When Justin Welby Scathed Milton Friedman

In the light of last week's huge fine against BP for its role in the Deepwater Horizon disaster, it's interesting to read Justin Welby's dissertation on whether companies can sin. It was written in 1992, after the man now confirmed as the next archbishop of Canterbury had left the oil industry and while he was studying for the priesthood.

He concentrated on the question of whether companies can be moral agents. The alternative view is that only the individuals employed by a company can be moral, and so deserve praise or blame. The company itself has no duty but to maximise its profits.

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