Economist Milton Friedman famously argued that “few trends could so thoroughly undermine the very foundations of our free society as the acceptance by corporate officials of a social responsibility other than to make as much money for their stockholders as possible” (Capitalism and Freedom, 133). Yet business professionals often desire to exert a positive influence on society above and beyond their accumulation of profit. As the Silicon Valley catchphrase puts it, they want to “change the world.” Do business leaders have social responsibilities beyond profit maximization? Is there a general moral purpose of business? If so, how might this purpose inform what it means to run a company ethically? In this moderated discussion, VMWare CEO Pat Gelsinger and Stanford Law & Public Policy Lecturer Dr. Susan Liautaud ’85 G’86 elucidated the essence and purpose of business.

 

This event was sponsored by the Zephyr Institute’s Center for the Study of the Professions and Moral Purpose.