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Thread: Milton Friedman got it wrong on profit being the only aim, HSBC chief Green argues

  1. #1

    Milton Friedman got it wrong on profit being the only aim, HSBC chief Green argues

    Mr Green made the claim in a lecture on "Tomorrow's Value" at an event at Mansion House in London, organised by the sustainability think-tank Tomorrow's Company and the Chartered Institute of Management Accountants,

    "Of course you need a profit," he said, "but it is a by-product, a hallmark of success. It is not the be all and end all. It is not the raision d'etre of business.

    "What is the purpose of business? Friedman says the social responsibility of business is to make a profit but that will no longer do. Plain common sense will tell you that that cannot do.

    "Plain common sense will tell you that you have to have a sustainable business model. You have to inevitably go back to the considerable things that go beyond simply saying that it is the social responsibility of business to make a profit."

    http://www.telegraph.co.uk/finance/e...en-argues.html

  2. #2
    He should have qualified his remarks stating HSBC has a social responsibility to successfully launder drug money and money from state sponsors of terror.

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