Milton Friedman, Nobel-laureate in economics and long-time professor at the University of Chicago (now deceased), wrote an influential editorial in 1970 that raises a fundamental question for business ethics: what is the nature, or essential purpose, of a business?

Milton Friedman, Nobel-laureate in economics and long-time professor at the University of Chicago (now deceased), wrote an influential editorial in 1970 that raises a fundamental question for business ethics: what is the nature, or essential purpose, of a business?

Since Friedman wrote as an unapologetic but deep-thinking capitalist, his conclusions in support of capitalism come as no surprise, yet his argument is persuasive and elegant in its simplicity.

Begin by summarizing the main points of Friedman’s argument. If you disagree, tell us what you think he gets wrong, and why.

For those persauded by Friedman’s defense of capitalism, how might you respond to the charge that business cannot be trusted to “do the right thing” on its own (that is, without governmental controls) in light of endemic greed fueled by profit and power?

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