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Economy Quotes

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Economy Quotes

“At the turn of the [21st] century it was really Sergey Brin at Google who just had the thought of, well, if we give away all the information services, but we make money from advertising, we can make information free and still have capitalism. But the problem with that is it reneges on the social contract where people still participate in the formal economy. And it's a kind of capitalism that's totally self-defeating because it's so narrow. It's a winner-take-all capitalism that's not sustaining.”

“In the early 1970s, Milton Friedman argued that corporations should not be socially responsible because they had no mandate to be; they existed to make money, not to be charitable institutions. But in the economy of the 21st century, corporations cannot be socially responsible, if social responsibility is understood to mean sacrificing profits for the sake of some perceived social good. That's because competition has become so much more intense.”