Vol 8 No 1 (2016)
Articles

Friedman’s Theory of Social Responsibility for Business in the 21st Century

Raana Barlas
Bio
Published June 6, 2016

Abstract

Milton Friedman’s view regarding the social responsibility of business is often quoted without delving into its complete meaning as it has changed from 1970 to today. This article looks at such affecting societal changes as private sector growth and questions whether Friedman’s idea still applies and, if so, in what ways. It also looks at the public sector’s increasingly reliant relationship on the private sector and what this means for a nation’s citizens and the future of corporate social responsibility. Keywords: Friedman, corporatocracy, social responsibility, corporation, free market, neoliberal, public sector