Reference no: EM131151930

Discussion: Social Responsibility

Read the following two articles:

• The Social Responsibility of Business Is to Increase Its Profits, Friedman (https://www.colorado.edu/studentgroups/libertarians/issues/friedman-soc-resp-business.html)

• A Stakeholder Approach to Strategic Management, Freeman and McVea (https://papers.ssrn.com/sol3/papers.cfm?abstract_id=263511)

Friedman argued, "Few trends could so thoroughly undermine the very foundations of our free society as the acceptance by corporate officials of a social responsibility other than to make as much money for their stockholders as possible." In contrast, Freeman and McVea argued that the role of a corporation is to balance the needs of all stakeholders.

How do you feel about Friedman's and Freeman and McVea's statements?

1. Explore both sides of the argument in your initial post by providing one argument that supports Friedman's assertion and one argument that refutes it.

2. Then provide one argument that supports Freeman and McVea's assertion and one argument that refutes it.

3. Once you have explored both sides of each argument, explain which author(s) you think is correct and why.