ABSTRACT
Neoclassical economists have denied the necessity or even the validity of the concept of Corporate Social Responsibility (CSR). Milton Friedman called it a "fundamentally subversive doctrine" and stated that businessmen who believe that "business has a 'social conscience' and take seriously its responsibilities for providing employment, eliminating discrimination [and] avoiding pollution ... are preaching pure and unadulterated socialism" (Friedman, 1970). By 1971 the Committee for Economic Development had effectively rebutted Friedman's position. Nevertheless he would continue his anathemas against deluded "do-gooder" businessmen and intellectuals for another twenty years, defiantly denying what was happening in the real world and presenting no empirical evidence in support of his own position.
