business owes such a duty. A business enters into an implied contract with the
community in which it operates, under which the community agrees to permit a
corporation to co business while the business implicitly promises to benefit, and not
harm, the community. This understanding gives rise to a number of social obligations on
the part of the business―to promote consumer safety, to not harm the environmental, to
treat employees and competitors fairly, and so on.
Although I agree that business should have a duty to serve the pubic, I disagree
that this should be the primarily objective of business. Imposing affirmative social
duties on business opens a Pandoras box of problems―for example, how to determine.
what the public interest is in the first place, which public interests are most
important, what actions are in the public interest, and how business duty to the
public might be monitored and enforced. Government regulation is the only practical
way to deal with these issues, yet government is notoriously inefficient and corrupt; the
only way to limit these problems is to limit the duty of business to serve the public
interest.
In sum, I agree that the duty of business should extend beyond the simple profit
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