The ghost of Milton Friedman will haunt the markets until companies fix CEO pay

Fifty years ago this week, the New York Times Sunday Magazine published an essay by the Nobel prize-winning economist Milton Friedman. The central premise of the Friedman Doctrine was that to continue to prosper, American business needed to stay globally competitive—and that required executives to focus only on profits and share price. He called for […]

Who’s winning the battle for stakeholder capitalism?

Aug. 19, 2020, marks one year since the Business Roundtable released a new statement about the purpose of corporations, choosing so-called “stakeholders” over shareholders in pursuit of an “economy to serve all Americans.” It was a bold move that jolted the business press to life in the sultry days of August and offered some welcome […]