In this assignment, you are required to download and read the NYT article written by Milton Friedman entitled “The social responsibility of business is to increase its profits” (September 13, 1970). Milton Friedman was the 1976 Nobel Prize Winner in Economics.
In essence, Milton argued that a firm’s main responsibility is to its shareholders, which is to maximize profit. Milton’s theory, also known as ‘the Friedman doctrine’, is controversial and morally incorrect, but it helps to frame some of the business ethics and code of conducts that we have today.
Critically evaluate whether you agree or disagree with Milton Friedman’s view.
You may find the materials that we discussed in Lectures 1 and 2 (market efficiency), along with Lecture 9 (ethics), are useful to frame your argument(s). The following lecture 9 learning materials could be useful too: CFA Code of Ethnics and Standards of Professional Conduct, and CFA Standards of Practice Handbook.
The following rules apply:
Limit to two pages (anything written beyond this page-limit won’t be marked)
Times New Roman with 11-font size and double line spacing
All submitted work will be cross-checked using Turnitin for plagiarism
This is an individual assignment.
Cover page is not required. Put down your name and student i.d. on the first page.
Please refer to the course profile for late submission and the corresponding penalty
6 points (max) are awarded for critical evaluation, and 4 points for English, grammar,
structure etc. Total = 10 points, and these are subsequently adjusted to 5% that make up