Question

Milton Friedman stated in his famous article in the New York Times in 1970 that “the social responsibility of business is to increase profits.” Do you agree or disagree with this statement?  

Answer 1

I am agree with this statement. As we know that most of the corporations do this activity so as to gain in long term . When , people recognise a brand or product with its social attachments then they frame a positive mind sets to those products or services and they purchase these offerings easily. Even, they act as a reference group for other customers. It helps in boosting the sales for that particular company . Even, some business do this activity to escape from taxation laws or divert the public authorities that as a company it has philanthropic attitudes and they avoid any serious actions to do against the wrong doeing of the company . In the given statement, Milton just explained what the corporate America was experiencing at that time in terms of corporate social responsibility of a corporation.