Friedman argued that the sole duty of a company is to its shareholders, not to the interest of workers and surrounding communities. ...Workers may toil their entire lives, communities may tax themselves to create infrastructure a corporation needs, and vendors may invest their entire fortune to supply the corporation—but none of these parties, Friedman said, has significant legal rights or moral claims. The idea was radical. It was not supported by the development of the law, the regulation of business and the advancement of civilization over thousands of years. But in a surprisingly short time, Friedman's ahistorical thinking has come to dominate society.

What It Means

This is a placeholder explanation generated by the low-overhead model. It interprets "Friedman argued that the sole duty of a company is to its shareholders, not to the interest of workers and surrounding communities. ...Workers may toil their entire lives, communities may tax themselves to create infrastructure a corporation needs, and vendors may invest their entire fortune to supply the corporation—but none of these parties, Friedman said, has significant legal rights or moral claims. The idea was radical. It was not supported by the development of the law, the regulation of business and the advancement of civilization over thousands of years. But in a surprisingly short time, Friedman's ahistorical thinking has come to dominate society." in the context of "David Cay Johnston, The Fine Print (2013) p. 16. Citing Milton Friedman, "A Friedman doctrine—The Social Responsibility Of Business Is to Increase Its Profits" (Sep 13, 1970) The New York Times; alt." to mean that wisdom is timeless.