Evaluate the capitalist system using Milton Friedman's and Norman Bowie's Neo Classical Models of...

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Evaluate the capitalist system using Milton Friedman's and Norman Bowie's Neo Classical Models of Corporate Social Responsibility. Make recommendations on the way forward for a more 'sustainable' market economics.

David · Accepted Answer

Evaluate the capitalist system using Milton Friedman's and Norman Bowie's Neo Classical 
Models of Corporate Social Responsibility. Make recommendations on the way forward for a 
more 'sustainable' market economics. 
Ans  
The concept of corporate social responsibility says that apart from the economic and financial 
dealings, a company should also take note of its social and environmental consequences. It is the 
duty of the business entities to carry out profit making activities along with remaining socially 
and environmentally conscious. The Neo classical theory advises that the firms should maximize 
profits while following a code of conduct to maintain a minimal level of compliance with laws of 
ecological sustenance. It is different from the classical model which denies any direct corporate 
social responsibility of business entities. According to neo classical theory, corporations have to 
balance between, social responsibility and financial performance.  
The classical theory by Milton Friedman,

Evaluate the capitalist system using Milton Friedman's and Norman Bowie's Neo Classical Models of Corporate Social Responsibility. Make recommendations on the way forward for a more 'sustainable'...

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