Does Milton Friedman Support a Vigorous Business Ethics?

Does Milton Friedman Support a Vigorous Business Ethics?

This paper explores the level of obligation called for by Milton Friedman's classic essay "The Social Responsibility of Business is to Increase Profits." Several scholars have argued that Friedman asserts that businesses have no or minimal social duties beyond compliance with the law....

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Veröffentlicht in:Journal of Business Ethics. - Springer Science + Business Media. - 87(2009), 3, Seite 391-399
1. Verfasser: Cosans, Christopher (VerfasserIn)
Format: Online-Aufsatz
Sprache:English
Veröffentlicht: 2009
Zugriff auf das übergeordnete Werk:Journal of Business Ethics
Schlagworte:duty ethics of business freedom Milton Friedman liberty John Stuart Mill negative externality profits respect for law society mehr... stakeholder theory stockholder theory Economics Philosophy Business Law Political science Behavioral sciences
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520 |a This paper explores the level of obligation called for by Milton Friedman's classic essay "The Social Responsibility of Business is to Increase Profits." Several scholars have argued that Friedman asserts that businesses have no or minimal social duties beyond compliance with the law. This paper argues that this reading of Friedman does not give adequate weight to some claims that he makes and to their logical extensions. Throughout his article, Friedman emphasizes the values of freedom, respect for law, and duty. The principle that a business professional should not infringe upon the liberty of other members of society can be used by business ethicists to ground a vigorous line of ethical analysis. Any practice, which has a negative externality that requires another party to take a significant loss without consent or compensation, can be seen as unethical. With Friedman's framework, we can see how ethics can be seen as arising from the nature of business practice itself. Business involves an ethics in which we consider, work with, and respect strangers who are outside of traditional in-groups. 
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