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Corporate Social Responsibility

By Glassman, James K
Publication: The American Enterprise
Date: Sunday, January 1 2006
HEADNOTE

Politics meets economics

"Few trends could so thoroughly undermine the very foundations of our free society," wrote Milton Friedman 43 years ago, "as the acceptance by corporate officials of a social responsibility

other than to make as much money for their stockholders as possible." Wow! Now there's a refreshing opinion in a world where CEOs pander to the aging radicals who run the increasingly powerful anti-capitalist entities called nongovernmental organizations (NGOs).

In recent years, many CEOs have flocked to support something called "corporate social responsibility," or CSR. (And who could be against that?) In November, for example, Business for Social Responsibility-an organization that includes some of the world's biggest companies, from ABB to Walt Disney-attracted more than 1,000 people to its annual meeting in D.C. World Bank president Paul Wolfowitz gave the keynote address.

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