Milton Friedman’s Shareholder Primacy Stands the Test of Time and Helps Many Stakeholders 50 Years Later

Exactly 50 years ago this week, Milton Friedman published his now-famous essay A Friedman Doctrine: The Social Responsibility of Business is to Increase Its Profits, which many, including, last year, the Business Roundtable and, this year, presidential Democratic nominee Joe Biden, decry as harmful to other stakeholders such as a company’s workers and the communities in which they operate, a claim that is difficult to support. Putting shareholders first often operates to the benefit —…

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