Responsibility of the business

Order Description “There is one and only one social responsibility of the business – to 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, engage in open and free competition without deception or fraud” (Friedman 1962, 133). Critically discuss the merits of this statement in the contemporary business environment and identify and discuss other potential obligations a firm may have beyond profit. Use examples to illustrate.