Milton Friedman And Social Responsibility

Milton Friedman is known in the business world for not having patience, he believes that companies are not truly concerned with making a profit but they are also promoting social conscience and need to take care of the employees, abolishing discrimination and pollution (Friedman, 1970, p. 3). In this article Friedman that the social responsibility of any company is to increase profits year over year (Friedman, 1970). Friedman believes if you give your employees the right to use their social responsibility, this would make an employee responsible for their action and ideas. The idea behind this theory is that it will make it very difficult for anyone to try taking advantage of co-workers for advancement in the company (Friedman, 1970, p. 3).
The believe behind the word social responsibility is that companies have a higher commitment than just making money. Social responsibility also means that companies should have a commitment not only to the stockholder but also to the consumer and business should excessed what is required legally. Friedman believes that social responsibility will help business take a different approach before they get laws suits involved and it will helps force business handle situation in a timely manner (Friedman, 1970, p. 3).
When looking at social responsibility Friedman stats that it involves socialist views and that market mechanisms not what the society looks at but it is the political mechanisms (Friedman, 1970, p. 2). Basically what Friedman is saying is that when the government gets involved in social responsibility they waste so much time and money and the process is way too long to get anything done. Friedman stats that it would be a lot easier if businesses could go in and solve their own issues ...

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...cker, Murphy, and Friedman questioned the legitimacy of connecting anamorphic characteristics, such as moral and social judgment and duties, to an intrinsic body. This is not to say that they promoted immoral conduct by company employees or owners. Rather, they offered a supplemental, more rational way to oversee their behaviors; they did this by laws and the utilization of professional codes of conduct (Murphy, 2009). Business ethics imply the concept of social responsibility through ideas that remain divergent. The moral analysis of business practices and activities come down to business ethics because in business ethics, businesses consider their actions and decisions as well as take into consideration moral principles and values, while questioning whether ethical motives in business actions could make business more responsible, ethical, or any more successful.