During the Golden Age of Capitalism in 1960, Eastman Kodak promised fair wages, safe working conditions, and various perks to new employees. However, they did not hire black people, which sparked widespread protests by groups excluded from this era. Two men with different views on the role of a capitalist corporation like Kodak would engage in a battle that would ultimately reshape American capitalism. Stay tuned for Today Explained's coverage of the original backlash against woke 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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