There is one and only one social responsibility of business–to use its resources and engage in activities designed to increase its profits so long as it stays within the rules of the game, which is to say, engages in open and free competition without deception or fraud. Milton Friedman, Capitalism and Freedom, 1962
Write an essay critically examining this statement: Do you agree or disagree with Friedman’s claim that the only social responsibility of businesses is to generate profits? Why or why not? Defend your argument, drawing on relevant examples.