Question: Milton Friedman argued that a company does not have a social responsibility and that its primary responsibility is to increase shareholder profit. Discuss the ethical
Milton Friedman argued that a company
does not have a social responsibility and
that its primary responsibility is to
increase shareholder profit. Discuss the
ethical challenges with this philosophy.
Friedman's basic argument is that, legally,
corporations are required to maximize profit
and shareholder wealth, without regard to the
impact on other stakeholders. Corporations,
he wrote are in the community, but not part of
the community.
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