While Milton Friedman is correct in saying that a business’s end result should be to give value to its shareholders, he fails to see the bigger picture of value derivation. While profit may have been the sole focus of investors fifty years ago, it is no longer the only priority for shareholders. Social responsibility, a company’s public perception, their treatment of clients and employees, among other things, are what determine a company’s value in the modern world. To boil it down, it is no longer possible for businesses to deliver value or profit without committing to broader social responsibility as well.

Murray Energy’s recent bankruptcy filing is a reflection of the broader industry’s declining role in the United States. Last year, demand for coal fell to its lowest point in 40 years, and production dropped to the second-lowest it has ever been. Its expected to drop by a further 17.3 million in exports by 2020, having already dropped 20.9 million in the third quarter of 2018, which is a 28% drop from its exports last year at this same time. As renewable energy becomes cheaper and more accessible, more American families and businesses are switching to using hydro-electric, wind, or solar farms to power their activities.