Following Abraham Lincoln s assassination on April 15, 1865, four condemned prisoners were led through the Old Arsenal Penitentiary on July 7, 1865. The penitentiary, which was located just outside of Washington, D.C., witnessed a crowd of
Friedman doctrine’s unintended consequence
Business No longer about profits - istock.com×
The singular pursuit of profit as a model of development has hollowed out US’ productive capacity to China’s benefit
Businesses should have no further responsibility than accumulating profit. Introduced in 1970, this idea by Milton Friedman has dramatically influenced American and the world economy in the past 50 years. It has powered significant global outcomes like off-shoring of production, free trade and supported China’s rise.
Big businesses loved the idea that the CEO’s sole task should be to enrich a firm’s shareholders and the corporate should have no social responsibility. As long as they pay taxes, they may ignore the interests of other stakeholders like workers, customers, communities, and the environment.