According to Friedman’s doctrine, the only social responsibility of bu

QUESTION

According to Friedman’s doctrine, the only social responsibility of business is to increase profits, so long as the company stays within the rules of law.

Indicate whether the statement is true or false.

ANSWER

TRUE
Milton Friedman’s basic position is that the only social responsibility of business is to increase profits, so long as the company stays within the rules of law. He explicitly rejects the idea that businesses should undertake social expenditures beyond those mandated by the law and required for the efficient running of a business.