In Class Exercise on Friedman Powell

appoint a scribe, open a google doc here and list members names.

Friedman talks about how business executives work for the stockholders.  Who are the stockholders of GM (from the 1957 annual report)?

Friedman says the responsibility of the business executive “generally will be to make as much money as possible while conforming to the basic rules of the society.”

Thinking about the GM stockholders from 1957, do you think that is their goal?

What does it mean to “conform to the basic rules of society”?

Think back to the IBM and GM Annual Reports.  What do you think Friedman would think reading them?