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  • 01 May 2006
  • What Do You Think?

Who Will Cast a Longer Shadow on the 21st Century: Friedman or Galbraith?

global challenges on their responses. Sudip Bose put it this way: "Venerated works of Milton Friedman have influenced government policies. . . . But, his shadow will be relentlessly chased primarily by... View Details
Keywords: by James Heskett
  • December 1995 (Revised November 1996)
  • Background Note

Corporate Purpose and Responsibility

By: Lynn S. Paine
Presents several conceptions of corporate purpose and responsibility as articulated by a variety of groups and individuals during the period 1970-95. Included are materials from the Business Roundtable, the American Law Institute, the Royal Society of Arts and... View Details
Keywords: Mission and Purpose; History; Corporate Social Responsibility and Impact
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  • Forthcoming
  • Article

From Bupkis to Sechel in Health Care

By: Regina E. Herzlinger and Richard Boxer
Fifty years ago, famed economist Milton Friedman declared that “The social responsibility of business is to increase its profits.” This free market manifesto was adopted by the healthcare industry as well. But transactional has evolved into transformational with the... View Details
Keywords: Corporate Accountability; Customer Focus and Relationships; Corporate Social Responsibility and Impact; Health Industry
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  • August 2021
  • Case

Danone S.A.: Becoming a Mission-Driven Company (A)

By: Benjamin C. Esty and Emilie Billaud
Emmanuel Faber became CEO of Danone SA, the French food and beverage company, in 2014. Right from the start, he ran the company with a dual commitment to both profit and purpose (i.e., ESG objectives). In fact, in 2018, he said, “It’s time to make sustainable business... View Details
Keywords: Business and Stakeholder Relations; Corporate Governance; Leadership; Corporate Social Responsibility and Impact; Mission and Purpose; Environmental Sustainability; Goals and Objectives; Consumer Products Industry; Food and Beverage Industry; France; Europe
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  • 26 Mar 2013
  • First Look

First Look: March 26

managers have responsibilities to the system itself, and, in particular, should these responsibilities shape their behavior when they are attempting to structure those institutions of capitalism that are determined through a political process? A prevailing view-perhaps... View Details
Keywords: Sean Silverthorne
  • 07 Aug 2013
  • Working Paper Summaries

Debating the Responsibility of Capitalism in Historical and Global Perspective

Keywords: by Geoffrey G. Jones
  • 09 May 2017
  • What Do You Think?

Should Management Be Primarily Responsible to Shareholders?

“father of agency theory,” Milton Friedman, reconciled his views with managing for long-term sustainability rather than maximum short-term shareholder value. Jacob Navon said, for example, “I think this whole debate is introducing... View Details
Keywords: by James Heskett
  • 28 Jun 2022
  • Book

The Moral Enterprise: How Two Companies Profit with Purpose

How can government and business work together in this fractious political moment, when finding solutions to pressing problems like inequality and climate change are more urgent than ever? Rebecca Henderson, Harvard University’s John and Natty McArthur University... View Details
Keywords: by Avery Forman
  • 29 Jul 2013
  • Research & Ideas

A Manager’s Moral Obligation to Preserve Capitalism

Capitalism's moral logic was perhaps most famously articulated by free market champion Milton Friedman when he said that "the social responsibility of business is to increase its profits." That... View Details
Keywords: by Michael Blanding
  • 29 Aug 2018
  • What Do You Think?

What Should Harley-Davidson’s Management Do?

business is business,’ is an important statement of Milton Friedman in this context. The criticism on Harley would be worse if they did not run their business in the most cost-effective way, including... View Details
Keywords: by James Heskett; Auto
  • 01 Oct 2020
  • What Do You Think?

Are CEOs the Wrong Leaders for Stakeholder Capitalism?

again the question framed so eloquently 70 years ago by Milton Friedman in his famous article, “The Social Responsibility of Business Is to Increase Its Profits.” (Incidentally, View Details
Keywords: by James Heskett
  • 14 Nov 2012
  • Research & Ideas

New Agenda for Corporate Accountability Reporting

you start to see technologies like matching and balance sheets in corporate accountability reports, he continues, then it is less likely to be 'window dressing' in the sense that Milton Friedman described... View Details
Keywords: by Martha Lagace; Accounting; Energy; Utilities
  • 02 Oct 2019
  • What Do You Think?

What Grade Would You Give Walmart CEO Doug McMillon?

so primarily because of the belief that corporations have a responsibility to several stakeholders. Bing’s comment reflects this: “He deserves an A. The Milton Friedman concept of shareholder value deserves... View Details
Keywords: by James Heskett; Retail
  • 02 Jul 2001
  • What Do You Think?

Built to Last or Bought to Sell?

stimulated by advocates of agency theory over the past two decades. And it brings to mind the old Milton Friedman axiom that the business of business is to make money (presumably more than the average for... View Details
Keywords: by James Heskett
  • 02 Oct 2008
  • What Do You Think?

Workout vs. Bailout: Should Government Take Advantage of the Buffett Effect?

as soon as possible)—as reasons why "a Government bailout may not be perceived in the same way as a Buffett style investment." Henrique Abreu cited a lesson of the late Milton Friedman that "it is a... View Details
Keywords: by Jim Heskett
  • 12 Mar 2018
  • Op-Ed

Op-Ed: Why BlackRock CEO Larry Fink Is Not a Socialist

benefit all of their stakeholders, including shareholders, employees, customers, and the communities in which they operate.” This position sharply contrasts to Nobel Prize-winning economist Milton Friedman’s famous 1970 article, The... View Details
Keywords: by Bill George; Banking
  • 08 Jan 2007
  • What Do You Think?

Neuro Economics: Science or Science Fiction?

weak brands, even for mundane products. Does this influence purchase decisions? Stay tuned. Just how earth-shaking is this? After all, the late Milton Friedman was said to be most proud of his work with... View Details
Keywords: by Jim Heskett
  • 02 Dec 2009
  • What Do You Think?

Should Immigration Policies Be More Welcoming to Low-Skilled Workers?

and importing unskilled workers to keep costs low takes away the initiative for technological advances ." And Sam Heffner, invoking the noted economist, Milton Friedman, pointed out that "before he died, the great Dr. View Details
Keywords: by Jim Heskett
  • 07 Sep 2007
  • What Do You Think?

Are Elite Business Schools Fostering the Deprofessionalization of Management?

a field largely based to that point on practice and shared (often untested) wisdom handed down from one generation to the next. This was followed by, among other things, the growing acceptance of a 1970 declaration by Milton View Details
Keywords: by Jim Heskett
  • 12 Mar 2006
  • Research & Ideas

Global Poverty Needs a Global Answer

supposed to be kept separate and preferably distant. And many agree with Milton Friedman who famously said that the purpose of business is to maximize returns to shareholders and compete to satisfy consumer... View Details
Keywords: by Cynthia Churchwell

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