I had several instances of the opposite while across the Bay: put ethics above profit always. It sounds like you just had a bad professor (which you already know).
Pretty much the definition of a bad professor, IMO.
But to zoom out a second, in America, it's not just a "tenet", it's a legal responsibility of the CEO of a corporation to maximize shareholder value. The professor, and school, are preachers of something much larger than themselves, and so I don't want to point my finger so strongly at just this professor, and just this school.
> There is one and only one social responsibility of business – to use its resources and engage in activities designed to increase its profits
That is the basis for the argument your professor made. However, the passage in its entirety is:
> There is one and only one social responsibility of business – to use its resources and engage in activities designed to increase its profits so long as it stays within the rules of the game, which is to say, engages in open and free competition without deception or fraud.
Which is a pretty major caveat.
Here in South Africa this view is intially discussed but soon after the negative consequences of this view. Long term sustainability is a big focus area, specifically around the SDG.
Have posted another more detailed comment. Below
> in America [...] it's a legal responsibility of the CEO of a corporation to maximize shareholder value.
This isn't actually true, or at least I've seen it disputed convincingly [0], though it is very widely believed. It's no surprise that you were explicitly taught it.