The key point of the article “The Social Responsibility of business is to increase profit” is that business ethics does not exist, and as written in article, the only social responsibility of business is to engage in competition without deception or fraud. The author Milton Friedman may wrote it with bias, but I agree with him.
Last night when I was researching business news, I saw an article from last year and it talked about the relationship between Apple and its suppliers. Since Apple has released the information of its suppliers (especially Foxconn), it has caused many struggles and difficulties for them. This action is not ethical, and it has caused their partnership no longer based on trust. Also, because of this issue, Apple’s supply was not able to meet customers’ demands. However, by doing this, Apple would be able to cut the costs from its suppliers, which can result in higher profits. Moreover, Apple gave Foxconn’s major rival many orders, which can cause the awkward relationship between Apple and Foxconn, but it can help Apple to reduce costs, and get their priority-PROFITS. By looking at this case study, social responsibility does not exist because profit has taken over all other factors.

In addition, I’ve watched a video about “Freeman’s stakeholder theory”, and it talked about stakeholders of a business have to work together in order to make the business succeed. In this case, Apple didn’t collaborated well with its supplier Foxconn; it distant itself from Foxconn’s labor issues. This has resulted the restrain in their partnership and caused all the negative reputation.

Even Apple may reduce costs and have better opportunities to gain more profits; poor relationship between stakeholders is not benefiting the business for a long-term period.

References:

• Online picture source: [URL: http://sites.miis.edu/studentservices/2013/03/06/csumb-annual-business-ethics-forum-is-corporate-social-responsibility-good-business/] MIIS Student Services, Jeff Froshman,  last accessed 2014/09/09
• Online article: [URL: http://site.ebrary.com/lib/ubc/reader.action?docID=10187339&page=171] “The Social Responsibility of business is to increase profit”, Milton Friedman, last accessed 2014/09/09
• Online news article: [URL: http://www.usatoday.com/story/tech/2013/07/22/apple-suppliers-minyanville/2574221/] USA Today, Andre Mouton, last accessed 2014/09/10
• Online video: [URL: https://www.youtube.com/embed/bIRUaLcvPe8] Youtube, R. Edward Freeman, last accessed 2014/09/09