Questions and Answers
According to Milton Friedman, what is the only social responsibility for business?
Maximizing profits for stockholders
What do CSR defenders believe about the existence of businesses?
They owe their existence to the societies they serve
How is social responsibility defined in the context of business?
Making decisions that protect and promote the welfare of stakeholders and society
What are considered the dimensions of social performance for a company?
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What does Milton Friedman's view on social responsibility imply for businesses?
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Study Notes
Corporate Social Responsibility (CSR)
- CSR is the business's concern for the welfare of society
- It goes beyond being ethical and is based on the company's concern for the welfare of all its stakeholders, not just the owners
- CSR is based on a commitment to basic principles such as:
- Integrity
- Fairness
- Respect
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