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Farewell to the Friedman Doctrine

It is nothing more than an excuse for bad behavior

Milton Friedman (1912-2006), one of the most influential economists of the 20th century, was a free-market advocate, libertarian, teacher, and iconoclast. While his ideas often challenged conventional thinking, he may be best known today for the Friedman Doctrine, which holds that a corporation’s only social responsibility is to increase its profits. Beginning in the 1960s, Ralph Nader and other consumer advocates attacked General Motors with lawsuits, shareholder initiatives, and proposed regulations to improve safety, reduce racial discrimination, and advance other social goals. In response, Friedman wrote an article that ran in The New York Times on September 13, 1970, entitled…
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Matt Warnock is a recovering attorney and accidental herbalist. He owns RidgeCrest Herbals, which his father co-founded in 1994. He’s served on the Board of Trustees for Santa Clara County Bar Association; the Santa Clara Council, Boy Scouts of America; and Wayne Brown Institute, a non-profit venture accelerator in Utah.
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