Question

Milton Friedman has been quoted as stating; "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." However, many today would maintain that businesses have a responsibility to use their resources for the greater good of society in alleviating social ills as well as helping to guard against environmental degradation and enhance community and environmental well - being. Take a position. Do you support the idea of the Triple Bottom Line; profits, people and planet? Would Friedman agree with you?

Answer 1

In Friedman's time there was the need to increase business and trading and generating profits in the economy of the nation because at that point of the the nation's economy was not in good status and was suffering from low growing GDP rates .

But now due to unfuturistic trail of growing businesses in the economy to grow and to increase its rate of GDP they lack preserving the planet and its people . Due to increase in the industrialization and following the old rule of business to gain profits only effects the environment of the nation and earth and also effecting the health of the people living there . As now the industries use to follow the rule of environmental safety , social responsibility to keep the surrounding clean and reduction of pollution from there factories , with the aim of generating profit is good as due to increase in the industrialization the pollution is increasing and the global warming is also increasing year by year which is making people to suffer from vital diseases and reducing there average age of living .

SO, as per recent situation of the economy and its surroundings Friedman would also agree with this strategy for the businesses toward saving there planet , there people together with achieving there aim to generate more and more profits .