Veronicle Blog

Milton Friedman (July 31, 1912 - November 16, 2006) was a Nobel Prize winner for Economics and an Economics professor in the University of Chicago who made major contributions to macroeconomics, microeconomics, statistics, and economic history. Friedman championed the concept of minimal government role in a free market as a way to actualize political and social freedom.

Aside from the fields of Economics and Academics, Friedman is widely known for his stance against corporate philanthropy and corporate social responsibility. Friedman stated that the only social responsibility of businesses is to earn and increase profits by using their resources and engage in profit-earning activities. In fact, Friedman said in his article in The New York Times Magazine that he had no patience with capitalists who say business has a “social conscience.”

In a debate with John Mackey, the founder and CEO of Whole Foods, Friedman adamantly argued that Mackey and Friedman himself are in agreement if the camouflage is stripped. Friedman illustrated this point using Mackey’s position that the consumers should come first. Friedman argues that such concept of putting the consumers first could also mean putting the investors first, since it is the consumers’ money the investors are after.

Though Friedman openly airs his points against corporate philanthropy, he is not totally against it. Corporate giving is clearly justified if it serves a purpose for the corporation - media exposure, marketing strategy to attract potential consumers, and improving employer-employee relations.

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