Responsibility of the business Academic Essay

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“There is one and only one social responsibility of the business – to use its resources and engage in
activities designed to increase its profits so long as it stays within the rules of the game, which is to
say, engage in open and free competition without deception or fraud” (Friedman 1962, 133). Critically
discuss the merits of this statement in the contemporary business environment and identify and
discuss other potential obligations a firm may have beyond profit. Use examples to illustrate.