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Friedman's statement (published by The New York Times Magazine in 1970) suggests that economic and social objectives are separ
Journalism & Communication
Pages 7 (1757 words)
Corporate Social Responsibility Corporate social responsibility or CSR is a process through which a corporation balances its environmental and socio-economic responsibilities within its functional operations in order to meet the expectations of various stakeholders and shareholders…
CSR has however remained a debatable topic, as regards actual role played by corporation within societies, as firms have attempted to minimise their CSR roles or devised ways to use social responsibility as another method (a branding tool) for increasing their profits. Milton Friedman has been a major proponent of anti CSR movement, and has written articles, which are considered as seminal pieces of work against CSR and corporations that promote CSR. This is evident in his 1970 article, “The Social Responsibility of Business is to Increase its Profits,” published by The New York Times Magazine in 1970, where he claimed “businessmen who talk this way are unwitting puppets of the intellectual forces that have been undermining the basis of a free society these past decades” (Friedman, 1970: 1). He further suggested that social and economic goals are distinctly different entities for any corporation and the two cannot work hand in hand. ...
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