Do Friedman's Ideas Stand the Test of Time?

In a 1970 NewYork Times Magazine article, economist Milton Friedman argued that for a manager acting as an agent of the business owner (principal), "there is one and only one social responsibility of businessto 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, engages in open and free competition without deception or fraud."

Given what we have learned about Earth's environment since this article was published, do you think Friedman's statement that the "sole purpose of business is to make profits" is valid? Explain your answer.