Critical Thinking Assignment Option #1: Milton Friedman on Social Responsibility
The often-cited economist, Milton Friedman (1962), argued that â€œfew trends could so thoroughly undermine the very foundation 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 possibleâ€ (pp. 133-134). Friedmanâ€™s influence has been far reaching in the fields of business and economics, and it is important to understand in terms of the evolution of CSR.
Address the following in a well-written paper:
- Formulate two convincing argumentsâ€”one in support of Friedmanâ€™s assertion and one against it.
- Research two organizationsâ€”one that exemplifies Friedmanâ€™s exhortation for companies to focus only on stockholder wealth, and one that believes CSR is an integral part of an organizationâ€™s competitive advantage and success. Compare and contrast the two organizations.
- Provide three examples of organizations that show how Friedmanâ€™s admonition above, if taken literally, could be used to legitimize otherwise unethical behavior.
Your paper should be 4â€“6 pages in length, not counting the required title and references pages. Your entire paper, including in-text citations and references, must conform to theÂ CSU-Global Guide to Writing and APA. Include at least three scholarly references that are not required or recommended readings for this course, in addition to the course textbook. The CSU-Global Library is a good place to find these references.
Review the Module 2 Critical Thinking Assignment rubric for full details on how you will be graded on this assignment. Reach out to your instructor if you have questions about the assignment.
Friedman, M. (1962).Â Capitalism and freedom.Â Chicago, IL: University of Chicago Press.