To Whom Do Business Managers Owe Service

In response to Friedman many who came from the field of philosophical ethics began to write extensively about business ethics and insisted that, on the contrary, what corporate executives ought to do is manage companies so they would benefit stakeholders. In other words, the moral responsibility of corporate managers is not to improve the bottom line but to help all those who could benefit from what the company is doing, all those who have a stake in the company's fortunes. This became the CSR movement. And today there are journals, magazines, conferences, and many books that advance the idea that the moral responsibility of corporate managers is to benefit society, not primarily the owners—shareholders, investors, stockholders—of the company.

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