Abstract
Milton Friedman is the most famous representative of the Shareholder Primacy Model. Pursuant to Friedman, a company does not owe any duty to anyone besides its shareholders. In his book “Capitalism and Freedom”, Friedman clearly expressed that “there is one and only one social responsibility of business—to use its resources and engage in activities designed to increase its profits 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.
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Notes
- 1.
Friedman, Capitalism and Freedom, p. 133.
- 2.
Friedman, The Social Responsibility of Business Is to Increase Its Profits, https://www.nytimes.com/1970/09/13/archives/article-15-no-title.html.
- 3.
Friedman, Capitalism and Freedom, p. 133 et sqq.
- 4.
Jellinek, Die sozialethische Bedeutung von Recht, Unrecht und Strafe, 2nd ed. (1908) p. 45.
- 5.
Neuhold, Ethik und Ethikkommissionen/Ethikkomitees mit Blick auf die Wissenschaft und Forschung – ein einfaches und doch komplexes Thema, in Neuhold/Pelzl (Ed.), Ethik in Forschung und Technik (2011) p. 51 (p. 65).
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Peter, A. (2021). Hypotheses. In: CSR and Codes of Business Ethics in the USA, Austria (EU) and China and their Enforcement in International Supply Chain Arbitrations. Springer, Singapore. https://doi.org/10.1007/978-981-33-6073-0_2
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