THE MILTON FRIEDMAN QUESTION: A LETTER TO THE ECONOMIST (January 29, 2011)

It is amusing to read your review of the latest opinion survey by Edelman, an American public-relations company famous for wonky surveys (“Milton Friedman Goes on Tour,” January 29, 2011). The so-called informed public across the globe was asked what they think of Milton Friedman’s famous assertion that “the social responsibility of business is to increase its profits.” Muckraking pure and simple in spite of the surprising findings. For example, it is mostly Asian countries that went for this definition of social responsibility. One notable exception is China. Not surprisingly, much of Europe is not enthralled by Friedman. Again, one notable exception is Sweden. America is someplace in between, which many will find surprising, too. Returning to muckraking, the Nobel laureate came up with this assertion in the title of his article for The New York Times Magazine on September 13, 1970. Note the time and place. At the time, American police was still battling with teargas against protesters from the late Sixties. And the place is a newspaper rather than a scholarly journal. But the article itself is still worth reading, and it shows clearly enough that the Asians in the Edelman survey got their business right.