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

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