Was Friedman Right? Moving Towards Strategic CSR Agenda

Abstract

The business of business is business. This statement describes what businesses do quite well, although in a very simplified fashion, which was Milton Friedman’s standpoint on the purpose of firm’s existence. Being a management scholar it is hard not to agree with it, even if you are not a radical liberal. For decades, however, corporate social responsibility (CSR), one of the oldest and most controversial concepts in management science, has been held in opposition to profit-making goals and shareholder wealth creation. Basing on a critical analysis of literature on CSR the goal of this paper is to add further insight into the debate on the strategic role of the concept in today’s companies.