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Milton Friedman presented the theory on social responsibility that is based on the argument that the only standard of social responsibility is to maximize the profitability level. It is established that all the different resources and activities should be utilized to obtain better forms of business growth. The major supporting argument in this context is that the expansion of business profitability is a necessary condition to develop a favorable working environment for the investment ADDIN ZOTERO_ITEM CSL_CITATION {"citationID":"x1r6CW2F","properties":{"formattedCitation":"(Fox, 2012)","plainCitation":"(Fox, 2012)","noteIndex":0},"citationItems":[{"id":1766,"uris":["http://zotero.org/users/local/7Hi3kAOD/items/TIQBNANZ"],"uri":["http://zotero.org/users/local/7Hi3kAOD/items/TIQBNANZ"],"itemData":{"id":1766,"type":"article-journal","container-title":"Harvard Business Review","title":"The social responsibility of business is to increase… What exactly","volume":"18","author":[{"family":"Fox","given":"Justin"}],"issued":{"date-parts":[["2012"]]}}}],"schema":"https://github.com/citation-style-language/schema/raw/master/csl-citation.json"} (Fox, 2012). The development of a conducive business approach is possible to consider the idea of social responsibility for the sake of profit enlargement.
The primary support against Friedman’s statement is that the profitable perspective of business comprised of different stakeholders such as suppliers, regulators, clients, workers, and the overall community. The success of the entire form of business can never be adhered to without considering responsibilities towards these shareholders. The survival of the business can never be imagined without considering the fundamental needs of all the associated factors. Maximization of short-term and long-term returns is possible with the active inclusion of social responsibility towards different shareholders. It is important for higher management to provide better working conditions to the employees under the domain of social responsibility to successfully achieve business objectives. There are several social concerns that eventually influence the company’s profit margins ADDIN ZOTERO_ITEM CSL_CITATION {"citationID":"LO7xtbjs","properties":{"formattedCitation":"(Friedman, 2013)","plainCitation":"(Friedman, 2013)","noteIndex":0},"citationItems":[{"id":1767,"uris":["http://zotero.org/users/local/7Hi3kAOD/items/PLR5FHLK"],"uri":["http://zotero.org/users/local/7Hi3kAOD/items/PLR5FHLK"],"itemData":{"id":1767,"type":"article-journal","container-title":"Huffington Post","page":"12","title":"Milton Friedman was wrong about corporate social responsibility","volume":"6","author":[{"family":"Friedman","given":"John"}],"issued":{"date-parts":[["2013"]]}}}],"schema":"https://github.com/citation-style-language/schema/raw/master/csl-citation.json"} (Friedman, 2013). This specific argument explicitly indicates that the practical idea of corporate social responsibility for the business is more than to enhance the profitability level.
A comprehensive analysis of far and against arguments on Friedman’s approach to social responsibility helps me to determine my position. I am against the statement delivered by Milton Friedman that social responsibility is only connected to profit enhancement. The modern business perspective requires organizations to play their active role to address different social issues. The involvement of all the stakeholders is an essential condition to achieve corporate outcomes effectively.
References
ADDIN ZOTERO_BIBL {"uncited":[],"omitted":[],"custom":[]} CSL_BIBLIOGRAPHY Fox, J. (2012). The social responsibility of business is to increase… What exactly. Harvard Business Review, 18.
Friedman, J. (2013). Milton Friedman was wrong about corporate social responsibility. Huffington Post, 6, 12.
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