Milton Friedman's Views On Corporate Social Responsibility

Corporate Social responsibility is a moral and ethical Standard of an organization. Everyone has a social responsivity to society, not just business but also individual’s .We all have to work towards building a better society. Some companies are philanthropist, having extent socially responsibility to its employees and the general community in which it operates. Some economists think a corporate social responsibility should be to maximize profit while others think it’s about giving back to the community and acting in an ethically and morally manner. One such economist is Milton Friedman, who believes that social responsibility of a corporation is to make a profit. Friedman argues that the only social responsibility of businesses is to make …show more content…
In contrast to Milton Friedman’s belief on corporate social responsibility Henry Mintzberg does not share his views. He is not in agreement with Friedman’s beliefs and he believed that companies had a civic duty to society. He believed that corporate irresponsibility is a cause of selfishness and has engulfed society. This problem is built on what he defines as half-truths and has caused a proverbial wedge into society. It can be said that society has become selfish due to the nature of people and the impetus on self-interest and self-satisfaction instead of providing for a community on a social and economic standpoint. In Mintzberg first fabrication he believes that we are all, in essence, an ‘‘economic man’’. As a society, we are obsessed with our own self-interest on maximizing our personal gains. With this notion, society is never satisfied we always want more. I do agree with his belief that individuals are willing to sacrifice a little of almost anything we care to name, even reputation for a sufficiently large quantity of other desired needs. It is my belief that when some people are in a disarray situation we each have a price. However, this does not include every member of society, for most people integrity and self-interest is basic values. Mintzberg believes that the fabrication of economic man drives a wedge of distrust into society between our individual wants and our social …show more content…
Not only will a company appeal to socially mindful consumers and employees, but will also make a difference in the community and the world we live in. I do believe that a corporation has a responsibility to develop a better or happier environment. Promoting social responsibility can benefit the environment, its customers, and its employees. One of the benefits of encouraging social responsibility in the workplace is the positive environment that is built for the employees. Also promoting social responsibility will attract more customers. I think we all have a role to play in social responsibility unlike Friedman, who thinks business should attend to the economic and Government should take care of the social aspect. An organization should not only be profitable, but also has a heart this according to Mintzberg It has been highlighted that it is hard to see a society free of selfishness. Is it possible? I do believe it is possible but will not be easily attained. To achieve this, we must go against the grain, go against the norm and what has already been instilled in society and the corporate