publication . Other literature type . Preprint . Article . 2003

The Social Responsibility of Corporate Management: A Classical Critique

Philip R. P. Coelho; James E. McClure; John A. Spry;
Open Access
  • Published: 22 Apr 2003
  • Publisher: Emerald
Abstract
Calls for corporate social responsibility are widespread, yet there is no consensus about what it means; this may be its charm. It is possible to distinguish the fiduciary duty owed to shareholders as expressed by Milton Friedman from all other paradigms of corporate responsibility. Friedman maintains that: “ . . . there is one and only one social responsibility of business- to use its resources and engage in activities designed to increase its profits so long as it stays within the rules of the game, which is to say, engages in open and free competition, without deception or fraud.” Other paradigms argue that corporations have social responsibilities that exten...
Subjects
free text keywords: Corporate Social Responsibility, Shareholder, Stakeholder, Capitalism, Socialism, Ethics, Principal-Agent, and Transparency.
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