MILTON FRIEDMAN: He talked a good game on responsibility….and sure enough, the responsibility lies with him.

The Slog

How the neocon hero gave business a licence to be licentious

dubyamilt

Hero and admirer share an intimate moment

The late  Milton Friedman’s most famous (nearly always misquoted) pronouncement on business was, «So the question is, do corporate executives, provided they stay within the law, have responsibilities in their business activities other than to make as much money for their stockholders as possible? And my answer to that is, no they do not«.

It’s complete bollocks of course, because it works on the assumption that as business takes nothing from society, there’s no earthly reason why it should voluntarily put anything back. This is demonstrably untrue, although if a company wanted to draw its own water, generate its own energy, educate its own workforce and provide them with A-class healthcare, I wouldn’t have a problem with the concept.

It’s also naive (Friedman was a staggeringly naive chap) because in…

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