Free Market
Milton Friedman was a staunch supporter of the free market (Esposito & Finley, 2012, p.6). According to him, the most important social responsibility of any business is to engage in activities whose ultimate goal is to maximize profits. Still, the activities ought to be guided by the rules and regulations of the market. The rules, in this case, being the open and free competition that is not built on exploitation. According to Friedman and indeed other economists such as Adam Smith and Keynes, whom Friedman borrows heavily from, corporate workers and leaders in the labour sector should be guided by the principles and nature of a free market. Labour unions’ leaders have a responsibility to the union in advocating for interests that surpass their interests and that of other stockholders. The members of the unions are their priority as dictated by the free market concept.
Friedman not only roots for good market policies but also emphasizes on the ethics that are a prerequisite in any business. Friedman suggested that everyone play their role in ensuring that the free market is upheld and that so long as we stick to the confines of the concept of the free market, then the market would take its course. Don't use plagiarised sources.Get your custom essay just from $11/page
His advocacy for self-interest that corporations and labour unions’ leaders have only a social responsibility to their members and stakeholders; however, it has been heavily criticized. He was quoted denying that companies had a moral obligation to set up expenditures for curbing pollution despite many corporations accounting for most of the pollution in the world. He failed to acknowledge the big picture, such as pollution that results from the drive to make profits without putting the framework in place to curb such menace. The outcome has been a global catastrophe, with pollution being a significant concern for climatic changes. The impact is already being felt all over the world.
References
Esposito, L., & Finley, L. L. (2012). Grading the 44th President: A Report Card on Barack Obama’s First Term as a Progressive Leader. ABC-CLIO.