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Back to La responsabilidad social y la responsabilidad limitada en Milton Friedman. De un modelo shareholder hacia un modelo stakeholder

WPnull/14 Social responsibility and limited liability in Milton Friedman. From a model shareholder towards a model stakeholder
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Abstract
This article addresses the implications of limited corporate liability for Milton Friedman's doctrine of corporate social responsibility and the fiduciary duty of managers to shareholders. Since limited liability allows companies to privatise their profits while socialising their losses, it illegitimately attributes to executives the ability to impose taxes. This attribution threatens private property and the voluntary exchange , assumptions on which Friedman bases his system. Therefore, either Friedman rejects limited liability or he reconsiders these assumptions and accepts their consequences. Based on his libertarian ideas, we explain how limited liability would modify the concept of ownership, forcing the manager to incorporate the interest of all stakeholders in the management of the business, presenting the model stakeholder as the coherent and ethical response to the presence of limited liability in modern economies.

Number of Pages:24

Creation Date:2014-07-01

Number:null/14

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Raul Bajo

Raul Bajo

Campus University

31009 Pamplona, Spain

+34 948 42 56 00

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