The ghost of Milton Friedman will haunt the markets until companies fix CEO pay

Fifty years ago this week, the New York Times Sunday Magazine published an essay by the Nobel prize-winning economist Milton Friedman. The central premise of the Friedman Doctrine was that to continue to prosper, American business needed to stay globally competitive—and that required executives to focus only on profits and share price. He called for executives to ignore the distraction of the myriad social responsibilities that go beyond the legal minimum. READ MORE