You want to go first, Steve, or you want me to?

Sure.

Our general understanding of the shareholder model was probably best expressed by Milton Friedman in an early 1970s piece for the New York Magazine in which he described an agent corporate responsibility, the managers of a corporation's responsibility generally to keep in line with the interest of the shareholders, which will almost always be to make as much money as possible within ethical guidelines and within the limits of the law.

A lot of people forget that last bit when they choose to pick on Friedman and say, look, it's all about making money.

Friedman was very careful in how he wrote that to make sure that There were ethical considerations and legal considerations built into his description of the shareholder model.

What we understand today as stakeholder capitalism or the stakeholder model is actually the third version of a stakeholder model.

The original version began about the same time that Friedman was formulating his ideas on shareholder capitalism at the Stanford Research Institute, where one of the groups that they had at SRI was trying to develop a best practices method for corporate planning.

But to try to repurpose the corporation as some sort of engine for morality to me is... utopian and also opens the door to all these unintended harms that are probably worse than the harms that are targeted for correction to begin with.