Milton Friedman wasn’t wrong. It’s important to mention that he specifically stated that businesses should operate within both legal and ethical norms. Suggesting that unethical or illegal behavior is excused by his theory is wrong.
In addition, businesses are only “islands of socialism” to the extent that it increases profit. Ronald Coase’s ‘Theory of the Firm’ lays out the logic of this arrangement. Business relationships are voluntary, and the threat of monopoly is greatly exaggerated.
In addition, businesses are only “islands of socialism” to the extent that it increases profit. Ronald Coase’s ‘Theory of the Firm’ lays out the logic of this arrangement. Business relationships are voluntary, and the threat of monopoly is greatly exaggerated.