What is the classical view of management's social responsibility?
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Classical View of Social Responsibility
According to the Milton Friedman an economist that today managers are professionals, their social responsibility is to minimize the profit. According to him their first priority should be to run the business in the best interest of owners.
Socioeconomic View of Social Responsibility
According to Socioeconomic View of Social Responsibility maximizing profit is the second priority, the first priority is protecting and improving society’s welfare. Now-a-days modern business organizations are not only economic institution, but they engage their self in such activities to influence political process for their benefits. Society encourages business to become involved in its social, political and legal environment.
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