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Theory that the only social responsibility of business is to increase its profits
The Friedman doctrine, also called shareholder theory, is a normative theory of business ethics advanced by economist Milton Friedman that holds that
Friedman_doctrine
Concept in corporate governance
corporation ... and his primary responsibility is to them. — Milton Friedman. "A Friedman Doctrine: The Social Responsibility of Business Is to Increase Its Profits"
Shareholder_primacy
American economist and statistician (1912–2006)
Milton Friedman (/ˈfriːdmən/ ; July 31, 1912 – November 16, 2006) was an American economist and statistician who received the 1976 Nobel Memorial Prize
Milton_Friedman
Business term
paying dividends and/or causing the stock price to increase (i.e. the Friedman doctrine articulated in 1970); The more specific concept that planned actions
Shareholder_value
religious doctrines. Bernanke doctrine, named after Ben Bernanke Friedman doctrine, named after Milton Friedman Most legal doctrines are named after cases. This
List of doctrines named after people
List_of_doctrines_named_after_people
2007 non-fiction book by Naomi Klein
The Shock Doctrine: The Rise of Disaster Capitalism is a 2007 book by Canadian author and social activist Naomi Klein. In the book, Klein argues that neoliberal
The_Shock_Doctrine
Costs arising from conflicts of interest between principals and their agents
agency costs. Common examples of this cost include: according to the Friedman doctrine, the cost borne by shareholders (the principals) when corporate management
Agency_cost
American military doctrine
improvised explosive devices (IEDs). Thomas Friedman of The New York Times has referred to the Rumsfeld Doctrine as one of "just enough troops to lose". That
Rumsfeld_Doctrine
Management and ethical theory that considers multiple constituencies
intervention and enforcement. Agency cost Codetermination Economic democracy Friedman doctrine Principal–agent problem Stakeholder (corporate) Stakeholder (law)
Stakeholder_theory
Business framework
deemed non-essential) was prevalent for most of the 20th century (see Friedman doctrine). Towards the end of the 20th century, however, a contrary theory
Environmental, social, and governance
Environmental,_social,_and_governance
Application of ethical principles to the area of business activities
York: Palgrave. ISBN 1-4039-7581-7. OCLC 70676637. Friedman, Milton (1970-09-13). "A Friedman doctrine-- The Social Responsibility of Business Is to Increase
Business_ethics
Economic theory
doi:10.5172/impp.453.10.2-3.146. S2CID 20510519. Friedman, M. (September 13, 1970). "A Friedman doctrine—; The Social Responsibility Of Business Is to Increase
Innovation_economics
Corporate governance concept
is resembles that of noted economist Milton Friedman, in what has come to be known as the Friedman doctrine or shareholder theory. In 1956, Lewis Gilbert
Shareholder_democracy
2020 non-fiction book by Kurt Andersen
Regulations were rolled back and antitrust efforts dwindled. The Friedman doctrine emboldened big business to place profits above all other considerations
Evil Geniuses: The Unmaking of America
Evil_Geniuses:_The_Unmaking_of_America
Scholar of Alawi sect
al-Khaṣībī Friedman 2008–2012; Friedman 2016. The Encyclopædia Britannica cites 957 or 968 as two possible dates for his death. Friedman 2008–2012. Friedman, Yaron;
Al-Khasibi
Trading corporate votes
Milton Friedman introduced his shareholder theory of business ethics, known as the Friedman doctrine, in a 1970 essay for the New York Times. Friedman generally
Trading_of_shareholder_votes
American legal rule about trusts
the Claflin Doctrine--New View of the Policy against Perpetuities". Missouri Law Review. 50 (4): 805–839. Retrieved 19 July 2017. Friedman, Lawrence (9
Claflin_doctrine
Royal Navy aircraft carrier class
practice of storing some aircraft permanently on deck." Friedman 1988, p. 154 Friedman 1983, p. 392 Friedman 1988, p. 145 USS Bennington, Action Report, OPERATIONS
Illustrious-class aircraft carrier
Illustrious-class_aircraft_carrier
Offshoot of Shia Islam in the Levant
Canaan) in addition to the fourth Caliph, Ali. Yaron Friedman and many researchers of Alawi doctrine write that the founder of the religion, Ibn Nusayr
Alawism
Theory of constitutional law
The doctrine of nondelegation (or non-delegation principle) is the theory that one branch of government must not authorize another entity to exercise the
Nondelegation_doctrine
Proposed class of American super-battleships
1–3. Friedman 1980, p. 97. Friedman 1985, pp. 281–282. Friedman 1980, pp. 88, 98. Friedman 1980, p. 88. Friedman 1985, pp. 307–309. Friedman 1985, pp
Montana-class_battleship
Professor of economics (1922–2020)
in 1959 from the University of Chicago where he studied under Milton Friedman and Earl J. Hamilton. He then taught economics at Muhlenberg College, Norwich
Richard_Timberlake
Doctrine in monetary economics
on the institutional environment in which the doctrine appears". Clark Warburton, an early-pre-Friedman-and-Schwartz monetarist who wrote in the 1940s
Real_bills_doctrine
Canadian author and activist (born 1970)
Shock Doctrine: The Rise of Disaster Capitalism, was published in 2007. The book argues that the free market policies of Nobel Laureate Milton Friedman and
Naomi_Klein
Principles of U.S. president Barack Obama's foreign policy
Doctrine, Truman Doctrine, Kennedy Doctrine, Nixon Doctrine, Carter Doctrine, Reagan Doctrine, or Bush Doctrine, the Obama Doctrine is not a specific
Obama_Doctrine
Jews who converted to the Catholic Church
to keep Mosaic traditions in light of Catholic doctrine. The phrase was coined by Father Elias Friedman (1987), who was himself a converted Jew. In the
Hebrew_Catholics
1962 book by Milton Friedman
Capitalism and Freedom is a book by Milton Friedman originally published in 1962 by the University of Chicago Press which discusses the role of economic
Capitalism_and_Freedom
Theory in monetary economics
including John Locke, David Hume, Irving Fisher and Alfred Marshall. Milton Friedman made a restatement of the theory in 1956 and made it into a cornerstone
Quantity_theory_of_money
Iranian liberal ideology
left-liberal and social democratic ideology that refers to the political doctrine and set of policies supported by Mohammad Mosaddegh, the Prime Minister
Mosaddeghism
2003 Iraq War photograph
Oil as a possible rationale Issues American imperialism Bush Doctrine Wolfowitz Doctrine Colin Powell's UN presentation Disarmament crisis UNMOVIC UNSCRs
The_Hooded_Man
Chilean economists and political advisors
Chicago Department of Economics under influential figures like Milton Friedman, Arnold Harberger, and Larry Sjaastad, or at its academic partner, the
Chicago_Boys
lives, some of which were lived in extraterrestrial cultures. Scientology doctrine states that a person undergoing the practice of auditing will eventually
Scientology beliefs and practices
Scientology_beliefs_and_practices
President of the United States (2017–2021; since 2025)
Pardons to Trump". Bloomberg News. Retrieved August 19, 2025. Plumer, Brad; Friedman, Lisa (April 11, 2025). "Trump's New Way to Kill Regulations: Because I
Donald_Trump
Proposed tax reform
Report in the early 1940s and popularized by American economist Milton Friedman in the 1960s as a system in which the state makes payments to poor people
Negative_income_tax
School of economic thought
some of whom have constructed and popularized its principles. Milton Friedman and George Stigler are considered the leading scholars of the Chicago school
Chicago_school_of_economics
Ethnoreligious group centered in Syria
as Khidr (Saint George) and Simeon Stylites. Yaron Friedman and many researchers of Alawi doctrine write that the founder of the religion, Ibn Nusayr
Alawites
German philosopher (1724–1804)
Pure Reason (1781/1787), Kant argues for transcendental idealism, the doctrine that space and time are mere "forms of intuition" (German: Anschauung)
Immanuel_Kant
Early 20th-century battleship type
Breyer 1973, p. 360. Friedman 1978, pp. 77–79. Friedman 1978, pp. 79–83. Friedman 1978, p. 95. Friedman 1978, pp. 89–90. Friedman 1978, p. 91. Breyer 1973
Dreadnought
Monroe Doctrine. The 2025 National Security Strategy announced the "Trump Corollary" to the Monroe Doctrine, also known as the Donroe Doctrine. Secretary
American expansionism under Donald Trump
American_expansionism_under_Donald_Trump
Economic system free from interventionism
his fellow Physiocrats, who credit both the laissez-faire slogan and the doctrine to Gournay. Before d'Argenson or Gournay, P. S. de Boisguilbert had enunciated
Laissez-faire
Arab religious leader (died 883)
during the lifetime of al‐Askari, his ism. The doctrine of the ma'na, ism and bab is a Nusayri doctrine. Obviously, Nusayr's ambition was to present himself
Ibn_Nusayr
Speech or writing intended to incite hatred or violence
would tend to incite an immediate breach of the peace. The fighting words doctrine, in United States constitutional law, is a limitation to freedom of speech
Fighting_words
Franklin Roosevelt policy towards Latin America
text search Friedman, Max Paul. "The Good Neighbor Policy." Oxford Research Encyclopedia of Latin American History (2018), online. Friedman, Max Paul,
Good_Neighbor_policy
2023 police booking photograph of U.S. President
want to hear—belligerence". The New York Times fashion critic Vanessa Friedman called the image "a mug shot for history that is unprecedented" and noted
Mug_shot_of_Donald_Trump
Syrian state from 1963 to 2024
Archived from the original on 12 November 2024. Retrieved 10 December 2024. Friedman, Thomas (26 May 1985). "Legacy of War; Israel Makes a Bitter Deal, New
Ba'athist_Syria
Proposed American battleship class
Archived from the original on 27 December 2025. Retrieved 22 December 2025. Friedman, Norman (1980). "United States of America". In Gardiner, Robert; Chesneau
Trump-class_battleship
Large armored warship with a main battery consisting of heavy caliber guns
Friedman & Mandeles 1999, pp. 25–26. Budiansky 1998, pp. 136–137. Budiansky 1998, pp. 147–151. Gardiner & Gray 1985, pp. 64–71, 120. Hone, Friedman &
Battleship
Leader of China since 2012
Retrieved 7 September 2019. M., J. (6 May 2013). "The role of Thomas Friedman". The Economist. Archived from the original on 28 October 2017. Retrieved
Xi_Jinping
1979 United States Supreme Court case
Friedman et al. v. Rogers et al., 440 U.S. 1 (1979) was a Supreme Court case in which the Court held that a Texas law, the Texas Optometry Act, which prohibited
Friedman_v._Rogers
Politically motivated euphemism for French fries
Oil as a possible rationale Issues American imperialism Bush Doctrine Wolfowitz Doctrine Colin Powell's UN presentation Disarmament crisis UNMOVIC UNSCRs
Freedom_fries
British conservative ideology from the 1980s onward
movement. Thatcherism is thus often compared to classical liberalism. Milton Friedman said that "Margaret Thatcher is not in terms of belief a Tory. She is a
Thatcherism
Psychological operations within United States military and intelligence agencies
2017. The U.S. Army is responsible for military psychological warfare doctrine. U.S. psychological operations forces are generally forbidden to attempt
Psychological operations (United States)
Psychological_operations_(United_States)
American political activist (1993–2025)
awakening in middle school, during which he read books by economist Milton Friedman and became more attracted to the principles of the Republican Party. In
Charlie_Kirk
Feeling of sadness, anxiety, agitation or aggression after sexual intercourse
film La petite mort Post-nut clarity Prolactin Refractory period (sex) Friedman, Richard Alan (20 January 2009). "Sex and depression: In the brain, if
Post-coital_tristesse
Prime Minister of Israel (1996–1999; 2009–2021; 2022–present)
Archived from the original on 21 July 2013. Retrieved 16 March 2013. Thomas Friedman (9 August 2009). "Green Shoots in Palestine II". The New York Times. Archived
Benjamin_Netanyahu
Political ideology and economic theory
University Press. p. 684. Friedman, David. The Machinery of Freedom. Second edition. La Salle, Ill, Open Court, pp. 116–17. Friedman, David (1973). The Machinery
Anarcho-capitalism
American revolutionaries
Cassirer Mises Ortega Keynes Collingwood Čapek Hu Hayek Popper Aron Berlin Friedman Rawls Sen Nozick Kymlicka Badawi Klein Literature Tractatus Theologico-Politicus
Patriot_(American_Revolution)
Free online crowdsourced encyclopedia
image files under fair use doctrine, while the others have opted not to, in part because of the lack of fair use doctrines in their home countries (e
Wikipedia
Michael Friedman, Richard Creath 2007 Chomsky Philosophy James McGilvray 2005 Chomsky (2nd Edition) Philosophy James McGilvray 2017 Christian Doctrine Religion
List of Cambridge Companions to Philosophy, Religion and Culture
List_of_Cambridge_Companions_to_Philosophy,_Religion_and_Culture
Aircraft carrier of the Imperial Japanese Navy
figured prominently in the development of the IJN's carrier striking force doctrine, which grouped carriers together to give greater mass and concentration
Japanese aircraft carrier Kaga
Japanese_aircraft_carrier_Kaga
Japanese planned class of battleships
Retrieved 2020-11-21. Friedman 1985, p. 224 Evans & Peattie, p. 174 Evans & Peattie, p. 59 Breyer, p. 356 Garzke & Dulin, p. 10 Friedman 1985, p. 235 Breyer
Number_13-class_battleship
American actor (born 1963)
Archived from the original on July 26, 2008. Retrieved March 31, 2009. Roger Friedman (November 1, 2005). "Aniston's Star Shines With and Without Pitt". Fox
Brad_Pitt
Group of states aligned with the United States during the Cold War
centered on containment, a doctrine developed by George F. Kennan to prevent the spread of communism. The Truman Doctrine (1947) formalized U.S. support
Western_Bloc
American legal system intended to promote competition among businesses
legal under the Noerr-Pennington doctrine. Also, regulations by states may be immune under the Parker immunity doctrine. Professional Real Estate Investors
United_States_antitrust_law
U.S. First Amendment jurisprudential doctrine
the overbreadth doctrine is primarily concerned with facial challenges to laws under the First Amendment. The overbreadth doctrine is used to find statutes
Overbreadth_doctrine
Latin expression meaning "fault in conclusion of a contract"
2025. Morris v. Friedman, 663 So. 2d 19 (La. 1995-11-27) (""we can find only a few Louisiana decisions which even mention these doctrines, and only one
Culpa_in_contrahendo
Christ's triumphant descent into the underworld
Handbook of Medieval Literature in English. Oxford University Press. p. 10. Friedman, John Block (2000). Orpheus in the Middle Ages. Syracuse University Press
Harrowing_of_Hell
Design for an aircraft carrier in the US
built instead. In the early 1970s, the United States Navy, following the doctrine of Chief of Naval Operations Admiral Elmo Zumwalt for larger numbers of
Aircraft_Carrier_(Medium)
American entrepreneur and venture capitalist (born 1967)
acceptance from the countries involved. The founder of the firm is Patri Friedman. Projects backed by the firm include Próspera in Honduras. The Próspera
Peter_Thiel
US Navy fleet submarine class
October 2020. Friedman since 1945, p. 41 Friedman since 1945, pp. 35–43 Friedman since 1945, pp. 40–41 Friedman since 1945, p. 37 Friedman since 1945, pp
Tench-class_submarine
President of the United States from 2009 to 2017
Economic Energy Foreign Arctic Europe East Asia Middle East South Asia Obama Doctrine Pardons Marine Native Social Space Appointments Cabinet Judiciary Sotomayor
Barack_Obama
popular sovereignty and international jurisprudence. Long and Friedman describe the Larreta doctrine as, "a tripartite precommitment mechanism to create a web
Eduardo_Rodríguez_Larreta
Report back and review on a project or mission after completion
Healthcare Research and Quality (US). PMID 23658936. Feldner MT, Monson CM, Friedman MJ (2007). "A critical analysis of approaches to targeted PTSD prevention:
Debriefing
US war plan against the Empire of Japan
them back to Hawaii would forfeit the Far East to the Japanese. — Norman Friedman, Winning a Future War: War Gaming and Victory in the Pacific War Despite
War_Plan_Orange
the technical stalemate. The New York Times opinion columnist Thomas L. Friedman wrote that the Iran war demonstrated that Trump had acted less as commander-in-chief
Analysis_of_the_2026_Iran_war
laws from its immunity.[citation needed] On November 20, Judge Bernard A. Friedman ruled that the federal Female Genital Mutilation Act of 1996 was unconstitutional
Timeline of women's legal rights in the United States (other than voting)
Timeline_of_women's_legal_rights_in_the_United_States_(other_than_voting)
Second election of Donald Trump
Archived from the original on December 10, 2023. Retrieved December 10, 2023. Friedman, Lisa (March 18, 2024). "Trump's Violent Language Toward EVs". The New
2024 United States presidential election
2024_United_States_presidential_election
Attempts to use monetary or fiscal policy to stimulate the economy
easing, or other ways of increasing the amount of money or credit. Milton Friedman argued that the Great Depression was caused by the fact that the Federal
Stimulus_(economics)
Aspect of U.S. history
up the organization were adopted by other refineries. In 1907, Morris Friedman reported that a Pinkerton agent who had infiltrated the Western Federation
History of union busting in the United States
History_of_union_busting_in_the_United_States
Pressure exerted by fluids inside the skull and on the brain
163–172. doi:10.1007/s40257-019-00485-z. ISSN 1175-0561. PMID 31741184. Friedman DI (2005-02-01). "Medication-Induced Intracranial Hypertension in Dermatology"
Intracranial_pressure
American government official and television personality (born 1980)
April 24, 2025. Retrieved April 24, 2025. Gould, Joie; O'Brien, Connor; Friedman, Amanda (April 21, 2025). "'White House backs Hegseth, Leavitt says 'entire
Pete_Hegseth
leverage. Trump briefly landed in the United Kingdom for a refueling stop. Friedman 2025. Keller-Lynn 2025. Wang & Viser 2025a. Ravid 2025. Grynbaum 2025.
May 2025 visit by Donald Trump to the Middle East
May_2025_visit_by_Donald_Trump_to_the_Middle_East
Type of large warship
350–354. Friedman cruisers, pp. 361–362 Friedman cruisers, pp. 378–382 Friedman destroyers, p. 301 Friedman destroyers, pp. 293–294 Friedman destroyers
Cruiser
US Navy submarine class of World War II
conversions page Friedman 1995, p. 285 Reserve Training Boats at SubmarineSailor.com Friedman since 1945, pp. 228-231 Friedman since 1945, p. 41 Friedman since 1945
Balao-class_submarine
2025 US order to review federal depictions of history
14, 2026. Friedman, Dan. "Trump's war on national park signs is even dumber than you think". Mother Jones. Retrieved August 14, 2026. Friedman, Lisa (June
Executive_Order_14253
1940s class of aircraft carrier of the United States Navy
Friedman 1983, p. 144 Friedman (1983), p. 146. Sowinski 1980, p. 30. Sowinski 1980, pp. 30, 97. Raven 1988, pp. 42, 56. Fahey 1980, p. 5. Friedman 1983
Essex-class_aircraft_carrier
Devaluation of money's purchasing power
Bills Doctrine, and the Fed: sources of monetary disorder 1922–1938 (First ed.). Washington, D.C.: Cato Institute. ISBN 978-1-948647-13-7. Friedman, Milton;
Inflation
2003 diplomatic speech
States) § 2002 NSS Mission Accomplished speech Nayirah testimony Powell Doctrine Anthrax weaponization Lady R incident Foreign policy of the George W. Bush
Colin Powell's presentation to the United Nations Security Council
Colin_Powell's_presentation_to_the_United_Nations_Security_Council
Chief Justice of the United States from 1986 to 2005
Random Thought on the Segregation Cases", defended the separate-but-equal doctrine. In the memo, Rehnquist wrote: To the argument that a majority may not
William_Rehnquist
American Secretary of Defense (1961–1968)
1995. Friedman 2002, p. 311. Friedman 2002, p. 469-471. Friedman 1983, p. 387. Thompson 1963. Boslaugh 1999, p. 180. Friedman 1982, p. 338. Friedman 1984
Robert McNamara as Secretary of Defense
Robert_McNamara_as_Secretary_of_Defense
2025 U.S. Supreme Court decision
(2010) Williams-Yulee v. Florida Bar (2015) Overbreadth and Vagueness doctrines Terminiello v. City of Chicago (1949) Smith v. Goguen (1974) Board of
TikTok,_Inc._v._Garland
Legal entity incorporated through a legislative or registration process
asset on the balance sheet (passive capital). Under the internal affairs doctrine, the law of the jurisdiction in which a corporation is incorporated will
Corporation
Socialist economic-political system
27 June 2010. Friedman, Milton; Friedman, Rose D. (1998). Two Lucky People: Memoirs. pp. 598–599. "Commanding Heights: Milton Friedman". PBS. 10 January
Authoritarian_socialism
Disproven hypothesis
Iroquois folk lore: gathered from the Six Nations of New York. I. J. Friedman. pp. 152–153. James, Harry Clebourne (1974). "6". Pages from Hopi history
Hollow_Earth
flaws. Alongside White, Trump is inclined towards the cultural values of doctrines that are fundamental to Charismatic Christianity, which include prosperity
Donald_Trump_and_religion
Anti-democratic, reactionary philosophy
ideas. Yarvin has connections to Patri Friedman, founder of The Seasteading Institute and grandson of Milton Friedman, and Thiel was once its main investor
Dark_Enlightenment
Doctrine that the political authority of the state is legitimate to some degree
political science, statism or etatism (from French, état 'state') is the doctrine that the political authority of the state is legitimate to some degree
Statism
Ongoing oil shortage and economic crisis
Prominent figures Activists Cohn Sasakawa Intellectuals Buckley Chambers Friedman John Paul II Kristol Maurras Orwell Pius XII Rand Sakharov Savarkar Solzhenitsyn
2026 United States fuel blockade on Cuba
2026_United_States_fuel_blockade_on_Cuba
to apply such a doctrine have plunged Europe into war in the past... And we have reason to remember how Hitler used this very doctrine little more than
Responsibility for the Russo-Georgian War
Responsibility_for_the_Russo-Georgian_War
Type of human behavior
the 1660s, a pervert was originally defined as "one who has forsaken a doctrine or system regarded as true, apostate." The sense of a pervert as a sexual
Perversion
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FRIEDMAN DOCTRINE
FRIEDMAN DOCTRINE
FRIEDMAN DOCTRINE
FRIEDMAN DOCTRINE
FRIEDMAN DOCTRINE
FRIEDMAN DOCTRINE
FRIEDMAN DOCTRINE
FRIEDMAN DOCTRINE
FRIEDMAN DOCTRINE
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