Responsabilidad Social Y Responsabilidad Limitada En Milton Friedman. De Un Modelo Shareholder Hacia Un Modelo Stakeholder (Social and Limited Responsibility in Milton Friedman. From a Shareholder to a Stakeholder Model)

11 Pages Posted: 13 Jul 2015 Last revised: 14 Jul 2015

See all articles by Ignacio Ferrero

Ignacio Ferrero

School of Economics and Business

Date Written: July 12, 2015

Abstract

Spanish Abstract: Este artículo aborda las implicaciones de la responsabilidad limitada de las empresas en la doctrina de Milton Friedman acerca de la responsabilidad social corporativa y la obligación fiduciaria de los directivos con los shareholders.

Desde que la responsabilidad limitada permite a las empresas privatizar sus beneficios mientras socializa sus pérdidas, atribuye ilegítimamente a los ejecutivos la capacidad de imponer impuestos. Esta atribución amenaza la propiedad privada y el intercambio voluntario, supuestos en los que Friedman basa su sistema. Por tanto, Friedman rechaza la responsabilidad limitada o reconsidera estos supuestos, aceptando sus consecuencias. Basándonos en sus ideas libertarias, y después de revisar toda la obra de Friedman así como la literatura relevante, se explica cómo la responsabilidad limitada modificaría el concepto de propiedad, obligando al directivo a incorporar el interés de todos los stakeholders en la dirección de la empresa, presentando el modelo stakeholder como la respuesta coherente y ética a la presencia de la responsabilidad limitada en las economías modernas.

English Abstract: This article deals with the implications of limited responsibility in businesses according to Milton Friedman’s doctrine about corporative social responsibility and the fiduciary obligation of the directors to the shareholders. Since limited responsibility allows businesses to privatize their benefits while they socialize their losses, it attributes the capacity to impose taxes illegitimately to the executives. This attribution threatens private property and voluntary interchange, suppositions on which Friedman bases his system. Therefore, either Friedman rejects limited responsibility or reconsiders these suppositions, accepting their consequences. Based on his libertarian ideas and after reviewing all of Friedman’s works as relevant literature, this study explains how limited responsibility would modify the concept of property, obliging the directors to incorporate the interest of all the stakeholders in managing the business, presenting the stakeholder model as the coherent and ethical response to the presence of limited responsibility in modern economies.

Note: Downloadable document is in Spanish.

Keywords: Friedman, shareholder, stakeholder, responsabilidad social corporativa, responsabilidad limitada, Friedman, shareholder, stakeholder, corporate social responsibility, limited responsibility

Suggested Citation

Ferrero, Ignacio, Responsabilidad Social Y Responsabilidad Limitada En Milton Friedman. De Un Modelo Shareholder Hacia Un Modelo Stakeholder (Social and Limited Responsibility in Milton Friedman. From a Shareholder to a Stakeholder Model) (July 12, 2015). Available at SSRN: https://ssrn.com/abstract=2629838 or http://dx.doi.org/10.2139/ssrn.2629838

Ignacio Ferrero (Contact Author)

School of Economics and Business ( email )

Edificio Bibliotecas-Este
Pamplona, Navarra 31080
Spain

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