[Milton] Friedman’s Bad Turn — Peter Radford

Today is quite an anniversary. It is fifty years since Milton Friedman’s article on the responsibilities of corporate management appeared in the New York Times. Whilst it was not the only argument in favor of the shift towards a narrow focus on shareholder value, it was certainly one of the more persuasive and influential. I have long held that Friedman’s reputation was ill-deserved because of his overt ideological bias and thus lack of any pretenses to scientific thought, but I realize he is well respected and protected by his peers. His academic peers keep pointing us to his many “contributions” and accomplishments in order to prevent too dramatic a revision of his stature. I prefer to reflect on the enormous impact his relentless pursuit of libertarian politics under the guise of economic theorizing has had on working people throughout the world. He and his fellow travelers have a great deal of responsibility for the current fiscal insecurity that their ideas produced.

The Radford Free Press
[Milton] Friedman’s Bad Turn
Peter Radford