Milton Friedman is known in the business world for not...

Milton Friedman is known in the business world for not having patience, he believes that companies are not truly concerned with making a profit but they are also promoting social conscience and need to take care of the employees, abolishing discrimination and pollution (Friedman, 1970, p. 3). In this article Friedman that the social responsibility of any company is to increase profits year over year (Friedman, 1970). Friedman believes if you give your employees the right to use their social responsibility, this would make an employee responsible for their action and ideas. The idea behind this theory is that it will make it very difficult for anyone to try taking advantage of co-workers for advancement in the company (Friedman, 1970, p.†¦show more content†¦5). Overall Friedman feels that socialism has had a damaging effect businesses and that the only social responsibility was to increase profits every year (Friedman, 1970, p. 5). Friedman percived business owners or executives as only caring about themselves and no one else which brings Friedman thinks that they should not have any part in enaging in social responability of there compaines. Friedman states that some corporate executives slecte them self on the bioard spend the money how ever they but not in the interest of social responiabilty (Friedman, 1970, p. 2). Friedman feels, â€Å"there is only one social responsibility of businesses, that is to use its resources and engage in activities designed to increase its profits so long as it stays within the rules of the game, which is to say, engages in open and free competition without deception or fraud† (Friedman, 1970, p. 5). In 1970 Friedman recommended the word business ethics which took the place of social responsibility ( Friedman, 1970). When business ethics is put in place in businesses it will show that compaines have the best interest of all pasrites invloved. Basiclly what this means is that every body in the compainy would be working in aethical in eviroonement and that would support advancement and enhancements. Friedman thinks if these process are put in in companies this would not beShow MoreRelatedAdam Smith s Theory Of Capitalism And Free Market2445 Words   |  10 Pagesframed economic thought today. Adam Smith opened up the world of capitalism and free market. These are both systems that truly affect a majority if not all countries in the world in some way. Karl Marx is a man who had a completely different approach to government, he believed in something called Marxism, which was an idealistic approach that meant for all people to work equally for the betterment of the nation. 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