The writer is co-founder of the Inclusive Competition Forum and author of ‘Competition is Killing Us: How Big Business is Harming Our Society and Planet and What To Do About It’
Fifty years ago on Sunday, Milton Friedman published the article that would guarantee his lasting influence. “The Social Responsibility of Business is to Increase its Profits” became the canonical statement on shareholder value, with Friedman giving conflicted chief executives a simple guiding principle: when in doubt, maximise profits.
Friedman’s argument was considered outrageous in 1970, and is again being criticised today. The influential US Business Roundtable group of executives publicly rejected the primacy of shareholder value last year and many companies and investors tout their focus on stakeholders and sustainability.