After reading the chapter and facts from the perspective given by Milton Friedman, it can be said that the business’s only social responsibility is to increase and multiply its profits because this is what they usually claim to their shareholders. The shareholders and stockholders want more out of business regardless of what the business corporation is doing. So, it is the responsibility of a place to remain as profitable as possible; otherwise, if they focus on social responsibility more, it will have negative consequences on other stakeholders such as customers, shareholders, and employees. For instance, if a company works to better the community b adopting social responsibility, it must have to spend some money. In this situation, the company may lower the profits for shareholders, increase the prices for customers, or reduce the pay level of their employees. It shows that businesses should only work to achieve high yields.
In one sense, the corporations can be attributed as persons because both are legal and moral entities. A person is a moral entity as an individual part of society. He/she has various obligations to live in a community. Seemingly, a corporation is also a part of the culture. The corporations come with multiple responsibilities, liabilities, and moral obligations to fulfill. Both corporations and persons pay taxes. These are some of the similarities between a corporation and a person. But they are different because a person is responsible for his/her actions, but various individuals handle a corporation. Many stakeholders are there who may take part in decisions made for a corporation. So, corporations need to act responsibly for all stakeholders. Like a corporation should work hard to increase profits for its shareholders and decrease prices for its customers. The stakeholders are an essential part of a corporation’s model, so it is their responsibility to keep things on the right path, maximizing utility for all stakeholders.