Looking Back with a Legend: Ira Millstein Reflects on the Impact of Milton Friedman’s Views on Corporate Governance

The Business Lawyer (Vol. 76)

10 Pages Posted: 10 Sep 2021

See all articles by Ira M. Millstein

Ira M. Millstein

Weil Gotshal & Manges LLP

Leo Strine

University of Pennsylvania Carey Law School; Wachtell, Lipton, Rosen & Katz

Eric L. Talley

Columbia University - School of Law; European Corporate Governance Institute (ECGI)

Date Written: July 1, 2021

Abstract

In this discussion, corporate governance legend Ira M. Millstein reflects on the impact of Milton Friedman and his adherents on our corporate governance system and economy generally, as well as the path forward to an economy that functions better for the many. Millstein takes an historical perspective in conversation with former Chief Justice and Chancellor of Delaware, Leo E. Strine, Jr., moderated by Professor Eric Talley of Columbia Law School. Millstein situates the evolution of our corporate governance system, including the effect of Friedman and the Chicago school on it, within the political dynamics of the last fifty years since the New York Times published the essay, “A Friedman Doctrine—The Social Responsibility Of Business Is to Increase Its Profits.”

Keywords: Friedman Doctrine, Corporate Law, Corporate Governance, Purpose of the Corporation, Shareholder Primacy, ESG

JEL Classification: K00, K20, K22

Suggested Citation

Millstein, Ira M. and Strine, Leo and Talley, Eric L., Looking Back with a Legend: Ira Millstein Reflects on the Impact of Milton Friedman’s Views on Corporate Governance (July 1, 2021). The Business Lawyer (Vol. 76), Available at SSRN: https://ssrn.com/abstract=3918445 or http://dx.doi.org/10.2139/ssrn.3918445

Ira M. Millstein

Weil Gotshal & Manges LLP ( email )

767 Fifth Avenue
New York, NY 10153
United States
212-310-8100 (Phone)

Leo Strine

University of Pennsylvania Carey Law School ( email )

3501 Sansom Street
Philadelphia, PA 19104
United States

Wachtell, Lipton, Rosen & Katz ( email )

51 W 52nd St
New York, NY 10019
United States
212-403-1178 (Phone)

Eric L. Talley (Contact Author)

Columbia University - School of Law ( email )

435 West 116th Street
New York, NY 10025
United States

HOME PAGE: http://www.erictalley.com

European Corporate Governance Institute (ECGI) ( email )

c/o the Royal Academies of Belgium
Rue Ducale 1 Hertogsstraat
1000 Brussels
Belgium

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