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QUESTION 1 [20]
1.1 According to Milton Friedman,
“there is one and only one social responsibility of business – to
use its r...
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LML4806
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PORTFOLIO MEMO
SEMESTER 1 – 2024 - UNISA
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DUE DATE: - 17 MAY 2024
Includes detailed Footnotes and/or Bibliography.
PORTFOLIO PREVIEW
QUESTION 1
1.1 According to Milton Friedman, “there is one and only one social responsibility of
business – to use its resources and engage in activities designed to increase its profits…”
With reference to the principle of corporate social responsibility, discuss the meaning of
corporate social responsibility and whether you agree with Milton Friedman’s view above.
Also assess the extent to which engaging in corporate social responsibility activities may
benefit a company that engages in such activities. (10)
Questions continue…
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1.1 According to Milton Friedman, “there is one and only one social
responsibility of business – to use its resources and engage in
activities designed to increase its profits…” With reference to the
principle of corporate social responsibility, discuss the meaning of
corporate social responsibility and whether you agree with Milton
Friedman’s view above. Also assess the extent to which engaging in
corporate social responsibility activities may benefit a company that
engages in such activities. (10)
Corporate Social Responsibility (CSR) is a self-regulating business model
where organizations commit to creating a positive impact through
conscientious behavior with regard to the environment, society, and the
economy. It’s often referred to as corporate citizenship. CSR can be
implemented in various ways and can significantly enhance a company’s
reputation, boost sales, and increase customer loyalty.
Milton Friedman, a famous economist, championed a strong view of
corporate social responsibility: a business is socially responsible when it
increases its profits. He argued against the so-called “social responsibilities
of businesses”.
According to him, businessmen who talk about social responsibilities are
unwitting puppets of the intellectual forces that have been undermining the
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