Show or hide comments about the document.
Search over the document's text.
Share the document through social networks or e-mail.
After selecting an area on the page.
...you can:
copy the text
share the segment
comment
cite the document

Summer 2022

ISSN 0890-913X

Volume 37, Number 2

Categories: Summer 2022 | Capitalism | Market Studies

Woke Capitalism?

Nicholas Capaldi, Loyola University, New Orleans

Download

e-mail

<< Back to editing
Previous version by
<< Older
Newer >>
Revert to this one

Edit
Cancel
Fullscreen

Show comments
Zoom:
Page: / 13

Line spacing:
Word spacing:

Search:FindClose

search results

TheJournalofPrivateEnterprise37(2),2022,1-13WokeCapitalism?NicholasCapaldiLoyolaUniversityNewOrleansAbstractThegroundworkforwokecapitalismwaslaidby(1)Americanphilanthropicculture(definedbyAndrewCarnegie),(2)MiltonFriedman’sinaccuratestatementontheroleofpubliclytradedcompanies,and(3)thecaptureofbusinessschoolsbysocialscientistsoblivioustoFriedrichHayekandmistakenlythinkingtheypossessasocialtechnology.Itisfurthersupportedby(4)thefailuretodistinguishamongentrepreneurs,management,andheirsaswellas(5)thefailuretodistinguishbetweenthelogicofproductionandthelogicoffinance.Sixthandfinally,thepossessionofgreatwealthisatemptationtoexercisepowerandtogainprestigeandcelebritystatusamongmembersofthesameclass(forexample,BillGates,GeorgeSoros).JELCodes:A,G,IKeywords:MiltonFriedman,finance,socialtechnologyI.IntroductionAmonglibertariansandclassicalliberals,andaccordingtotheeditorialpageoftheWallStreetJournal,thepurposeofbusiness(thatis,publiclytradedcorporations)istomakeaprofitwithintheboundariesofthelaw.TheclassicstatementofthispositionistobefoundinMiltonFriedman’s1970essay“TheSocialResponsibilityofBusinessIstoIncreaseItsProfits.”Friedman’s(1970)statementisasfollows:“Inafree-enterpriseprivatepropertysystem,acorporateexecutiveisanemployeeoftheownersofthebusiness.Hehasdirectresponsibilitytohisemployers.Thatresponsibilityistoconductthebusinessinaccordancewiththeirdesires,whichgenerallywillbetomakeasmuchmoneyaspossiblewhileconformingtothebasicrulesofthesociety,boththoseembodiedinlawandthoseembodiedinethicalcustom.”Anentireintellectualindustryhasbeenbuiltaroundthisessay.Friedman’scriticsroutinelyrepresenthimasembodyingtheworstexcessesofthecapitalist(intheMarxistsense)exploiter.Friedman’sdefendersremindhiscriticsthatFriedmanendorsedandactedinthetraditionofusingone’sprivatefortunetoaddresssocialissues(hisfoundationpromotedschoolchoicethroughvouchers).Weshall

GLIFOS-digital_archive

Metadata [hide]

Title	Woke Capitalism?
Authors/Creators:	Nicholas Capaldi, Loyola University, New Orleans
Year:	2022
Volume:	37
Number:	2
Pages:	1 - 13
Publisher:	The Association of Private Enterprise Education
ISSN:	0890-913X
Document Type:	Articles
Keywords:	Milton Friedman, finance, social technology

Citation:
Capaldi, Nicholas / 2022. "Woke Capitalism?." The Journal of Private Enterprise, 37(2): 1-13.