Question

2. At another point Friedman states "... there is one and only one social responsibility of business--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." Is this statement correct or incorrect and why?

Answer 1

The statement is correct to a great extent especially in the view of capitalist economy and this is because of the fact that when a company is playing well within rules existing, then it would maximize profits by some optimal techniques which are still legal and moral what happens is that the company tries to expand as a result of which it can generate more employment and ultimately it would benefit the people of the country itself as a result of which the country should focus on generating more profits but and edition could be the social service done which comes under the corporate social responsibility and otherwise the statement is complete