Does business need a moral purpose...

...was an issue raised in the weekend FT.

Or, should it be as Friedman believed: “There is one and only one social responsibility of business – to use its resources and engage in activities designed to increase its profits...”

I once heard someone say that business was about "enrichment" i.e. making money but also softer things like improving skills, confidence, sense of common purpose, achievement, all that stuff.

Hard City folk might laugh at that but across the full spectrum of business I think there's a lot of truth in it and its quite a healthy way to look at things.

It doesn't have a compass.  Have you  not noticed that whenever a business makes a social change it always predicates the decision with " our customers demanded it"....which demonstrates the meaningless nature of corporate values and departments to engage in socially conscious decision making.

If they had a function...change would not just occur when customers spea. Businesses would be trendsetter s not followers.

This one is easy.  What are the goals of the most successful companies and the most admired companies ? Almost always, they are there to DO something - make a better car, run superb hotels, design beautiful buildings, grow grapes and make them into great wine.  The financial aspect is a means of keeping score, not the main purpose.  

Companies, like the US giant GEC, that describe their actual purpose as making money / delivering value for shareholders, nearly always get into bad trouble and eventually fail.  They are also horrible places to work.  

As for Friedman, like all economists he was just a nutter with nothing to say.