Question

What flaws can you see in Friedman's argument that the only social responsibility of a business is to increase its profits?

Answer 1

Only social responsibility of business is not to increase the profits. This approach of Friedman contains flaws and must be addressed.

Now, its not social responsibility to increase profits. It is the personal benefit of the company to work in order to increase the profits of the company. Social responsibility would be contributing to the CSR.(corporate social responsibility). It is the social responsibility that every corporate business has to follow. Social responsibility may include donation to funds to wealth organisations. Or to help poor grow, to help the country reduce its poverty and illness. These are the social responsibilities that a business can follow. Apart from these, a company may follow green movement wherein you have to plant trees in order to make the environment green.