The Social Responsibility of Business
Words: 501 2370The contention surrounding "the societal obligation of commerce is to augment its earnings" has ignited substantial discourse among economists, corporate executives, and moral philosophers alike. This viewpoint, famously expounded by economist Milton Friedman during the 1970s, posits that a firm's foremost duty lies with its shareholders, and that the most efficacious approach to fulfill this duty is through profit maximization. While this stance holds validity, particularly in its emphasis on efficiency and shareholder value, it also poses intricate inquiries regarding […]