said, there is one and only one social responsibility of business to use its resources and engage in activities designed to increase its profits.

Based on this statement, answer the following question:

(i) Does Friedman support the shareholder or the stakeholder approach? What argument does he offer in support of the chosen approach?

(ii) Explain the other approach with supporting arguments.

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