"[Milton Friedman] was the apostle of the pure profit motive: 'There is one and only one social responsibility of business - to use its resources and engage in activities designed to increase its profits so long as it stays within the rules of the game, which is to say, engages in open and free competition without deception or fraud'...
Today we live in a world where business has complex loyalties and responsibilities, and is subject to continuous pressure not only from shareholders but from government, media, special-interest groups, regulators and litigators. Friedman's view would now be considered dangerously simplistic. These days business must consider value from the perspective not just of investors, but of customers, employees, suppliers, communities and - increasingly - the environment too.
(Stephen Green, Good Value, p.10)
Stephen Green, the chairman of HSBC, will be speaking at TTC tomorrow afternoon.