3min chapter

The Joe Walker Podcast cover image

Ken Henry — An Economic Odyssey

The Joe Walker Podcast

CHAPTER

The Problem With Democracy and Capitalism

Milton Friedman's argument that the only social responsibility of a business is to maximise profit for shareholders was predicated in part on the idea that governments could internalise externalities. If there's a problem with democracy, that implies a bigger problem for capitalism. And he says provided businesses seek to maximize profit and government does its bit to ensure that we're not dudded by their profit maximizing activities.

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