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In 1970, economist Milton Friedman wrote a now-famous article for The New York Times Magazine entitled "The Social Responsibility of Business Is to Increase Profits." Friedman argued that businesses' sole purpose is to generate profit for shareholders; companies that pursue the "social good" act irresponsibly and jeopardize profits. Boardrooms across America widely embraced Friedman's spin on capitalism.

According to Friedman's view, viable businesses consider only their own economic interests. Any embrace of broader society--such as paying a living wage, caring for the environment, or giving back to local communities--is a distraction from making money, the only legitimate business value. This fixation on markets over social values drove business thinking for the next 40 years.

Today, businesses of all sizes and industries are proving Friedman wrong. Whether it's called altruism, social responsibility, or strategic philanthropy, businesses have learned that combining enlightened self-interest with support for social causes not only brings emotional rewards, but it also makes business sense.

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