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Milton Friedman on Business, profit, and social responsibility

But in these respects he is acting as a principal, not an agent; he is spending his own money or time or energy, not the money of his employers or the time or energy he has contracted to devote to their purposes. If these are “social responsibilities,” they are the social responsibilities of individuals, not of business.
A Friedman Doctrine—The Social Responsibility of Business Is to Increase Its Profits
Column, 1970, The New York Times Magazine, September 13, 1970, Section SM, p. 17
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  1. The difficulty of exercising “social responsibility” illustrates, of course, the great virtue of private competitive enterprise—it forces people to be responsible for their own actions and makes it difficult for them to “exploit” other people for either selfish or unselfish purposes. They can do good—but only at their own expense.
    A Friedman Doctrine—The Social Responsibility of Business Is to Increase Its Profits
    Column, 1970, The New York Times Magazine, September 13, 1970, Section SM, p. 17
    Checked against the sourceRead the transcript
  2. There are no “social” values, no “social” responsibilities in any sense other than the shared values and responsibilities of individuals. Society is a collection of individuals and of the various groups they voluntarily form.
    A Friedman Doctrine—The Social Responsibility of Business Is to Increase Its Profits
    Column, 1970, The New York Times Magazine, September 13, 1970, Section SM, p. 17
    Checked against the sourceRead the transcript
  3. 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. This is a fundamentally subversive doctrine. If businessmen do have a social responsibility other than making maximum profits for stockholders, how are they to know what it is? Can self-selected private individuals decide what the social interest is? Can they decide how great a burden they are justified in placing on themselves or their stockholders to serve that social interest?
    Capitalism and Freedom
    Book, 1962, Ch. 8 Monopoly and the Social Responsibility of Business and Labor, p. 133
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