On Business: Milton Friedman Is Wrong About Social Responsibility

Social Responsibility — the new business imperative
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The Business Roundtable statement brought economist Milton Friedman to the front pages again. The Wall Street Journal challenged us to read his 1970 essay on the social responsibility of business. I did, and it is wrong for today.

When the Business Roundtable announced a shift from shareholder to stakeholder value, some cheers rose with a strong mix of…