Asked by Stephine Browning on Apr 28, 2024

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According to ________,the social responsibility of business is to increase its profits.

A) Henry Ford
B) Adam Smith
C) John Stuart Mill
D) Milton Freedman

Social Responsibility

Social responsibility is the commitment of a business to contribute to sustainable development, welfare of the community and society at large, beyond its profit objectives.

Increase Profits

A strategy or objective focused on enhancing the net financial gain a company receives from its operations.

  • Recognize the social responsibility of businesses to increase profits and contribute to social good.
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Zybrea KnightMay 05, 2024
Final Answer :
D
Explanation :
Milton Friedman, a famous economist, argued that the only social responsibility of business is to increase its profits. He believed that businesses should focus on maximizing profits for their shareholders, rather than engaging in social or environmental initiatives that could take away from their financial success. Friedman's views are often referred to as the "Friedman Doctrine" and have been the subject of much debate and criticism in the decades since he first proposed them.