"There is one and only one social responsibility of business — to increase its profits"

"There is one and only one social responsibility of business — to increase its profits"

Was he right?

In a way he is. Businesses can only make profit in a free market by selling/providing goods and services that people want to buy voluntarily with their own money. People will only purchase these goods if they believe or know that it will improve their life, thus benefiting everyone.

The thing is though, that he only considers goods and services that people voluntarily buy and thus disregarding essential goods (food, healthcare, housing) that some people can't purchase because they can't participate in the labor market or attain a livable wage (unemployed, disabled, etc). These groups of people want to purchase these goods, but can't - and therefore business will not provide them because it's not profitable.

But uh businesses should also control uh society...yeah! *rub rub*

libertarians are not to be taken seriously

Libertarians are judaism incarnate

He's actually right. It's the job of government to write ethical guidelines. The job of business is simply to make money. The problem with libertarians is that they want to undermine the government's ability to enforce ethical guidelines while at the same time falsely assuring the public that it isn't an issue because businesses will self-regulate, even though they themselves know better than anybody else that maximizing profit precludes any sort of self-regulation.

Milton Freidman sucks demon cocks in hell

and what is the profit in that?

The Shareholder theory is rather outdated by now.
So, no, he wasn't.

yes