Introduction
Many companies engage in corporate social responsibility engaging in charitable acts. There has been focused attention on this topic. Milton Friedman suggested that corporate social responsibility applies only to the shareholders of the company. Other parties should not be considered. The managers should only concentrate on maximising shareholder’s wealth and ensure the firm constantly makes profits. This concept goes against the widely held view that a company should practice social responsibility to several stakeholders such as the customers, employees, suppliers and the local communities. The concept proposed by Milton is known as the Shareholder Concept of social responsibility while ...
