In this post-meltdown world we know better, don’t we?
His latest book is “The New Deal: A Modern History.” Reach him at [email protected], read past columns at latimes.com/hiltzik, check out facebook.com/hiltzik and follow @latimeshiltzik on Twitter.
In other words, take care of profits, and the free market will take care of everything else.
Friedman, who died in 2006, wasn’t shooting random mortar shells into the sky.
This is a digitized version of an article from The Times’s print archive, before the start of online publication in 1996.
To preserve these articles as they originally appeared, The Times does not alter, edit or update them. He had been taken to the hospital after collapsing at his home in north London, a spokesman for the hospital said.
One in four major companies surveyed by the Committee Encouraging Corporate Philanthropy, which has current or former top executives from 22 major companies on its board, have increased their giving by 25% or more since 2007.
(On the other hand, 21% of the surveyed companies cut their giving by 25% or more.) “We’re seeing a whole new approach in corporate responsibility,” Charles Moore, the committee’s executive director, told me.
But the danger is that if it’s seen chiefly as a PR device, then corporate giving — currently a minuscule one-tenth of 1% of revenue among major corporations, according to the committee’s latest survey — will be first on the chopping block in economic downturns.
Moreover, the giving-for-giving’s-sake model always runs up against the notion that the only constituency that counts in corporate management is the shareholder.