Forty-three years ago, Milton Friedman's famous article, “The Social Responsibility of Business Is to Increase Its Profits,” was published in the New York Times Magazine. The main topic of his writing is well summarized in the title. Friedman's view, "there is one and only one social responsibility of business: to use its resources and engage in activities designed to increase its profits..." (M. Freidman, 1973), has been the orthodox view in the modern business world. However, John Mackey, co-founder and CEO of the world's largest natural and organic supermarket, Whole Foods Market, publicly disagreed with Friedman. He argues that “the enlightened company should seek to create value for all its constituents” (J. Mackey, 2005). Mackey founded Whole Foods Market thirty-four years ago. Its philosophy, “to create value for all its stakeholders” (J. Mackey, 2005), has ingrained the foundations of the business. “Profit is the means, not the end” (J. Mackey, 2005) The soul of a company is any aspect that key stakeholders consider fundamental, enduring and distinctive. These identities are usually brought by the founders of companies right in the initial phase, i.e. in the entrepreneurial phase. Whole Foods Market, with Mackey's strong belief in stakeholderism, has worked on the counterculture business paradigm from the beginning. Dedicated to creating value for six of its most important stakeholders, including customers, team members (employees), investors, vendors, community, and the environment (J. Mackey, 2005), Whole Foods Market's philosophy is graphically depicted in the opposite column of shareholders. Five years after starting the business, John Mackey and a group of 60 volunteers have developed five core values of Whole Foods Market....... middle of paper ......et. Harvard Business School Pub. Mackey, J. (2005, October). Rethinking corporate social responsibility. Journal of Reason, 10, 15-17. Whole Foods Market. History of the whole foods market. Retrieved February 26, 2014, from http://www.wholefoodsmarket.com/company-info/whole-foods-market-historyWhole Foods Market. Declaration of interdependence. Retrieved February 28, 2014, from http://www.wholefoodsmarket.com/mission-values/core-values/declaration-interdependenceWhole Foods Market. Because we're a great place to work. Retrieved February 27, 2014, from http://www.wholefoodsmarket.com/careers/why-were-great-place-workZellner, W. (December 6, 1998). Peace, Love, and Profits: How Ex-Hippie John Mackey Built a Health Foods Empire. Retrieved February 26, 2014, from http://www.businessweek.com/stories/1998-12-06/john-mackeys-empire-peace-love-and-the-bottom-line
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