Final answer:
Milton Friedman stated that the primary social responsibility of a business is to increase its profits and that societal protection should be ensured by government regulations, not by businesses themselves.
Step-by-step explanation:
Milton Friedman's stance on corporate social responsibility is often summarized as the belief that the sole social responsibility of a business is to increase its profits. This is false; Friedman asserts that companies should focus on generating profits for their shareholders, and it is the role of government to create regulations ensuring businesses do not harm social welfare.
According to Friedman, individuals acting on behalf of a company must prioritize decisions leading to profit maximization. While this might seem to prioritize profitability over societal welfare, the responsibility to protect society, in Friedman's view, does not lie with the businesses themselves but with governmental institutions through regulations. His argument suggests that by focusing on profits, businesses can indirectly benefit society by contributing to economic growth and efficiency. However, this contention is sometimes misunderstood or controversial, as it seems to downplay the importance of direct corporate social initiatives.