Friday, November 24, 2006

Milton Friedman was right

"Corporate social responsibility" is bunk.

Eternal Political Truth:

"The origins of this transformation lie in the minds of people who do not like or appreciate the genius of capitalist success stories, including always politicians, who will generally make any argument in order to control more private wealth. Of course, the social responsibility of corporations is always tied to the proponents' own views of compassion or justice or avoidance of a cataclysm. But the logic of their own arguments requires that essentially private corporations be viewed as somehow "public" in nature."

"Our laws against extortion do not function effectively when it comes to corporations. And so to some extent these private entities have indeed, via the social responsibility notion, been converted into crypto-public enterprises that are the essence of socialism. Milton Friedman was right again."

1 comment:

  1. I was raised blue collar and my parents would have made the perfect socialists, but somehow I KNEW as a young teen something was wrong with that idea. I didn't know how to express my thoughts so I asked my Dad did he know of one "poor" man who made a job for someone else. Then I told him that rich people make jobs and they should be able to keep the money they make for using their money to make the jobs. I remembered this the other day when the news announced Friedman's death. I am proud of that kid because she had gotten it right! BB