Milton Friedm The Limitations Of The Market - 2139 Words

In contrast with Galbraith, Milton Friedman never appreciated the limitations of the market, he was a forceful critic of government. He takes as a starting point Adam Smith’s skepticism, but he is much more toward the relationship between morality and capitalism. He launched a point of view which later generated controversy. He asserts that only people have responsibility. A corporation is an artificial person and in this sense may have artificial responsibility, but business as a whole cannot be said to have responsibilities. The only responsibility of companies is to get involved in economic activities designed to make profit, any expense incurred for social and moral reason affecting this fundamental goal, such as any extra expense to support some communities or to protect and restore the environment, will result in decreasing the profitability and, in the end, everyone will have something to lose. The member of a corporation, their position such as a stakeholder can undert ake moral responsibilities, but as individual, not as representatives of the corporation. According to Friedman, there must not be any connection between business and ethic is that a corporation is a legal entity, not a person, and morality is a distinct attribute, belonging to human being. Thus, he stated that moral criteria have no place in the economy, especially in capitalism; economy and business are in the horizon of amorality and it is there that they should remain. To me, I do not completely