About the Cultural Activities by Insurance Companies
Yusun Jeong, Credit Analyst, Kyobo Life Insurance Company
Before the 2000s, people commonly said the purpose of the corporate is generating profit. Milton Friedman wrote that “In each case of social responsibility corporate executive follows “would spending someone else’s money for general social interest. Social responsibility reduces the return to stockholder” on New York Times Magazine. ( “The Social Responsibility of Business is to Increase its Profits”, 1970). He emphasizing profit-generating saying “there is one and only one social responsibility of business: to use its resources and engage in activities designed to increase its profits…”. This concept was widely spread for a long period of time.
However, the perception that a company should focus only on profit has been gradually revised.