Understanding the Classical View of Social Responsibility

The question asks to identify the main proponent of the "Classical View" regarding a company's social responsibility. This view specifically states that "Management's only social responsibility is to maximize profits".

Let's break down this perspective:

• Focus on Shareholders: The primary duty of a business, according to this view, is to its owners or shareholders.
• Profit Maximization: The most important goal is to increase profits within the legal and ethical boundaries of operating a business.
• Limited Social Role: It suggests that managers are agents of the shareholders and should not use company funds or resources for broad social causes, as this is seen as spending someone else's money.
• Market Efficiency: Proponents believe that the free market system, driven by profit motives, ultimately benefits society as a whole through efficient allocation of resources and creation of goods and services.

Identifying the Advocate: Milton Friedman

The economist Milton Friedman is famously associated with the Classical View of Social Responsibility. In his influential 1970 New York Times Magazine article, he argued strongly against the idea that businesses have social responsibilities beyond making profits.

Key points from Friedman's argument:

• Only individuals have social responsibilities; businesses are artificial entities.
• If managers spend money on social goals, they are imposing taxes and deciding how that money should be spent, which is a function of government, not business managers.
• The social responsibility of business is 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.

Analyzing Other Options

The other individuals mentioned represent different perspectives on business and social responsibility:

• John Elkington: Known for popularizing the "Triple Bottom Line" concept (People, Planet, Profit), representing a more modern, sustainability-focused view.
• Edward Freeman: A prominent advocate of Stakeholder Theory, which argues that businesses should consider the interests of all stakeholders (employees, customers, suppliers, community, etc.), not just shareholders.
• Henry Mintzberg: A management expert who has written extensively on management roles and organizational strategy, often advocating for a more nuanced approach to corporate social responsibility than pure profit maximization.

Therefore, the most well-known advocate for the specific statement "Management's only social responsibility is to maximize profits" is Milton Friedman.

Final Answer

The advocate of the Classical View of Social Responsibility, stating that "Management's only social responsibility is to maximize profits", is Milton Friedman.