Dr. Roy Cordato, John Locke Foundation vice president for research and resident scholar, discusses the late economist Milton Friedman’s argument that a corporation’s social responsibility is to increase profits, with the proviso “so long as it stays within the rules of the game, which is to say engage in open and free competition without deception or fraud.” Cordato focuses on one aspect of the proviso to offer his own definition of corporate social responsibility. Cordato offered these comments during a July 29, 2011, Friedman Legacy of Freedom Day lecture for the John Locke Foundation and Friedman Foundation for Educational Choice. To watch full-length presentations of John Locke Foundation events, click here.