What is the Social Responsibility of Business?

Ever since Milton Friedman famously proclaimed “The Social Responsibility of Business is to Increase its Profits” (NYTimes 1970), pundits have pondered whether his purist interpretation was really the only way.

Profit is certainly a lot easier to quantify than something like ‘happiness’, but the intangible benefits of good, honest business clearly go way beyond pure finance….Must the word ‘profit’ always refer to money in the strictest sense?

Collected on this page are various interpretations of the idea of “social responsibility” and the responsibility of business to take an active, passive or indifferent role in building a more sustainable world.

Read on below, or learn more on TriplePundit’s front page.

In 1932, E. Merrick Dodd wrote in the Harvard Law Review that the corporation as "an economic institution which has a social service as well as a profit-making function."

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