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The Friedman doctrine, also called shareholder theory, is a normative theory of business ethics advanced by economist Milton Friedman that holds that the social responsibility of business is to increase its profits. [1]
Friedman argued that businesses often used claims about social responsibility to increase returns and described them as "hypocritical window dressing". [123] Managers were also poorly prepared to make decisions about social causes and these outlays diverted funds that belonged instead to shareholders.
The doctrine of "social responsibility", that corporations should care about the community and not just profit, is highly subversive to the capitalist system and can only lead towards totalitarianism. ix. Occupational Licensure Friedman takes a radical stance against all forms of state licensure.
(Bloomberg Opinion) -- My Bloomberg Opinion colleague Joe Nocera is a onetime believer in Milton Friedman’s doctrine who has changed his mind. He explains why here.Fifty years ago this month ...
The alleviation of poverty was mentioned in Capitalism and Freedom, where Friedman argued that in 1961 the US government spent around 33 billion on welfare payments e.g. old age assistance, social security benefit payments, public housing, etc. excluding mainly veterans' benefits and other allowances. Friedman recalculated the spending between ...
Free to Choose: A Personal Statement is a 1980 book by economists Milton and Rose D. Friedman, accompanied by a ten-part series broadcast on public television, that advocates free market principles. It was primarily a response to an earlier landmark book and television series The Age of Uncertainty , by the noted economist John Kenneth Galbraith .
Economist Milton Friedman introduced the Friedman doctrine in a 1970 essay for The New York Times, entitled "A Friedman Doctrine: The Social Responsibility of Business Is to Increase Its Profits". [5] In it, he argued that a company has no social responsibility to the public or society; its only responsibility is to its shareholders. [6]
Some of the 75,000 U.S. federal workers who the Office of Personnel Management says accepted a resignation buyout offer were ready to retire anyway. Many bristled at Donald Trump's description of ...