Milton Friedman Was Right; the Social Responsibility of Business Is Business
In brief: Milton Friedman believed that the firm should focus on economic success. Strategic CSR is not about peripheral issues, but day-to-day decisions and core operations. Above all, it argues that the pursuit of profit over the medium- to long term optimizes value creation. Business serves society best when it focuses primarily on business.
As indicated in Principle 9, strategic CSR is not about issues that are peripheral to the firm and is not about reinventing capitalism. Rather, it is about improving day-to-day decisions that focus on core operations and creating value, broadly defined. As a result, I believe that strategic CSR, as a management ...
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