There are two camps of thought in regards to a business's responsibility. The Friedman camp believes "the purpose of the firm is to maximize the welfare of the stockholders" (Friedman, 1970). The Freeman camp, however, prioritizes the welfare of the stakeholder over the stockholder. Stakeholders include stockholders as well as customers, employees, and various other parties tied to the wellbeing of a company. I personally find myself in the Freeman camp, since it takes not only the stockholder concerns of Friedman into account, but many other perspectives as well. Friedman's beliefs are very much of the era he stated them in, and do not apply themselves nearly as well to our current climate. Social media in particular has been a game changer, and has given the community a voice which can be heard quite loudly when a corporation is caught doing something against general public interest. While Friedman hardly considered moral or social constraints, Freeman is far more concerned with operating in a sustainable way, one that maximizes profit, but also serves the interest of all parties involved with a company.

Do you agree with the point made in the above paragraph?

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