Social Reponsibility and Milton Friedman

Social Responsibility

Bernard Rapoport is the son of a man who escaped from Siberia to the US in the 1900’s. He learned social responsibility at a young age and was told by his father to have outrage at injustice. Rapoport started out with a $25,000 loan and built a life insurance company. Fifty years later he had company worth $560 million. Rapoport believes that education can change a society. In the video he states, “I love business, I really do. I just think that it’s possible to build a successful business and have a sense of social responsibility.”

In Milton Friedman’s article, he states that businesses only have one social responsibility, which is to increase their profits. He thinks that companies that do act responsible will make them less competitive. He also states that social responsibilities are of individuals, not businesses.

Whether it is a public corporation with many shareholders, or a sole proprietorship, I don’t think it makes a difference. Every type of business should have social responsibility. To be socially responsible means that as an individual or business, we have a responsibility to society. A business should use its human resources, have community involvement, and have environmental impact. Both public corporations and sole proprietors should be socially responsible. A business’ goal should be to increase their profit, but to also consider other factors like the environment, poverty, and social equality when making decisions. When a business has social responsibility, it gives the company a good reputation and is recognized positively. Being socially responsible has long-term benefits for a company.

Corporate sustainability takes into account how a business operates in the social, cultural, and economic environment and it is very important for businesses to incorporate sustainability into their strategies. Businesses have the responsibility to do what is best for all the people involved such as shareholders, customers,...