Further Growth of CSR Definitions: The 1970s
In the very beginning of this decade, Morrell Heald (1970), a CSR scholar, described the social responsibility of business and expressed the relationship between company and community, from his point of view. However, the most notable scholar, during this period, Noble Prize economist, Milton Friedman, expressed CSR from a different angle:
There is one and only one social responsibility of business – to use its resources and engage in activities designed to increase its profits so long as it stays within the rules of the game, which is to say, engages in open and free competition without deception or fraud (Friedman 1970).