May 11: Anniversary of Milton Friedman’s famous article “The Social Responsibility of Business” (1970). 

May 11, 2025 marks 55 years since the publication of Milton Friedman’s famous article, “The Social Responsibility of Business is to Increase its Profits” (1970). This article was a milestone in the debate on the role of business in society, focusing on the idea that the main responsibility of a business is to maximize its profitability,  as long as it complies with market rules and laws. 

Friedman’s approach provoked strong reactions, but also widespread acceptance in the business world. During the 1980s, this model became dominant, leading to significant growth in capital markets. However, in modern conditions, businesses are called upon to adopt a more balanced role, taking into account social, environmental and ethical factors. The balance between the 3 can be successfully achieved by following the empirical consulting services of a business consultant.  

The concept of ESG (Environment, Society, Governance) is emerging as the new framework for measuring success. According to a PwC report (2024), 79% of investors consider ESG performance as important as financial performance. Businesses that combine profitability with social responsibility attract greater trust from consumers and investors, business strategies developed in collaboration with business strategy consultants. 

For example, companies investing in sustainability and transparency are seeing higher growth. Large groups such as Unilever and Tesla show how social responsibility can be integrated into core business strategies without undermining profitability. 

This anniversary offers an opportunity for reflection. Friedman’s article remains relevant to the need for effective management and productivity, but businesses in 2025 know that their value is judged by both their financial results and their positive impact on society.