Does the corporate social responsibility go beyond just maximizing profit for investors?
Can a capitalistic market economy survive if corporations do not practice Social Responsibility? CSR includes responsibility to the community, employees, suppliers and investors. The late Nobel Prize winning economist Milton Friedman's position on this topic was that the only responsibility of corporation is to earn a profit for investors. He believed that their social responsibility was fulfilled by paying taxes, wages, etc.
But does CSR go beyond that Friedman's, position? What will be the consequences to the market free enterprise economy without CSR.?