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 deception or fraud.”
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.
Compete fairly, avoid deception.
Themes
Mood
Type
When to use this quote
- policy making
- corporate governance
- consumer protection
Key Concepts
Questions to Reflect On
- Is profit‑only focus sustainable?
- How to balance profit with ethical behavior?
Ignoring broader impacts can harm society.