Friedman vs. welch | Business & Finance homework help
The implications of Milton Friedman’s view of corporate social responsibility, which states that a company’s sole purpose is to maximize profits for its shareholders, are very different from the more modern thinking expressed by CEOs such as Jack Welch. This newer school of thought suggests that companies should be focused on creating value not just for their shareholders, but also for society as a whole. This entails taking into consideration the ethical and environmental impacts of business practices while still striving to maximize profits. As such, this shift in attitude has resulted in businesses becoming more socially conscious and looking at ways they can contribute positively to the world around them.