ght for the day: What Milton Would Say About ESG Investments // (Steven Hayward).
Observing the implosion of FTX–the darling company of woke capitalism, ” effective devotion, ” and the ESG investment crowd whose founder, typically the ridiculous Sam Bankman-Fried, had been second largest donor for the Democratic Party this year, naturally–calls back to mind what Milton Friedman wrote about the very first version of this leftist gimmick, which back in 962 had been called ” corporate sociable responsibility. ”
Few developments could so thoroughly challenge the very foundations of our free of charge society as the acceptance by simply corporate officials of a sociable responsibility other than to make all the money for their shareholders as you can. This is a fundamentally subversive regle. If businessmen do have a new social responsibility other than generating maximum profits for stockholders, how are they to know what? Can self-selected private persons decide what the social curiosity is?
