Can Business Be Ethical?
In his 1962 book Capitalism and Freedom, the economist Milton Friedman wrote that any business has only one social responsibility: "to use its resources and engage in activities designed to increase its profits so long as it stays within the rules of the game." But that view is now being replaced with a vision of business management as an ethics-driven profession.
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MELBOURNE – Something new is happening at Harvard Business School. As graduation nears for the first class to complete their Master of Business Administration since the onset of the global financial crisis, students are circulating an oath that commits them to pursue their work “in an ethical manner”; “to strive to create sustainable economic, social, and environmental prosperity worldwide”; and to manage their enterprises “in good faith, guarding against decisions and behavior that advance my own narrow ambitions but harm the enterprise and the societies it serves.”