The Misunderstood Milton Friedman: Profit Maximization Or Shareholder Preference?

“Am I not allowed to do what I choose with what belongs to me?” —Matthew 20:15 Do businesses exist to serve shareholders? Or do they exist to serve the interests of all stakeholders, including communities and the environment? Milton Friedman’s doctrine of shareholder primacy has been much maligned, mischaracterized, and misunderstood over the past several decades. […]