Business and Kingdom Ethics
Milton Friedman, 1911-2006by Al Erisman
It is not often that the death of an economist will make the front
page headlines. But in mid November, the passing of Milton Friedman, 1976 Nobel
Prize winner
in economics, was big news. Friedman is acclaimed by many for the focus he
gave to free market capitalism. “He consistently argued that individual freedom
should rule economic policy,” according to Associated Press writer Justin
Norton in his November 17 article. There is little doubt that Friedman made
an enormous contribution to economics and business.
In his famous 1970 New York Times Magazine article titled, “The Social Responsibility of Business is to Increase its Profits,” Friedman wrote that “the social responsibility of business is to make as much money as possible while con¬forming to the basic rules of the society, both those embodied in law and those embodied in ethical custom.” In a 2005 Reason debate featuring Milton Friedman, Whole Foods' John Mackey, and Cypress Semiconductor's T.J. Rodgers, Friedman reiterated his position. Mackey countered with this statement:
“In contrast to Friedman, I do not believe maximizing profits for the investors is the only acceptable justification for all corporate actions. The investors are not the only people who matter. Corporations can exist for purposes other than simply maximizing profits.”
Even this side of the recent scourge of business ethics scandals, Friedman seemed to hold to an idealistic perspective that experience does not support. Depending solely on individual freedom misses the reality of brokenness in our world. Where is the moral compass that would guide business leaders through the temptations of greed, excess, and short term thinking? While Friedman focused on the work of Adam Smith and his book Wealth of Nations published in 1776, he said less about the context. Wealth of Nations was rooted in Smith's previous book, The Age of Moral Sentiments.
We can learn a great deal from Friedman’s genius. But we need to live in the real world as well. Business can play a real role in bringing “hope to the poor,” part of the mission Jesus claimed as his own in Luke chapter 4. At the same time, business leaders need to be challenged to lead by the principles of the Kingdom of God in a broken world.
The “Open for Business” (OfB) track at Urbana 2006 will address this dual challenge, using business to bring hope to the global poor and rightly understanding the reality of brokenness. Three OfB plenary sessions and 40 seminars will enable participants to experience the overall Urbana conference while focusing on the subject of “Business as Mission.” The OfB plenaries will help participants see the big picture on doing business under the guidance of the principles of the Kingdom of God. The seminars will allow participants to pick and choose among more specific offerings: understanding markets, starting a business in Africa or Asia, dealing with bribery and corruption, honoring God in business at home, and many others.
In an age of globalization, the opportunities for “Business as Mission” are many. So are the pitfalls. This track will help participants understand both. Join us in St. Louis!
Unless otherwise noted, all materials on the urbana.org web site are Copyright InterVarsity Christian Fellowship / USA. All rights reserved.
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