Discuss the two dominant views of business namely:
(a)Miton Friedman sharacholders’ value
(b)Edward Freeman’s stakeholder approach

Business ethics and corporate social responsibility (CSR) are two critical aspects of modern business practices. They deal with the ethical obligations that businesses have toward society and the responsibility to balance the interests of various groups. Two dominant views on the role of business in society come from Milton Friedman’s shareholder value theory and Edward Freeman’s stakeholder theory. These two theories offer different perspectives on the primary purpose of business and the ethical obligations of corporations.

### Milton Friedman’s Shareholder Value Theory

Milton Friedman, one of the most influential economists of the 20th century, is best known for his strong advocacy of the shareholder value theory. In his famous 1970 article in *The New York Times*, titled "The Social Responsibility of Business is to Increase its Profits," Friedman argued that the primary responsibility of businesses is to maximize profits for their shareholders. According to this view, the corporation exists to serve the interests of its owners, i.e., the shareholders, and any other activity outside of profit generation—such as corporate social responsibility (CSR) initiatives or concerns for the welfare of other stakeholders—is a distraction from this primary objective.

Friedman’s argument rests on the belief that the role of business is to engage in economic activities within the framework of the law and ethical norms. He contends that businesses should not take on the role of addressing social issues, as this could undermine their primary function of generating profits. For Friedman, the managers or executives of a company are agents of the shareholders, and their primary ________ _____ __________ _____ __________ __________ ________ ________ _____ _________.
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