Corporate Social Responsibility in a Market Economy: The Perspective of Constitutional Economics

Viktor J. Vanberg

Chapter 6 in Corporate Social Responsibility and Corporate Governance, 2011, pp 131-156 from Palgrave Macmillan

Abstract: Abstract Since Milton Friedman (1970) declared that ‘the responsibility of business is to increase its profits’ the literature on corporate social responsibility (CSR) has grown exponentially, and sorting out the variety of arguments that academic researchers on, and political advocates of, corporate social responsibility have advanced is a Sisyphean task.1 Confining itself to a highly selective review, the purpose of the present paper is to identify and examine some of the more fundamental arguments by approaching the matter from the perspective of constitutional economics.

Keywords: Corporate Social Responsibility; Corporate Governance; Market Economy; Social Contract; Common Interest (search for similar items in EconPapers)
Date: 2011
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Persistent link: https://EconPapers.repec.org/RePEc:pal:intecp:978-0-230-30211-2_6

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DOI: 10.1057/9780230302112_6

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