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...

Corporate Responsibility and The Two Minds of Milton Friedman

Milton Friedman had two inconsistent minds: That of an economist and an ideologue. The view that maximizing profits without constraint is a...

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...

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Antitrust and Competition

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It is common lore in data privacy law and other fields that stringent regulatory standards (such as the ones introduced in the...

Coronavirus

Governments Were Forced to Restrict Civil Liberties to Deal With Covid-19. More Flexible Constitutions Could Prevent That from Becoming the New Normal

Gabriele Gratton, Barton Lee

A new paper argues that exploitation of gaps within democratic constitutions during emergencies, such as the Covid-19 pandemic, has the potential to...

Corporate Governance

The Social Responsibility of Business Includes Profits

Alex Edmans

Profits these days are often seen as a dirty word, but it is wrong to demonize profits. A company’s responsibility is not...

Academic Capture

Academic Gatekeepers, Real and Imagined, Are Threatening the Credibility of the Field of Political Finance  

Renée Adams

One objective of political finance is to hold power to account. However, gatekeeping, both direct and indirect, is keeping important work from...

Academic Capture

A Call for Comments: Have You Been Affected by Academic Gatekeeping?

Luigi Zingales

On Friday, ProMarket published a piece by Renée Adams about the impact of academic gatekeeping in the political finance. Do you have...