Step 1: Summarize the major arguments of Friedman and Freeman et al. on CSR in their respective articles
Sep 2: On the basis of the above summary, reflect the relative importance of increasing profits and undertaking BE/CSR in today’s business.
Is the Social Responsibility of Business to Increase its Profits?
There has been a debate on how far business corporations should go beyond profit-making to be socially responsible. The controversy owes much to what Milton Friedman pinpointed in his well-known but controversial article “The Social Responsibility of Business is to Increase its Profits” published in 1970s. Later, Freeman et al. staged a systematic refutation of his viewpoint on CSR from a stakeholder perspective. In the consideration of the conflicting ideas in Friedman’s and Freeman et al.’s respective articles, write a short essay (double-spaced, no more than 4 pages in total) to reflect the contending issue of profit-making and BE/CSR.