Forty years ago this month, Milton Friedman critiqued the "doctrine of social responsibility" for business in a New York Times op-ed, writing:

It does not differ in philosophy from the most explicitly collectivist doctrine. It differs only by professing to believe that collectivist ends can be attained without collectivist means. That is why, in my book Capitalism and Freedom, I have called it a "fundamentally subversive doctrine" in a free society, and have said that in such a society, "there is one and only one social responsibility of business–to use it 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."

In short, as Friedman's title put it, "The Social Responsibility of Business is to Increase its Profits."  It was a controversial and influential piece, and the Carnegie Institute revisited the debate with students and business educators earlier this month, asking, "What is the role of business in society today.  Here are two interesting excerpts from their discussion: