Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Milton Friedman, in his well-known 1970 article, The Social Responsibility of Business is to Increase its Profits, wrote:[T]he executive is an agent serving the interests

Milton Friedman, in his well-known 1970 article, "The Social Responsibility of Business is to Increase its Profits, "wrote:"[T]he executive is an agent serving the interests of his principal [the shareholders]."If business executives use corporate resources to benefit society they are, in effect, stealing from their shareholders instead of serving their interests: "spending someone else's money...imposing taxes, on the one hand, and deciding how the tax proceeds shall be spent, on the other. "How would a proponent of the benefit corporation answer this argument?

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Business Law and the Regulation of Business

Authors: Richard A. Mann, Barry S. Roberts

10th edition

0324786603, 978-0324786606

More Books

Students also viewed these Law questions

Question

What percentage of your students publishes before they graduate?

Answered: 1 week ago

Question

2. It is the results achieved that are important.

Answered: 1 week ago