Milton friedman concept that obeying the law

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Traditionally, business adopted Milton Friedman’s concept that obeying the law is the only legitimate constraint to the pursuit of profit. By late in the twentieth century, businesses began to focus on providing value for customers, suppliers, employees, shareholders, and communities. No stakeholder’s interest was viable in isolation of other stakeholders (DesJardins, 2015). Are organizations that use a triple bottom line or institute a CSR model at a financial disadvantage compared to firms that concentrate on profit within the law? Why might a profit centered business be at risk of making unethical decisions?

Reference no: EM132280636

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