Business is often perceived by many as a red ocean with a high intensity of competition and the cruelty of principles rules which are necessary for businesses to survive. Meanwhile, the issue of social responsibility of business is a highly debatable one which divides business leaders and scholars in their attitudes and thereby actions. This essay aims to discuss the key approaches towards the issue of businesses' social responsibility, comparing and analyzing the most prominent and justifiable arguments. One of the most known positions is the Milton Friedman's statement that “social responsibility of business is to increase its profits” ( ...
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Introduction
Milton Friedman was a renowned economist and a reputable advisor of the United President Ronald Reagan and Margaret Thatcher who was a Conservative British Prime Minister. Friedman developed an influential and controversial manifesto on the role of the government in a free society on his work titled Capitalism and Freedom. His fundamental objective was to promote the laissez-faire economic policy by often disapproving the interventionist policies held by the government and their cost in economic efficiency and personal freedom within and outside the United States. It is with this light that Friedman provide his view on the significance of ...
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