Question

In 1970, Andrew Carnegie wrote an influential article in the New York Times arguing "there is one and only one social responsibility of business - to increase its profits without deception or fraud."

A TRUE
B FALSE

Answer 1

The claim regarding Andrew Carnegie writing an influential article in 1970 on business responsibility to increase profits is false; it was Milton Friedman who authored that argument. Carnegie's own philosophy, as stated in 'The Gospel of Wealth', encouraged the elite to use their wealth for societal benefit.

Step-by-step explanation:

The statement that Andrew Carnegie wrote an article in 1970 arguing that the sole social responsibility of business is to increase its profits without deception or fraud is FALSE. It was, in fact, Milton Friedman who wrote the famous essay in the New York Times in 1970 with that argument. On the contrary, Andrew Carnegie, a steel magnate known for his rags-to-riches story, believed in the moral responsibility of the wealthy to use their fortunes to benefit society. In his work "The Gospel of Wealth", Carnegie promulgated the idea that it was the duty of the elite to enrich society, funding public institutions like libraries, scientific research, and education.

The Gospel of Wealth, written in 1889, spelled out his belief that those with great wealth should find proper uses for it through philanthropy. Carnegie himself donated millions to various causes, leaving a legacy of generosity and setting an example for other industrialists. His writings and actions reflect a viewpoint largely in contrast to the profit-maximization principles championed by Friedman.