The group has the traditionalist viewpoint, which means you agree with the American economist Milton Friedman, who “In a 1970New York Times Magazine essay, [argued that the sole] Responsibility of Businesses is to increase its profits [for shareholders]” Northrop, E. 2013). In other words, you agree that a firm's mission is to increase the wealth of the shareholders/stockholders.

Answer the following questions:

• Are corporations obligated to pursue the interests of shareholders, perhaps at the expense of other stakeholders?
• After all, the shareholders own the corporation, so shouldn't they come first?
• Isn't the purpose of business to earn a profit?

Answer rating: 100% (QA)

The traditionalist viewpoint as advocated by Milton Friedman posits that the primary responsibility of businesses is to increase profits for sharehold... View the full answer