Few people knew that when Milton Friedman claimed that a corporation's only responsibility is profits, it would become conventional wisdom. David Colander, the always original and often iconoclastic economist, makes the refreshing case in support of for-benefit enterprises.Solving Society’s Problems from the Bottom Up: For-Benefit Enterprises
David Colander | Christian A. Johnson Distinguished Professor of Economics at Middlebury College
(h/t John Hobgood at FB)
"Few people knew that when Milton Friedman claimed that a corporation's only responsibility is profits,"
ReplyDeleteActually, it is to do the will of the owners, the shareholders.
And without government backing for the banks, it is likely the corporations would be broadly owned and thus broadly democratic.
But why share when one can legally steal purchasing power?