Economist Milton Friedman said that “the only entities who can have responsibilities are individuals. A business cannot have responsibilities. So the question is, do corporate executives, provided they stay within the law, have responsibilities in their business activities other than to make as much money for their stockholders as possible? And my answer to that is no, they do not.” Nowadays, this debate falls into the CSR, or also know as the “Corporate Social Responsibility” talk points. In  Cheers questions: “What is the business of business”? Should business attempt to solve social issues or should business merely exist to maximize shareholder wealth? My opinion is that corporations and public companies should focus on maximizing stockholder and shareholder wealth, while simultaneously relying on ethical principles.
Further reading about Friedman’s conservative stance on business’ business, one can point out that Friedman is quite positive that the social responsibility of a business and the primary focus of those who run the business is to make profit . In business there is a multitude of different scenarios. These scenarios are hardly similar and each of them requires different point of view, perspectives and methods of approach. Is this the right approach? From the other point of view, ethical issues should not be overlooked.
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As we move towards a more connected world, with social media slowly replacing mainstream news channels, where “green” is the word and technology of choice, where political correctness is more important than the essence of an issue, ethical mishaps can turn into a publicity nightmare for corporations. While, in my opinion, a lot of ethical and moral issues are overly inflated there are some that must be taken into account, since they directly relate to the business’ business: profits! In the world we live in I think it is fair to say that corporations can still pursue successful paths while pursuing several methods of social responsibilities. I want to focus on three methods.