Final answer:
No, the social market does not lack a clear corporate purpose necessary to achieve corporate objectives as both private benefits and positive externalities contribute to broader societal impacts, and market-oriented economies support firms in determining their actions to achieve efficiency and customer satisfaction.
Step-by-step explanation:
The question is inquiring whether the social market lacks a clear corporate purpose necessary to achieve corporate objectives. In the context of Social Goals vs. Market Efficiency, the assertion that a market-oriented economy believes firms are better suited than governments to decide actions related to customer attraction and efficient production indicates that a clear corporate purpose is indeed important for meeting corporate objectives and creating market efficiency. Additionally, the concept of positive externalities and social benefits that extend beyond private benefits, as discussed in Chapter 13, suggests that even without explicit social goals, corporate activities can produce broader societal impacts.
Thus, the answer to the question is 'No.' Even though companies primarily focus on private benefits, the existence of externalities and the potential for companies to voluntarily address social issues indicate that the social market can have a corporate purpose aligned with corporate objectives. Moreover, government interventions such as price ceilings and price floors can be seen as attempts to align market efficiency with social goals, rather than an absence of corporate purpose within the market.