I’ve always liked Van Morrison’s music. Now I like it even more .
Once again, President Trump is engaged in gatekeeper capitalism , where he employs the misguided conceit that he holds the keys to the U.S. economy, and that he can marshal enough information to actually manage this massive economy from a White House conference room.
Kudos to Bo Winegard .
While I could pick nits with some points that Michael Strain makes in his defense of Milton Friedman’s famous case for what is sometimes called ‘shareholder capitalism,’ overall Michael’s essay is excellent . A slice:
As a matter of practicality, asking CEOs to make society better — the environment cleaner, working conditions safer, compensation higher — is beyond their competence and ability. It also invites inconsistencies. For example, doubling workers’ wages would make them better off, but it would require raising prices, making customers worse off. And if stakeholder capitalism has any teeth, it must mean that executives should on occasion act against the interest of their company’s owners. How is that a defensible management strategy? Should union members, Friedman reasonably asked, tolerate leaders who don’t fight for better wages and working conditions to keep prices lower for customers?