“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.”

Interview "Milton Friedman Responds" in Chemtech (February 1974) p. 72.

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Milton Friedman158

American economist, statistician, and writer 1912–2006

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“Few trends could so thoroughly undermine the very foundations of our free society as the acceptance by corporate officials of a social responsibility other than to make as much money for their stockholders as possible. This is a fundamentally subversive doctrine. If businessmen do have a social responsibility other than making maximum profits for stockholders, how are they to know what it is? Can self-selected private individuals decide what the social interest is? Can they decide how great a burden they are justified in placing on themselves or their stockholders to serve that social interest?”

Milton Friedman book Capitalism and Freedom

Source: Capitalism and Freedom (1962), Ch. 8 Monopoly and the Social Responsibility of Business and Labor, p. 133

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“That is a widespread myth, that it is possible to spend money with nobody paying for it. You have everybody screaming that we ought to have new, bigger, more generous government programs. Where are we going to raise the money? Tax business. But business corporations can’t pay any taxes. A corporate executive may sign the check, but where does he get the money? From his stockholders or from his customers or from his employees. Unlike the federal government, he doesn’t have a printing press in his basement. So the only way he can pay money to the government is imposing a burden on somebody. Government cannot spend money at nobody’s expense.”

Milton Friedman (1912–2006) American economist, statistician, and writer

“Economic Myths and Public Opinion” https://miltonfriedman.hoover.org/friedman_images/Collections/2016c21/AmSpectator_01_1976.pdf, The Alternative: An American Spectator, vol. 9, no. 4, (January 1976) pp. 5-9

“The view has been gaining widespread acceptance that corporate officials and labor leaders have a "social responsibility"... beyond serving the interests of their stockholders or their members. This view shows a fundamental misconception of the character of a free economy. In such an economy there is one and only one social responsibility of business—to use its resources and engage in activities designed to increase its profits so long as it stays within the rules of the game, which is to say, engages in open and free competition without deception fraud. Similarly, the "social responsibility" of labor leaders is to serve the interests of the members of their unions. It is the responsibility of the rest of us to establish a framework of law such that an individual... is, to quote Adam Smith... "led by an invisible hand... I have never known much good done by those who affected to trade for the public good."”

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