CSR writing assignment



[Name of the Instructor]

[Date of Submission]

Abstract

This assignment relates to the concept of Corporate Social Responsibility and the economic theorist I have selected for this paper is Milton Friedman, an opponent of the concept of CSR. The paper demonstrates Friedman's views and the way the critics he has received create hindrance for his career and influence.

Table of Contents

Introduction1

Discussion1

Friedman's CSR views1

Friedman's CSR view and his career2

Conclusion4

References5

CSR writing assignment

Introduction

A long and varied history has been associated with the concept of Corporate Social Responsibility. Theorists keep on providing their views about the concept and businesses have shown their concern for society since centuries. 20th century marks the formal beginning of the writing on the concept of Corporate Social Responsibility (Carroll, 1999). Among the economics theorists who oppose the concept of corporate social responsibility, a strong position is held by Milton Friedman. He was a famous advocate of the capitalism approach and opposes the interference of the government in the organizations. This assignment is based on the examination of Friedman's views about corporate social responsibility analyzing the way his views have hindered his career and influence.

Discussion

Milton Friedman was a strong opponent of the concept of Corporate Social Responsibility. He provided with the most provoking statement on the role of business stating that the social responsibility of the businesses remains confined to only one element and that is to effectively use its resources and engage in the activities that will enhance the profits of the organization (Friedman, 1970).

Friedman's CSR views

His famous argument is quoted as the “business of business is business” (Davis, 2005). It meant that according to Friedman, shareholders are the primary responsibility and concern for any business. Therefore, the focus of an organization should remain on maximizing the wealth of shareholders. Legal and ethical constraints on business activity are acknowledged by Friedman, emphasizing that organizations should not take any action that will harm the society. However, Friedman denied the concept that an organization should undertake any wider responsibility to work for the maintenance and improvements of the society.

Friedman view illustrates that he consider the difficulty of exercising “social responsibility” as the great asset of the private competitive enterprise. According to him, Corporate Social Responsibility is “a fundamentally subversive doctrine”. He considered the impact of environment at the time of managerial decision making process, asserting that a business should engage in an open and free competition without being a part ...