Reforming Corporate Behavior
We have heard for years that the sole purpose of a corporation is to make money for its shareholders, end of story. This notion gained ascendancy after a 1970 article published in the New York Times by economist Milton Friedman, who huffed that the idea that corporations have a broader responsibility to society is “pure and unadulterated socialism.” But today Friedman’s article seems like an odd period piece and his ideas out of step. There is a lot happening these days in boardrooms and the political arena to restore social responsibility to corporate behavior.
