A Quote by Robert Reich on business, capitalism, and good business

In the early 1970s, Milton Friedman argued that corporations should not be socially responsible because they had no mandate to be; they existed to make money, not to be charitable institutions. But in the economy of the 21st century, corporations cannot be socially responsible, if social responsibility is understood to mean sacrificing profits for the sake of some perceived social good. That's because competition has become so much more intense. As to the meaning of "corporate social responsibility," Friedman and I would agree: If a certain action improves the corporation's bottom line, there's no point in labeling it "socially responsible." It's just good business.

Robert Reich

Source: Forbes: Supercapitalism: Transforming Business: http://www.forbes.com/opinions/2007/09/06/book-qanda-reich-oped-cx_mw_0906reichqanda.html

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