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Chapter 7: Problem 7

Do you agree or disagree with Milton Friedman's position on the ethical and social responsibility of business? Explain your answer.

Short Answer

Expert verified
Your viewpoint will be personal and subjective, there can't be a short conclusive answer to the question about your personal beliefs without going through the step-by-step solution.

Step by step solution

01

Understanding Milton Friedman's position

The first step requires understanding Milton Friedman's stance on businesses' ethical and social responsibilities. Friedman was an economist who argued that businesses primary responsibility is to its shareholders, and it involves increasing profits within the constraints of laws and ethical customs.
02

Forming a personal viewpoint

The second step involves forming a viewpoint on the issue. It requires careful consideration, given the multifaceted nature of corporate responsibility, to understand where you stand.
03

Explain your viewpoint

In the final step, you should explain your viewpoint. This step requires an explanation about whether you agree or disagree with Friedman's stance on the ethical and social responsibility of businesses, and why. This needs to be supported with critical thinking and meaningful arguments.

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