The ultimate cause of the October Crisis was the…
“The ultimate cause of the October Crisis was the ideological embrace of Milton Friedman's warped but still dominant view that "the only social responsibility of business is to make a profit for its shareholders," and until that socially and economically counterproductive - and empirically, legally and ethically inaccurate - view is corrected, we will continue to have the increasing and more intense crises of global capitalism that we have seen recur with ever greater frequency over the past forty years. Sadly but clearly, the lessons have still not been learned.”
About This Quote
This interpretation was drafted with AI assistance. It is one reading of the quote, not the author's own explanation.
The quote argues that capitalist crises stem from prioritizing shareholder profit over broader social responsibility, a view linked to Milton Friedman.
In simple terms: Profit‑first focus fuels crises.
Key Takeaway
Shift business goals beyond profit.
Themes
economics
ethics
corporate responsibility
crisis
globalization
Mood
critical
concerned
Type
political
analytical
When to use this quote
- policy reform
- corporate governance
- public advocacy
- education campaigns
Key Concepts
shareholder theory
social responsibility
systemic risk
economic cycles
Questions to Reflect On
- How can companies balance profit with societal good?
- What policies could curb profit‑driven crises?
A Different Perspective
Profit‑first focus ignores social impact and can exacerbate inequality.