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Business Responsibility: Milton Friedman Versus Archie Carroll

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I need to come up with a summary of both Milton Friedman (traditional view of business responsibility) and Archie Carroll main points (four responsibilities of business). I also need examples of organizations that use both types views.

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Running Head: Milton Friedman's and Archie Carroll's Views on business responsibility

Milton Friedman's and Archie Carroll's Views on business responsibility
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One of the main goals of any organization is to do their business operations in a socially responsible manner. Over time there have been differing opinions regarding a corporation's social responsibility. The main point of controversy is often on who the organization primarily seeks to serve and with what means to an end. This paper presents two differing views on this topic by discussing Milton Friedman's traditional view of business responsibility and Archie Carroll's four responsibilities of a business

Milton Friedman's view on business responsibility
Milton Friedman pointed out that a business primarily seeks to maximize profits in the interest of maximizing the shareholders' wealth. In this sense the basic responsibility of a firm is to maximize profits with the fiduciary duty of safeguarding the shareholders' interests and it should overcome all environmental hindrances to do so. Milton pointed out that the only responsibility of business were to maximize shareholders' wealth, and do business in an open and free competition without ...

Solution Summary

The solution discusses the views of business responsibilities.