Flying Blind: The 737 MAX Tragedy and the Fall of Boeing
by Peter Robison · 29 Nov 2021 · 382pp · 105,657 words
fray when Milton Friedman, the Reaganites’ favorite economist, argued what was then still the contrarian viewpoint in the New York Times Magazine in 1970: “The social responsibility of business is to increase its profits.” Fifty years later, communities are fragile, workers insecure, and families stressed. It isn’t hard to see the connection to a half century’s embrace
Corporate Finance: Theory and Practice
by Pierre Vernimmen, Pascal Quiry, Maurizio Dallocchio, Yann le Fur and Antonio Salvi · 16 Oct 2017 · 1,544pp · 391,691 words
, 2005. P. Fernandez, J. Aguirreamalloa, L. Corres, Shareholder value creators in the S&P 500: 1991–2010, Working Paper IESE, February 2011. M. Friedman, The social responsibility of business is to increase its profits, New York Times Magazine, September 13, 1970. B. Madden, CFROI: A Total System Approach to Valuing a Firm, Butterworth-Heinemann, 1998. For more on EVA
Makers and Takers: The Rise of Finance and the Fall of American Business
by Rana Foroohar · 16 May 2016 · 515pp · 132,295 words
Milton Friedman himself upheld devoutly, was that the purpose of the corporation was to maximize financial value. As Friedman famously said back in 1970, “the social responsibility of business is to increase its profits.”33 This went hand in hand with another idea, which was that the share price of a firm always perfectly reflected all known information, and
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Economics: The Linked Ecologies of Economics and Business in Twentieth Century America,” Working paper 09-037 (Harvard Business School: 2013), 26. 33. Milton Friedman, “The Social Responsibility of Business Is to Increase Its Profits,” New York Times Magazine, September 13, 1970. 34. The third winner of the Nobel Prize of economics that year was the University of Chicago economist
The Myth of the Rational Market: A History of Risk, Reward, and Delusion on Wall Street
by Justin Fox · 29 May 2009 · 461pp · 128,421 words
the founding document of the public choice school, although Tullock credits earlier works by Scottish scholar Duncan Black. 21. Milton Friedman, “A Friedman Doctrine—The Social Responsibility of Business is to Increase its Profits,” New York Times Magazine, Sept. 13, 1970, 32–33, 122. 22. New York Times Magazine, Letters, Oct. 4, 1970, 21, 63. 23. This seemed like
Tailspin: The People and Forces Behind America's Fifty-Year Fall--And Those Fighting to Reverse It
by Steven Brill · 28 May 2018 · 519pp · 155,332 words
free market privatization of longtime governmental functions, such as education—famously wrote an article in The New York Times Magazine in 1970 declaring that “The social responsibility of business is to increase its profits.” The management of a corporation, he argued, worked for its shareholders and only its shareholders. If managers paid attention to that responsibility, and only that
The Myth of Capitalism: Monopolies and the Death of Competition
by Jonathan Tepper · 20 Nov 2018 · 417pp · 97,577 words
now infamous essay by Friedman, who would later win the Nobel Prize in economics, a new intellectual dogma took hold. Friedman argued that the only “social responsibility of business is to increase its profits” and that “a corporate executive is an employee of the owners of the business.” By this, he meant that the CEO is “employed” by the
Dear Chairman: Boardroom Battles and the Rise of Shareholder Activism
by Jeff Gramm · 23 Feb 2016 · 384pp · 103,658 words
rather than an indictment of corporate raiding or shareholder activism. Many pundits believe Milton Friedman’s 1970 article in the New York Times Magazine, “The Social Responsibility of Business Is to Increase Its Profits,” ushered in a new era of shareholder primacy. But when you read Friedman’s piece today, there is something inevitable about his deconstruction of corporate
Exponential: How Accelerating Technology Is Leaving Us Behind and What to Do About It
by Azeem Azhar · 6 Sep 2021 · 447pp · 111,991 words
, 27 December 2019 <https://www.exponentialview.co/p/-how-free-market-economists-got-it> [accessed 7 December 2020]. 47 Milton Friedman, ‘A Friedman Doctrine – The Social Responsibility of Business Is to Increase Its Profits’, New York Times, 13 September 1970 <https://www.nytimes.com/1970/09/13/archives/a-friedman-doctrine-the-social-responsibility-of-business-is-to.html
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paper, 17 September 2013 <https://www.oxfordmartin.ox.ac.uk/publications/the-future-of-employment/> [accessed 14 September 2020] Friedman, Milton, ‘A Friedman Doctrine – The Social Responsibility of Business Is to Increase Its Profits’, New York Times, 13 September 1970 <https://www.nytimes.com/1970/09/13/archives/a-friedman-doctrine-the-social-responsibility-of-business-is-to.html
Stakeholder Capitalism: A Global Economy That Works for Progress, People and Planet
by Klaus Schwab · 7 Jan 2021 · 460pp · 107,454 words
. It was the one put forth by University of Chicago economist and Nobel Prize winner Milton Friedman starting in 1970. He held that the “only social responsibility of business is to increase its profits”20 and that free markets are what matters above all else. (This is discussed further in Chapter 8.) The result was unbalanced growth. Economic growth
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, World Economic Forum, https://www.weforum.org/agenda/2019/12/davos-manifesto-1973-a-code-of-ethics-for-business-leaders/. 20 “A Friedman Doctrine—The Social Responsibility of Business Is to Increase Its Profits,” Milton Friedman, The New York Times, September 1970, https://www.nytimes.com/1970/09/13/archives/a-friedman-doctrine-the-social-responsibility-of-business-is
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/presidents/lyndon-b-johnson/ 42 Term coined in “Capitalism, Socialism and Democracy”, Joseph Schumpeter, Harper Brothers, 1950 (first published 1942) 43 “A Friedman Doctrine—The Social Responsibility Of Business Is to Increase Its Profits,” Milton Friedman, The New York Times, September 1970, https://www.nytimes.com/1970/09/13/archives/a-friedman-doctrine-the-social-responsibility-of-business-is
The Enlightened Capitalists
by James O'Toole · 29 Dec 2018 · 716pp · 192,143 words
. Lynn Stout, The Shareholder Value Myth (San Francisco: Berrett-Koehler, 2012), 3. 12. Stout, 26. 13. The citation usually referenced for the Friedman is “The Social Responsibility of Business Is to Increase Its Profits,” New York Times Magazine, September 1970. In fact, Friedman first pronounced the doctrine in 1962 in his book Capitalism and Freedom (Chicago: University of Chicago
System Error: Where Big Tech Went Wrong and How We Can Reboot
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