Friedman was an economist and the famous advocate of Iaissez-faire (translates as ‘let do/let go’) capitalism, the economic doctrine opposing governmental interference in organisations beyond a necessary minimum of regulating force and fraud among market participants.
Friedman's Argument
Friedman believed that “There is one and only one social responsibility of business – to use its resources and engage in activities designed to increase its profits” (Friedman, 1970)
He famously argued that the ‘business of business is business’ (Davis 2005), reasoning that the sole responsibility of the organisation was its shareholders, providing profits for them. He acknowledged legal and ethical constraints on business activity, emphasising that the organisation should not harm society, but he denied that it should assume any wider social responsibility for its maintenance and improvement.
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