1min chapter

Volts cover image

How big business sold America the myth of the free market

Volts

CHAPTER

Capitalism and the Morality of the Business Person

The idea of shareholder value, we can trace really back to Chicago school economists. It's mostly popularized by Milton Friedman, though he didn't come to cock to the term. So the idea is that if you have these like purely self-interested actors, the magic of the aggregating them produces social good. The individual not only has no obligation to do public good with their business or their corporation, in a sense, they're sort of like violating the spirit of capitalism and Adam Smith would be rolling in his grave.

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