Should Maximizing Profit Be The Only Social Responsibility Of Corporations

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Should maximizing profit be the only social responsibility of corporations?

Corporations, an indispensable part of society, has existed for a long time. In order to better the long-term development and be competitive, having a deep understanding of corporate social responsibility is key to the survival of a particular corporation. Over the past few decades, the social responsibility of corporations has been considered as a controversial issue among experts. Friedman (1970), a recipient of the Nobel Prize in Economics and Sciences, claimed that the only social responsibility of business is to increase its profit. However, still others disagree with this point of view. By contrast, they argue that if corporations consider increasing as their only social responsibility, it will not only harm the right of employees, but also trigger social problems. This essay aims to explore what should be the social responsibilities of corporations, and to analyze whether the only responsibility of corporations should be increasing its profit. In order to solve the problem, firstly, it is necessary to expound what corporate social responsibility is. Then, it is indispensable to clarify Friedman’s view regarding the only social responsibility of the business. Subsequently, different social responsibilities of corporations, such as ethical responsibilities, philanthropic responsibilities and legal responsibilities, raised by Carroll also need to be evaluated. Finally, another
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