Milton Friedman's Ideas about Corporate Purpose Fall into Disfavor

In 1970, Nobel Laureate economist Milton Friedman famously proclaimed in the New York Times Magazine, “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.” Many still swear by Friedman’s proclamation. However, the tide has turned against the Friedman view of corporate purpose.

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Why am I now doing two blogs? To have one that tracks the evolution of new ideas and practices in the fast changing world of marketing and one that does the same thing on the corporate organizational front. Occasionally I will link the two blogs, as I did today, when I think something warrants the attention of both audiences.
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Comments

[joared]

Friedman's views are long past overdue for replacement. Too bad it has taken so long.