Revolutionizing the World Through Social Responsibility

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“Revolutionizing the World Through Social Responsibility”

The speaker, Mr. Jonathan Greenblatt, mostly talked about charting the impact economy. The impact economy is composed of businesses, the government and most importantly, the consumers. Milton Friedman, a famous economist of the 20th century, wrote a landmark book in 1962 titled “Corporation and Freedom” in which he wrote: “The role of government in the marketplace is to create monetary policy to enforce contracts and to support and encourage competition.” This means that the government plays a very important role in the economy. Businesses won’t be able to function effectively and efficiently without the help of the government. People are having a hard time figuring out the role of businesses in line with the aftermaths of different scandals and fiascos in the past. Friedman also wrote in his essay in 1972: “The Social Responsibility of businesses is to generate money.” After hearing a lot of Corporate Social Responsibility talks, this one line fairly caused a bit of confusion for me. Businesses’ sole purpose and objective is to generate money. It’s implied. But whenever I hear Social Responsibility, I think of the words “philanthropy” and “non-profit”. But I think what Friedman meant in his essay is that in order for businesses to fully grasp their social responsibility in this economy is to first generate profit because that’s a start. They won’t be able to participate in this whole social responsibility thing if they don’t have impact capital.

Businesses are created to do several ranges of things. First is to deliver superior value. They should help in the repair of damaged status quo. Second is to be mindful of their social impact. Businesses should use themselves to influence and promote social responsibility. Lastly, they should create and uphold new equilibrium. In this age wherein inequality is very rampant, businesses should initiate change and promote equality in their system then to the...
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