Final answer:
A company's social responsibility involves a range of duties beyond profit maximization, including ethical practices, environmental stewardship, and contributions to societal well-being. While Milton Friedman advocated for profit as the primary corporate responsibility, modern perspectives embrace a broader set of responsibilities to stakeholders and the community.
Step-by-step explanation:
The social responsibility of a company to society can encompass a range of duties, including ethical practices, environmental stewardship, and contributions to the economic and social well-being of communities. While Milton Friedman famously argued in 1970 that the primary responsibility of a business is to increase profits for its shareholders, this perspective has been debated and expanded upon in modern discussions of corporate responsibility. Corporations are increasingly expected to address social, economic, and environmental problems and to incorporate ethical considerations into their operations, including establishing ethical practices pertaining to emerging technologies. It is a complex issue assessing how much responsibility a corporation should take, as they also have a fiduciary duty to their shareholders. This balance is a significant aspect of civic engagement and ties into community responsibilities, which include cooperation, respect, and participation in societal order and the treatment of others.