Abstract

The economist Milton Friedman argued that business has only one ethical responsibility: Business has a responsibility to employ all available legal means to increase corporate profits owed to stockholders (Friedman, 1993). In this article, I explore why business students find this argument so attractive. I then argue that, as an account of business ethics, Friedman's legalism is both theoretically and practically unsound. I close with some suggestions as to what would constitute a truly ethical understanding of business practice.