https://en.wikipedia.org/wiki/Friedman_doctrine
The focus on short-term shareholder value is contraproductive. It's bad for the company, it's bad for society.
If there are two rival companies, and one of the two focuses on social initiatives to the detriment of it’s financial competitiveness, then logically the result is that it falls behind it’s less moral competitor until being crushed completely or subsumed.
In this scenario, you’re defacto punishing social initiatives rather than supporting them.
It’s illogical to expect companies to behave in a way that they’ll be punished for.
You clearly blame Milton Friedman.
I blame a political class with no morals or consequences for betraying their electorate. They’re at best too lazy to do what they’re paid to do and at worst utterly corrupt. Either way, they’re responsible.
Anytime a politician complains about companies not doing their part or not paying their taxes all I can hear is you can’t do your own job.
The first rule of leadership is that everything is your fault. If there’s loopholes, close them. If companies are polluting or emitting change the law.
The function of a company is to make money for it’s shareholders. The function of government is to keep them in check.