July 11, 2020

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Corporate Governance and Business Ethics


Milton Friedman is often quoted as claiming that the only business of business is profit:

“There is one and only one social responsibility of business–to use its resources to engage in activities designed to increase its profits.”

What is often left off is the rest of his statement:

“. . . 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.”

Even Friedman thought that freewheeling free enterprise at the service of the bottom line was an impossible effort without abiding by the commonly accepted cultural rules of what is legal and ethical in practice.
Photo Credit: Ian Kelsall

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