April 12, 2026

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 shareholders as possible. Put another way, making dividends for shareholders is the sole task of corporate management. Forcing any social responsibility on corporations would undermine our free society.

 Milton Friedman (1912 – 2006), Capitalism and Freedom (1962), Jay p. 143

MEDITATION: What does “responsibility” mean when profit is the only goal? Can a business truly serve a free society if its moral compass points only toward quarterly returns? What is such a free society free of? What is the freedom such shareholders enjoy? Is it to just make money? At whose expense?

COMMENTARY: A “free society” cannot mean one in which corporate officials get off free of any responsibility for whatever damage—to the environment, for instance—is done by policies designed to maximize profits when the corresponding costs are not also shared by—who else?—the shareholders.

Friedman’s purity of purpose made him dangerous. The idea that markets can self-police is as quaint as believing foxes can guard the henhouse.

The fact is capitalism without conscience eventually eats itself. Or, put another way as the character Rose Castorini instructed—if somewhat crudely—in the film Moonstruck: “Don’t shit where you eat!”