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In normal circumstances, we would have had a physical conference in one of the locations, but although we have the challenges of not being able to get together physically, we also have the benefits of technology that can bring us a global conversation, integrate the discussions at Asia, with the discussions in Europe, Middle East, Africa, the discussions in the Americas. We have campuses in Hong Kong, London, and in Chicago. And one of the wonderful things that it does is highlight the global reach that Chicago Booth has. This is, I think, the first time that anyone is having a virtual global conference. I am so delighted to welcome you to a virtual global conference that Chicago Booth is having on the 50th anniversary of Milton Friedman's famous essay on corporate social responsibility. He said that companies articulating a sense of purpose is an increasingly accepted practice by Wall Street. Saeed agreed that businesses should have a broader sense of responsibility to promote the health of the overall system. “I think the capitalist system as defined by Friedman is an extraordinary engine for innovation, growth, and job creation, but we all have a responsibility on our own to address the pain points created by it,” he said. His company has put this idea into practice during COVID-19, canceling tenant payments, assisting suppliers, and coordinating with other businesses to supply food to Manila’s day laborers. The conference kicked off in Hong Kong, as Henny Sender of the Financial Times explored the ethical responsibilities of institutions, in a conversation with Ahmed Saeed, MBA ’96, JD ’96, vice president of operations for the Asian Development Bank, and Jaime Augusto Zobel de Ayala, chairman and CEO of Ayala Corporation, one of the largest and most diversified business groups in the Philippines.Īyala argued that private institutions should align themselves with the national good.
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Scroll to see recaps and full video recordings from all presentations throughout the day, or use the links below to jump to a particular session: Seven sessions hosted by Booth’s three campuses in Chicago, London, and Hong Kong explored areas of agreement and dissent at a time when COVID-19 and climate change are highlighting the importance and complexities of collective action.
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Bobins Professor of Economics, kicking off the virtual Corporate Social Responsibility Revisited conference on Sept. Kroszner, Chicago Booth deputy dean of executive programs and Norman R. Today, the concept of the social responsibility of business has expanded and shifted, and some executives and economists-even at Chicago Booth-challenge Friedman’s argument, said Randall S.
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“There is one social responsibility of business,” Friedman wrote, “to use its resources and engage in activities designed to increase its profits engages in open and free competition without deception or fraud.” 13, 1970, the late Milton Friedman, a Nobel laureate and economics professor at the University of Chicago, published a seminal op-ed in the New York Times.