Who was responsible for saying that the sole responsibility of a for-profit organization is to maximize stockholder wealth.
A)Mark Price
B)Henri Fayol
C)Jeff Immelt
D)Milton Friedman

Question

Quizplus · Accepted Answer

Milton Friedman, a prominent economist and Nobel Prize winner, is widely credited with popularizing the idea that the sole responsibility of a for-profit organization is to maximize shareholder wealth. He wrote in his 1970 article "The Social Responsibility of Business is to Increase its Profits" that "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." This idea has since been expanded upon and debated by various thinkers in the fields of business ethics and corporate social responsibility.

Who Was Responsible for Saying That the Sole Responsibility of a For-Profit