No, the Sole Social Responsibility of Business Is Not Profits
The following is an adaptation of an essay I wrote a few years ago as part of my graduate program at Avila University . Comparing an article by Milton Friedman written in the 1970s to one by a person in the 2000s seems a stretch, to say the least. The former won a Nobel Prize in Economics and was precise in explaining his ideology, and the attention-grabbing writing of our times doesn't hold up well in comparison, as I see it. And yet, I have to side with Joseph Hart on this one in saying that no, the sole social responsibility of business is not profits. Friedman argues that corporations are not people, and yet years later we are living with the consequences of the US Supreme Court deciding that corporations are people and entitled to all the same rights. Try putting a corporation in prison for any crimes, though, and you'll see the limits of its personhood. He then goes on to describe the purpose of a business to be making profit, and considers any use of funds for any p...