Pluralistic: Shareholder supremacy and the precog CEO (13 Jun 2026)
Cory Doctorow critiques Milton Friedman's shareholder supremacy doctrine, arguing that the standard of "maximizing shareholder value" is actually unfalsifiable and subjective, not the objective bright-line test Friedman claimed. He contends that the ambiguity of this standard serves as a convenient excuse for corporate leaders to justify cruelty and cowardice under the guise of fiduciary duty.