The Legacy of Shareholder Capitalism

Economist Milton Friedman published an essay in 1970 arguing that the job of a corporation was solely to make money for its shareholders. General Electric CEO Jack Welch pushed that idea about as far as it would go — and broke capitalism.

This episode was produced by Miles Bryan, edited by Matt Collette, fact-checked by Laura Bullard, engineered by Patrick Boyd with original music by Jon Ehrens, and hosted by Noel King. Additional editorial support from Avishay Artsy, Jolie Myers, and Miranda Kennedy.

Transcript at vox.com/todayexplained

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