Critical Analysis of Friedman's Theory in Commercial and Consumer Law

This essay critically analyzes Milton Friedman's shareholder theory in relation to commercial and consumer laws, examining its impact on corporate social responsibility (CSR) and corporate governance. The essay begins by introducing Friedman's theory, which emphasizes the primary responsibility of a company to its shareholders, and contrasts it with the concept of corporate social responsibility. It explores the application of these concepts within the Jamaican legal framework, referencing the Corporate Governance Board and relevant regulations. The discussion delves into the perspectives of various scholars, including W.R. Grace, Farrington et al., and Steve Denning, who offer differing views on the role of CSR and shareholder value. The essay also considers the ethical dimensions of CSR, drawing on the insights of Naomi Klein and Professor Bower. Furthermore, it examines the arguments of proponents and critics of CSR, including the impact of CSR on financial performance and its relationship with corporate ethics. The analysis encompasses the international standards of CSR, the UN's approach to corporate social responsibility, and the implications of CSR programs. Finally, the essay evaluates the arguments of those who criticize the expenditure on CSR and offers insights into CSR practices, providing a comprehensive overview of the complexities and debates surrounding Friedman's theory and its relationship to commercial and consumer law.

Running head: COMMERCIAL AND CONSUMER LAW
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COMMERCIAL AND CONSUMER LAW
Name of the student:
Name of the university:
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Introduction
The shareholder theory by the prominent economist Milton Friedman is a normative
concept for commercial ethics.1 According to Friedman, the fundamental responsibility of a
company is its shareholders. The approach of this theory interprets the shareholders as a
monetary contraction of the institute and this is the only assembly where the company is
generally responsible. The aim of the firm, as well as the company, is to exploit the earnings to
the stockholders. Corporate governance means a structure of instructions, processes, and
practices by a company or a firm by which such authorities can control it.2 The corporate
governance has been essentially involved in balancing the interest of the stakeholders of the
company, such as the senior management authority, shareholders, financiers, suppliers, the
community as well as the government. This corporate governance has also provided the outline
for accomplishing an object of the company and encompass every sphere of the management of
the company. The governance has denoted expressly to fix the guidelines, policies, controls, and
resolutions to keep inhabitation to command the corporate behavior. The corporate social
responsibility is one type of regulation, which has been made by the corporate sectors themselves
for private international commerce.3 It has aimed to contribute to the societal goals of the
activist, benevolent, donations, or taking part in supporting as volunteering or any ethically
oriented practices. There are various international rules and regulations regarding corporate
1 Kendrick, Christopher. Milton (Routledge Revivals): (A Study in Ideology and Form. Routledge,
2014).
2 Tricker, RI Bob, and Robert Ian Tricker. Corporate governance: (Principles, policies, and
practices. Oxford University Press, 2015).
3 Tai, Fang-Mei, and Shu-Hao Chuang. "Corporate social responsibility."
(2014) Ibusiness 6.03:117.

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responsibility towards society as a corporate ethics strategy of different businesses. This social
responsibility of the corporate sector is usually assumed as a private company strategy.4 It must
support the combination in a commercial model to be fruitful. Some business has adopted the
CSR policies from an ethical viewpoint, which may derive from the confidence of senior
administration authority. This paper aims to analyze critically to assess and evaluate the concept
which has developed in the article of Milton Friedman in relation to the commercial and
consumer laws.
Discussion
In Jamaica, the Corporate Governance Board has consisted of four committees, such as
the Audit Committee, the Corporate Governance Committee, the Information Technology
Committee, and the Remuneration Committee.5 There should be a majority of sovereign non-
executive Administrators in each committee of the Governance Board. This requirement of the
Remuneration Committee and Audit Committee has been governed by Rule 504 (2) (b) of the
Junior Market Rules in Jamaica.6 The committee of corporate governance of the Consumer
4 Amaeshi, Kenneth, Emmanuel Adegbite, and Tazeeb Rajwani. "Corporate social responsibility
in challenging and non-enabling institutional contexts: Do institutional voids matter?." (2016)
Journal of Business Ethics 134.1: 135-153.
5 Logan, Twila Mae, and Doreen Gooden. "Corporate governance in Jamaica: A risk
management approach." (2014) International Journal of Business and Management 9.1: 101.
6 Logan, Twila Mae, and Doreen Gooden. "Corporate governance in Jamaica: A risk
management approach." (2014) International Journal of Business and Management 9.1: 101.

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Affairs Commission 2000 Limited has some responsibility to assist the Directors of the
Commission in ensuring that its structure, composition, processes, and policies for manage the
company. It helps the company for the best practicing standard in an aspect of corporate
governance and adheres to the relevant and significant legal and monitoring framework. The
elementary guiding principles established herein have been mainly extracted from the Combined
Code of corporate governance. The Council of Financial Reporting of the United Kingdom has
issued the Code of Combined Corporate Governance. In Jamaica, the organization of private
sectors and its committee of corporate governance has compiled that Combined Code.7 The
Jamaica Stoke Exchange has also issued corporate governance and its guidelines of rules and
protocols. The members of such a corporate governance committee in Jamaica should be
comprised of a minimum of three members from the Board. It has been mentioned earlier that
the majority of the members should be the non-executive directors who have been designated for
their proficiency and understanding of such issues relating to corporate governance. The
responsibilities of the committee are to sustenance the administration Board and exercise the
management of the company to carry out the principle regarding corporate governance, evaluate
the Board and its committees, such as its composition, function, and structure.
The great economist and Nobel prize owner Milton Friedman in an article, namely, ‘The
Social Responsibility of Business is to increase its profit,’ has conferred that the social
responsibility of a company or any business is to grow the profit for the advantage of its
7 Elmagrhi, Mohamed H., Collins G. Ntim, and Yan Wang. "Antecedents of voluntary corporate
governance disclosure: A post-2007/08 financial crisis evidence from the influential UK
Combined Code." (2016) Corporate Governance.

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shareholders.8 According to him, the gain of the shareholders should be proportionate with the
social responsibility of the business. If the businessman or the company has fulfilled the
sufficient profit of the shareholders, then it can be said that they have fulfilled their social
responsibilities towards society. However, the incredible corporate personality W.R. Grace has
said that the only increment of profit of the shareholders is not a sufficient social responsibility
of a company or business, it has possessed some other kinds of financial responsibility such as to
preserve the cleanliness in the environment.9 According to him, it is a wrench of a thing, which
has been outed in the environment that people can use. He further states that any person can not
be accused of being negligent if someone has used the social responsibility to loose the screws of
the tires of the trucks, which has caused an accident and such terrible leak of the toxin. The
person can be an accused who has used the wrench of performing of the irresponsibility and
blaming to the jerk for that accident should be the foolishness of the person.
Farrington et al. in an article ‘Corporate Social responsibility: reviewed, rated and
revised,’ which has been circulated in the International Journal of Contemporary Hospitality
Management in 2017 have mentioned that in the strategic perspective of a business in a
company, the aim of the business should be the increase the profit as long term and improvement
8 Moore, Carol. "Corporate social responsibility and creating shared value." (2014) Heifer
International Report.
9 Lazonick, William. "The functions of the stock market and the fallacies of shareholder
value." (2017) Corporate Governance in Contention : 117-151.

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of the trust of shareholders over a progressive public relations.10 It has also mentioned that the
aim also is an extraordinary ethical principle to moderate commercial and legal jeopardy through
enchanting the responsibility of the industrial actions. They further suggest that the corporate
social responsibilities strategy has influenced the company for making a real significance in such
an environment of the world as well as on the stakeholders, which includes the employees,
consumers, communities, investors, and the other factors related to the corporate. However,
Paumgarten has discussed Corporate social responsibility in his article ‘Patagonia’s
Philosopher-king’ from an ethical perspective.11 According to him, some businesses or
companies have adopted such CSR practices and policies for a reason that of the moral beliefs of
the high ranking and senior management of the business activity or company. As an example, the
CEO of a company may believe that the harm of the environment is ethically distasteful, and the
company should not produce any production, which is harmful to the environment.
Nollet et al. in an article, namely ‘Corporate Social responsibility and financial
performance: A non-linear and disaggregated approach’ which has been issued in Economic
Modelling in the year 2016, have stated that the relationship between the financial and social
performance is the positive impact on the outcome, the negative as well as the neutral economic
10 Farrington, Thomas; Curran, Ross; Gori, Keith; O'Gorman, Kevin D.; Queenan, C. Jane
"Corporate social responsibility: reviewed, rated, revised" (2017) International Journal of
Contemporary Hospitality Management. 29 (1): 30–47.
11 Paumgarten, Nick "Patagonia's Philosopher-King" (2016) The New Yorker. ISSN 0028-792X.

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effects, which has blemished such empirical analysis.12 They have also mentioned that it has
claimed CSR as the factor of such an impartial impact on the financial outcome of a company.
However, Beatty and his companions have been criticized the views of Nollet about such CSR.
They have been looked into the supercilious of the company, and also explained the CSR as an
unrealistic expectation of the company.13 According to them, CSR is purely a window-dressing
from the practical aspect of a company or an endeavor to anticipate the activities of the
governments as an ombudsman over such influential multinational organizations. Some
proponents have argued that an organization can able to raise the long-term gain through
functioning with such Corporate Social Responsibility’s viewpoint. The prominent economist
Steve Denning has analytically criticized the aspect of Friedman in his journal “The ‘Pernicious
Nonsense’ Of Maximizing Shareholder Value.” According to him, the Doctrine of Friedman is
very debatable and financially wrong, legally wrong as well as socially and morally wrong.14
Naomi Klein, the social activist, has argued in the book ‘No is not Enough: Defeating the
New Shock Politics’ which has been published through Penguin in 2017 that obedience to the
Doctrine of Friedman deprives maximum to the inhabitants while elevating the commercial
12 Nollet, Joscha, George Filis, and Evangelos Mitrokostas. "Corporate social responsibility and
financial performance: A non-linear and disaggregated approach." (2016) Economic
Modelling 52: 400-407.
13 Beatty, Jeffrey F., Susan S. Samuelson, and Patricia Sánchez Abril. Essentials of Business Law.
(Cengage Learning, 2018).
14 Denning, Stephen. "Why maximizing shareholder value is a threat to US business."
(2017) Strategy & leadership.

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leaders.15 The professor of Harvard Business School Mr. Bower has argued that the disrupting
businesses and their front-runners from the premeditated renewal, innovation, and investment in
the forthcoming, which has been required their attention to put the companies at risk from the
attack of the activist of the shareholder.16 He, in his journal ‘The Error at the Heart of Corporate
Leadership’ which has been come out in the month of July 2017 on the Harvard Business
Review, has said that it may create heaviness to deliver such sooner and more foreseeable
incomes and to restrict such riskier investments, which have intended at the assemblies of
upcoming requirements. However, the viewpoint of Bower has critically analyzed by Denning in
an article in ‘The Economist’ regarding the shareholders’ value in the perspective of the
business.17 He has focused on the short-term value of the shareholders and assumed that an
authorization for the immoral conduct with the thrifty on investments, the extraordinary
influence, unreasonable payment, pointless appropriations, accounting mischiefs and enthusiasm
for share regarding the buy-backs, have been running at $600 billion in America in every year.
Clarke has argued the shareholder theory at the time of discussion of the Stakeholder
Theory, which has been propounded by Lynn Stout. In this theory, it has mentioned that the
doctrine of Friedman has been unpredictable with the impression regarding corporate social
responsibility.18 However, Harrison and his companions have argued in the article “the Ethical
approach of the Stakeholders in the Effective management: application of it to multiple contexts”
15 Klein, Naomi. No is not enough: Defeating the new shock politics. (Penguin UK, 2017).
16 Bower, Joseph L., and Lynn S. Paine. "The error at the heart of corporate leadership." (2017).
17 Denning, Stephen. "Why maximizing shareholder value is a threat to US business."
(2017) Strategy & leadership.

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regarding the approach of such CSR of a company.19 According to them, the corporate social
responsibility is ethically authoritative of commerce, which has taken into interpretation entirely
the individuals who have been affected through its assessment.
Corporate social responsibility has been titled for aiding a mission of an organization as
well as to provide such guidance on the way in which the company has indicated to its customers
or consumers. The corporate ethics is an integral part of functional ethics to examine the ethical
principles and the ethical or moral problems, which have been arisen in the environment of a
business or the company. The International Standard Organization (ISO) 26000 has recognized
the CSR as an international standard. The United Nations has adhered this CSR to the triple
bottom line (TBL), which has recommended a theory or framework for the companies to be
focused on the environmental and social activities concerning the profits.20 The TBL has
suggested three bottom lines instead of one; these are people, profit and the environment. The
UN has accepted that the social responsibility of corporate has adhered to its rules and principles
18 Clarke, Thomas. "The impact of financialisation on international corporate governance: the
role of agency theory and maximising shareholder value." (2014) Law and Financial Markets
Review 8.1: 39-51.
19 Harrison, Jeffrey S., R. Edward Freeman, and Mônica Cavalcanti Sá de Abreu. "Stakeholder
theory as an ethical approach to effective management: Applying the theory to multiple
contexts." (2015) Revista brasileira de gestão de negócios 17.55: 858-869.
20 Moratis, Lars. "The credibility of corporate CSR claims: A taxonomy based on ISO 26000 and
a research agenda." (2017) Total Quality Management & Business Excellence 28.1-2: 147-158.

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without any former legislation and Act. According to Sharma and his companion, such
companies have undertaken the programs of CSR to divert the community form the moral
queries, which have been postured by their fundamental actions.21 However, in contradiction to
this, Adhikari in his article ‘Casual effects of the analyst following corporate social
responsibility,’ has explained that programs of CSR have been motivated by the personal
interests of the business administrators at the point of such shareholders as a problem regarding
the agency in a corporation.22 Some critics have argued regarding the spending of corporate
social responsibility. They have viewed it in the financial terms, whereby a CSR expense of a
lesser amount has counterbalanced the higher expenditures of socially unwanted behavior.
Chernev and Blair have discussed the ‘halo effect’ in such terms of CSR expenditure.23 In their
research, they have revealed that most of the firms or companies have been condemned of the
enticement in the territory of the US and have received several lenient fines under the Foreign
Corrupt Practice Act for engaging themselves in widespread CSR practices. It has found that for
the practice of CSR, there is an increase of almost 20% of corporate commitment to eradicate
21 Sharma, Richa, and Malvika Sharma. "Some Reflections on Business Ethics and Corporate
Social Responsibility." (2014) Asia Pacific Journal of Management & Entrepreneurship
Research 3.2: 89.
22 Adhikari, Binay K. "Causal effect of analyst following on corporate social responsibility."
(2016) Journal of Corporate Finance 41: 201-216.
23 Chernev, Alexander, and Sean Blair. "Doing well by doing good: The benevolent halo of
corporate social responsibility." (2015) Journal of Consumer Research 41.6: 1412-1425.

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significant employment issues. The foreign officials have increased by almost 40% of the lesser
fine in the circumstance of enticing child labor matters.24
There are several governmental and non-governmental agencies, which have expressed
regarding their responsibilities, commercial practice, trading and have promoted the corporate
social responsibilities. The methodology of recent CSR has given flagship to the UK as one of
the most significant progressive countries regarding corporate responsibility.25 There are various
initiatives, which have been instinct in the UK to fulfill the aim of developing and disseminating
accomplishments. It has connected corporate developments with environmental and social
issues. As an example, Business in the Community (BitC) has been functioning a program
regarding the business development on the basis of the five ideologies such as integrity,
inspiration, integration, impact, and innovation, where a social focus is to promote a decent
business. In the year 1990, the UK government has created the ‘Association of Chartered
Certified Accountants’ (ACCA), which is the world's most extensive network for the accountants
to develop the initiative aims for promoting the complete, precise, and reliable corporation
reporting.26 The other aims of the ACCA are to consider the accurate reporting of social,
financial and environmental presentations. The FITSE4Good Index has been established as a
24 The Foreign Corrupt Practices Act of 1977 (FCPA) (15 U.S.C. § 78dd-1, et seq.)
25 Crane, Andrew, Dirk Matten, and Laura Spence, eds. Corporate social responsibility:
Readings and cases in a global context. (Routledge, 2019).
26 Bakre, Owolabi M. "Imperialism and the integration of accountancy in the Commonwealth
Caribbean." (2014) Critical Perspectives on Accounting 25.7: 558-575.

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series of indicators in the London Stock Exchange concerning the model, which has been set the
Sustainability Index by Dow Jones.27 The degree regarding the sustainability of a listed company
can be assessed by using those indicators and the investors of that company can determine this.
Nowadays, not only large companies but also an enormous number of average-sized corporations
have been registered in this index and taking part in these types of activities or indices. To
promote social responsibilities throughout the world, the UK administrators and the government
has played such a vital and essential part in the previous four decades. Before Prime Minister
Margaret Thatcher, the British Parliament, as well as the government, have taken a necessary
part in promoting the social responsibilities in every charity sector and every company.28 Some
European legislations have been enacted before the era of Thatcher, such as the Equal Pay Act
1970, the Sex Discrimination Act 1975, The Healthy and Safety Act 1974, the Race Relations
Act 1976 for the promotion of the social responsibility in the management of the companies. The
British Government has been taken an essential part in such social responsibility of the
corporation. Kim Howells has been appointed as the first Central Minister of Corporate Social
Responsibility in the month of March 2000 under the government of Tony Blair.
Some provisions of the Unfair Contract Terms Act 1977 have been provided in the rules
of corporate responsibility. Schedule 2 of this Act29, has given some guidelines for the
27 Welford, Richard. Corporate environmental management 1: Systems and strategies.
(Routledge, 2016).
28 Evans, Eric J. Thatcher and thatcherism. (Routledge, 2018).
29 The Unfair Contract Terms Act 1977 (c 50)

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presentation of such a reasonable test. The reasonable inspection of the parties to such a contract
can be seemed to relevant if the customer of the deal has received an enticement for agreeing on
the terms and has received an opportunity to decide on doing a similar contact. This is a
corporate social responsibility of a company to provide some opportunities to its consumers. For
example, many companies have provided the opportunity to its customers to exchange their
commodities, which are not fit for them even after the purchase. In this Act30, it has governed
that the customers are also the consumers of a company and they should have been given the
rights in several places. The rights of consumers are the responsibilities or duties of the
company. In a comprehensive situation, the rights of such consumers have become the social
responsibilities of a company. The Consumer Protection Act of 200531 has also dealt with the
social responsibility of the companies. Section 39 of this Act32, has described that a consumer
may be indemnified for the negligence or the breach of contract if the contract between the
consumer and the company has been satisfied all necessities of such reasonableness. Section 40
of this Act33 describes that a consumer of goods or commodities has been gotten the
compensation if any loss or damage has been caused by the malfunctioning products or the
negligence activity of the manufacturer of the products. It has been provided a social
responsibility of a company for the individual in society.
30 The Unfair Contract Terms Act 1977 (c 50)
31 The Consumer Protection Act of 2005
32 The Consumer Protection Act of 2005
33 The Consumer Protection Act of 2005

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Conclusion
Therefore, it can be concluded that the social responsibility of a business is not only
increase the profit of the shareholders of the company, but also some ethical, environmental, and
moral responsibility towards the community. There are several theories and norms regarding the
social responsibility of the companies. The government of Jamaica has created the Corporate
Governance Board to give a glance towards the activities of the companies. The Corporate
Governance Board has a responsibility to govern the operation of a firm or the company and its
aspect of social duties. The Combined Code of corporate governance has extracted the primary
guiding ideologies regarding the social responsibility of the company. The only growth of profit
of the stakeholders is not an adequate social obligation of a company or business; it has also
influenced some other kinds of financial responsibility such as to reserve the hygiene in the
environment and not to pollute the area where the company is situated. It is the duty of a
company not to harm the people of the surrounding. The companies, which are dealing with the
toxic components, should be aware of their activities because leakage of such poisonous
ingredients may be harmful to the society at large. It may be said in this context that the social
responsibility in business has referred to such commitments for taking the decisions to perform
the actions, which have been expected regards the objectives and significance of such
community. It can be said that the expenditure of a company may be an ingredient of social
responsibility for commercial purposes. It has viewed in the financial terms whereby a CSR
expenditure of a lesser quantity has compensated the higher expenses of socially undesirable
conduct. There are several Acts and legislations to control the social responsibility of commerce
such as the Unfair Contract Terms Act, the Consumer Protection Act. Many governmental and
non-governmental agencies have taken an active part in assessing unfair profitable practices,

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consumer protection, and trading standards such as the ACCA, London Stock Exchange and
many others.

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Bibliography
Journals
Adhikari, Binay K. "Causal effect of analyst following on corporate social responsibility."
(2016) Journal of Corporate Finance 41: 201-216.
Amaeshi, Kenneth, Emmanuel Adegbite, and Tazeeb Rajwani. "Corporate social responsibility
in challenging and non-enabling institutional contexts: Do institutional voids matter?." (2016)
Journal of Business Ethics 134.1: 135-153.
Bakre, Owolabi M. "Imperialism and the integration of accountancy in the Commonwealth
Caribbean." (2014) Critical Perspectives on Accounting 25.7: 558-575.
Bower, Joseph L., and Lynn S. Paine. "The error at the heart of corporate leadership."
(2017) HBR’S 10 MUST 165
Chernev, Alexander, and Sean Blair. "Doing well by doing good: The benevolent halo of
corporate social responsibility." (2015) Journal of Consumer Research 41.6: 1412-1425.
Clarke, Thomas. "The impact of financialisation on international corporate governance: the role
of agency theory and maximising shareholder value." (2014) Law and Financial Markets
Review 8.1: 39-51.
Denning, Stephen. "Why maximizing shareholder value is a threat to US business."
(2017) Strategy & leadership.

16COMMERCIAL AND CONSUMER LAW
Elmagrhi, Mohamed H., Collins G. Ntim, and Yan Wang. "Antecedents of voluntary corporate
governance disclosure: A post-2007/08 financial crisis evidence from the influential UK
Combined Code." (2016) Corporate Governance.
Farrington, Thomas; Curran, Ross; Gori, Keith; O'Gorman, Kevin D.; Queenan, C. Jane
"Corporate social responsibility: reviewed, rated, revised" (2017) International Journal of
Contemporary Hospitality Management. 29 (1): 30–47.
Harrison, Jeffrey S., R. Edward Freeman, and Mônica Cavalcanti Sá de Abreu. "Stakeholder
theory as an ethical approach to effective management: Applying the theory to multiple
contexts." (2015) Revista brasileira de gestão de negócios 17.55: 858-869.
Klein, Naomi. No is not enough: Defeating the new shock politics. (Penguin UK, 2017).
Lazonick, William. "The functions of the stock market and the fallacies of shareholder
value." (2017) Corporate Governance in Contention : 117-151.
Logan, Twila Mae, and Doreen Gooden. "Corporate governance in Jamaica: A risk management
approach." (2014) International Journal of Business and Management 9.1: 101.
Moore, Carol. "Corporate social responsibility and creating shared value." (2014) Heifer
International Report.
Moratis, Lars. "The credibility of corporate CSR claims: A taxonomy based on ISO 26000 and a
research agenda." (2017) Total Quality Management & Business Excellence 28.1-2: 147-158.
Nollet, Joscha, George Filis, and Evangelos Mitrokostas. "Corporate social responsibility and
financial performance: A non-linear and disaggregated approach." (2016) Economic
Modelling 52: 400-407.

17COMMERCIAL AND CONSUMER LAW
Paumgarten, Nick "Patagonia's Philosopher-King" (2016) The New Yorker. ISSN 0028-792X.
Sharma, Richa, and Malvika Sharma. "Some Reflections on Business Ethics and Corporate
Social Responsibility." (2014) Asia Pacific Journal of Management & Entrepreneurship
Research 3.2: 89.
Tai, Fang-Mei, and Shu-Hao Chuang. "Corporate social responsibility." (2014) Ibusiness 6.03:
117.
Books
Beatty, Jeffrey F., Susan S. Samuelson, and Patricia Sánchez Abril. Essentials of Business Law.
(Cengage Learning, 2018).
Crane, Andrew, Dirk Matten, and Laura Spence, eds. Corporate social responsibility: Readings
and cases in a global context. (Routledge, 2019).
Evans, Eric J. Thatcher and thatcherism. (Routledge, 2018).
Kendrick, Christopher. Milton (Routledge Revivals): (A Study in Ideology and Form. Routledge,
2014).
Klein, Naomi. No is not enough: Defeating the new shock politics. (Penguin UK, 2017).
Tricker, RI Bob, and Robert Ian Tricker. Corporate governance: (Principles, policies, and
practices. Oxford University Press, 2015).
Welford, Richard. Corporate environmental management 1: Systems and strategies. (Routledge,
2016).

18COMMERCIAL AND CONSUMER LAW
Legislation
The Unfair Contract Terms Act 1977 (c 50)
The Foreign Corrupt Practices Act of 1977 (FCPA) (15 U.S.C. § 78dd-1, et seq.)