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Business Quote by Milton Friedman

“Speeches by businessmen on social responsibility...may gain them kudos in the short run. But it helps to strengthen the already too prevalent view that the pursuit of profits is wicked… There is one and only one social responsibility of business-to...engage in open and free competition without…” quote by Milton Friedman
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“Speeches by businessmen on social responsibility...may gain them kudos in the short run. But it helps to strengthen the already too prevalent view that the pursuit of profits is wicked… There is one and only one social responsibility of business-to...engage in open and free competition without deception or fraud.”

Milton Friedman

About This Quote

Source Essay: "Capitalism and Freedom" (1962)

Businesses' sole social responsibility is to compete honestly, without deception or fraud.

In simple terms: Honest competition is the only duty.

Key Takeaway

Compete fairly, avoid deception.

Themes

economics ethics business competition

Mood

analytical critical

Type

philosophical economic

When to use this quote

  • policy making
  • corporate governance
  • consumer protection

Key Concepts

free market theory corporate responsibility

Questions to Reflect On

  • Is profit‑only focus sustainable?
  • How to balance profit with ethical behavior?
A Different Perspective

Ignoring broader impacts can harm society.

2.4 out of 5 (9 ratings)

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