In the field of economics, there are few men who cast a bigger shadow than Milton Friedman. One of his (among many) central ideas is the Friedman Doctrine which states that corporations have no social responsibility (as long as they play by the rules) beyond profit maximization. This approach is often criticized by those that believe corporations should be good “corporate citizens”.
For this paper, you will research the life and career of Milton Friedman providing an overview of his life and main economic theories paying particular close attention to the finer points of the Friedman doctrine. The paper should focus on these main ideas and use at least 3 outside resources:
1. What was Friedman’s educational background?
2. What school of thought is he associated with?
3. What are some concepts attributed to him (Friedman doctrine must be explained in detail)?
4. What is your personal position on the responsibility of corporations to society?
5. Can a company be socially responsible and maximize profits (give examples!)?