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By Cory Doctorow (GPG 0xBF3D9110957E5F4C) @doctorow.pluralistic.net · 13/06/2026

Friedman wasn't merely arguing that this would give rise to better companies - the crux of his argument was that by adopting this "fiduciary duty" standard, it would be easy to determine whether a company was being well-managed or run into the ground: pluralistic.net/2024/09/18/f... 5/

pluralistic.net

Pluralistic: There’s no such thing as “shareholder supremacy” (18 Sep 2024) – Pluralistic: Daily links from Cory Doctorow

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By Cory Doctorow (GPG 0xBF3D9110957E5F4C) @doctorow.pluralistic.net · 13/06/2026

Friedman argued that "being a good person" was a squishy, undefinable standard that could never be objectively measured. But "maximizing shareholder value" was a crisp, bright-line test that could be readily evaluated by any reasonable person. 6/

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By Cory Doctorow (GPG 0xBF3D9110957E5F4C) @doctorow.pluralistic.net · 13/06/2026

"Did this manager make as much money as possible for the company's owners?" *feels* like the kind of question we can all agree on, while, "Did this manager behave in an ethical way?" is much harder to answer. 7/

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