Friedman 50 Years Later

eBook: Milton Friedman 50 Years Later, a Reevaluation

Over the past couple of months, ProMarket has hosted a lively debate on whether Milton Friedman was right or wrong when he...

Friedman’s Legacy: From Doctrine to Theorem

Friedman was more right than his detractors claim and more wrong than his supporters would like us to believe. However, after 50...

The Purpose of Business is to Solve Problems of Society, Not to Cause Them

Claims that a stakeholder-focused system of corporate governance cannot succeed in the US are perverse because they take as given that corporations...

Can Institutional Investors Solve Societal Issues When Governments Fail to Do So?

A new study looks into the social costs associated with private prisons to show that privatization may come with social trade-offs when...

Bringing Ethics Back to Friedman’s Call to Purpose for the Next 50 Years

Fifty years ago, Friedman compellingly presented his argument for shareholder primacy. But as currently implemented, shareholder primacy threatens the unifying purposes that...

Milton Friedman and the Need for Justice

Milton Friedman predicated his shareholder value maximization credo on the strong implicit and explicit assumptions that the rules of society protect stakeholders...

There Is a Direct Line from Milton Friedman to Donald Trump’s Assault on Democracy

Milton Friedman believed that corporations have a social responsibility to play within the rules of the game. But corporations aren’t just players...

Strength in Numbers: Using Data to Track Diversity and Inclusion

Recent protests against racism and police brutality, along with the #MeToo movement, have increased pressure on businesses to measure and improve their...

Shareholder Value and Social Responsibility Are Not At Odds

Being socially responsible can, and frequently does, make good business sense. There are plenty of opportunities for companies to do well by...

A Challenge for Stakeholder Capitalism: Solving the Paradoxes of Voting

If corporations are to maximize shareholder welfare, managers need to discover what shareholders value; political theory shows how difficult this can be.

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Reversing the “Resource Curse” with Foreign Corruption Regulation

Anti-corruption regulation originating in developed countries is effective in changing corporate behavior and has a positive economic impact on developing countries.

The Death of Hong Kong’s Rule of Law

Hong Kong's rule of law has suffered a fatal blow. With the national security law, the authoritarian regime has all that it...

President-Elect Joe Biden and the Real Lessons of DuPont

Simply talking corporate America into being more responsible is not enough. It may get corporations to talk the talk, but not to...

How Companies Spin Off Environmental Liabilities to Avoid Legal Obligations

Environmental externalities are vexing for corporate decision makers, but some companies have figured out a way to deal with them: a spinoff....

How Pfizer’s Vaccine Announcement Demonstrates the Political Power of Firms

By timing the disclosure of the results of its vaccine trial, Pfizer could have influenced the 2020 presidential election. This is worrisome...

The Useful Distraction of Section 230

How the red-herring of a politicized Section 230 and “conservative censorship” distracts from a bipartisan national privacy act.

Institution Man: How Corporations Came to Dominate the US Economy

In the first chapter of his book Transaction Man, Nicholas Lemann explores how Adolf Berle, author of The Modern Corporation and Private...