What is the difference between the theories of social responsibility by Milton Friedman and Adam Smith?

Asked on 27.09.2018 in All Questions.
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Milton Friedman defines social responsibility for businesses as maximizing profits, with focused resources and activities to be engaged in, without any acts of altruism. While, Adam Smith had a similar argument based on profits; he, however, believed that public benefits arise from focusing on wealth with the invisible hand`s control of the market which Friedman supports. According to Smith, competing businesses weigh decisions based on social benefits and costs in order to gain higher profits....
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