Too often, there’s confusion about how #wages became decoupled from #productivity gains, how #CorporateResponsibility became a thing of the past, how every facet of #American life came to be #monetized by the #FinancialIndustry

May I present #MiltonFriedman & the #FriedmanDoctrine of 1970.

“…there is one and only one social responsibility of business—to use its resources and engage in activities designed to increase its profits so long as it stays within the rules of the game, which is to say, engages in open and free competition without deception or fraud.”

To give him his due, he probably did not foresee the full capture of #government by corporations, which let them change those “rules of the game” - gutting worker & environmental protections and allowing #monopolies to rise again.

His work was used to give cover to #Reaganism, #Thatcherism and all that has followed. 😑

#Economics #IncomeInequality

https://www.nytimes.com/1970/09/13/archives/a-friedman-doctrine-the-social-responsibility-of-business-is-to.html