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An Appropriate Ethical Model for Business and a Critique of Milton ...

Source: www.independent.org
Topic: Business Ethics

Sort Desciption: The discipline of business ethics is relevant to this discussion only in the ..... Responsibility for this business ethic is shifted to agents of the ...

Content Inside: 187 An Appropriate Ethical Model for Business and a Critique of Milton Friedmans Thesis R ICHARD W. W ILCKE I n 1970 when interest in the ethics of business was increasing to a degree that would soon cause the emergence of a whole new discipline a controversial essay on corporate responsibility The Social Responsibility of Business Is to Increase Its Profits was published in the New York Times Magazine. 1 It was written by Mil- ton Friedman distinguished professor of economics at the University of Chicago and regular columnist for Newsweek. Based on part of a chapter of Friedmans 1962 book Capitalism and Freedom the essay has been one of the most widely citedand criticizedof all Friedmans popular writings. 2 My goals for this article are to propose a free-market model of business ethics for firms of all sizes and types (by describing a past attempt to promote such a standard) to comment on the history of regulation and on the emergence and teachings of the discipline of business ethics and to argue that Friedmans perspective on corporate responsibility as outlined in 1970 and his subsequent position on corporate lobbying are counterproductive to the furtherance of such a free-market model among leaders of the business community. The Independent Review v. IX n. 2 Fall 2004 ISSN 1086-1653 Copyright 2004 pp. 187209. Richard W. Wilcke is an executive-in-residence in the College of Business and Public Administration at the University of Louisville. 2. Author John Hood who is clearly familiar with the literature has commented: It is no exaggeration to say that with very few exceptions every major article on or analysis of corporate social responsibility since pub- lication of Friedmans article has cited mentioned or challenged it (1998 682 emphasis added). 1. This essay has been reprinted in many collections. See Friedman 1972 17784. Henceforth I cite page numbers from this reprint. T HE I NDEPENDENT R EVIEW 188 R ICHARD W. W ILCKE 3. This organ ...

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