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Financial Times
8 mins | May 13, 2020

Milton Friedman was wrong on the corporation

Martin Wolf: the doctrine that has guided economists and businesses for 50 years needs re-evaluation. "Suitably, given Friedman’s connection with the University of Chicago, the Stigler Center at its Booth School of Business has just published an ebook, Milton Friedman 50 Years Later, containing diverse views. In an excellent concluding article, Luigi Zingales, who promoted the debate, tries to give a balanced assessment. Yet, in my view, his analysis is devastating. He asks a simple question: 'Under what conditions is it socially efficient for managers to focus only on maximising shareholder value?'" The Financial Times' Chief Economics Commentator, analyses.

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