The objective of this paper is to discuss the responsibilities as perceived by Milton Friedman (1970) and to counter his views by attributing the different view points of for and against the businesses assuming social responsibilities.
The economic responsibilities of a business organisation covers the expectations of the society that the organisations will manufacture goods and services which are needed by the customers and offer these goods and services to the customers at reasonable and affordable prices. The organisations have the additional responsibility of functioning more efficiently to be more profitable keeping the interests of the shareholders in mind (Carroll A.B, 1979).
The legal responsibilities of the business organisations focuses on the behaviour of the organizations to follow the various laws and regulations framed by the government with respect to the monitoring of the competition among different business entities. These regulations may relate to the rights of the consumers and product quality, environmental laws and employment laws concerning the conduct of the business. In 2003 Schwartz and Carroll further sub-divided the legal domain. ...Show more