EAS Publisher | The Issue of Corporate Social Responsibility in the Light of Milton Friedman's Views and Their Further Development

The Issue of Corporate Social Responsibility in the Light of Milton Friedman's Views and Their Further Development

DOI : https://doi.org/10.36349/easjebm.2022.v05i11.001

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In this article, the authors make the concept and purpose of business the starting point of their reflections. Business as an economic category refers to economic activities that maximise value for the owner in the long term through the sale of goods and/or services. Milton Friedman's position, winner of the 1976 Nobel Prize in Economics, proclaiming the social responsibility of business and labour in the sphere of the distribution of business effects, is highlighted. The paper then places the purpose of economic action in a broader context to determine how economic action affects other moral values, and how the bearing of responsibility determines the ethicality of actions in a company. Three examples of violations of ethical norms were analysed. These were the violation of gas emission standards by Volkswagen, the protection of personal data by Facebook and Cambridge Analytica and some other cases. In addition, it is presented how US business ethicists are looking for renaissance ways to deliver and evaluate education in the subject of business ethics in order to make the lecture attractive, realistic and truly reflective of global business in the 21st century. The study concludes.

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