“The Social Responsibility of Business is to Increase its Profits” (1970) the Nobel-prize winning economist Milton Friedman argued that the only social responsibility of business is to increase its profits for the benefit of shareholders.
Consider the above statement in the light of the developing and complex concept of corporate governance. Critically assess and evaluate how the concept has developed and the extent to which you agree with Milton Friedman’s article.
Learning Outcomes to be assessed(as specified in the validated module descriptor):
1. To demonstrate a high level knowledge of the law relating to commercial and consumer law.
2. To critically analyse, evaluate and apply laws relating to commercial and consumer law contracts.
3. To assess the role and obligations of different governmental and non-governmental agencies in terms of commercial practice, trading standards and consumer protection.