Following on @pluralistic's brilliant article about the "enshittification" process of companies, I added in something that I thought was missing from Cory's analysis: the role of "The Friedman Doctrine" that the only thing companies should work for are maximizing profits for shareholders... and highlighting how that leaves out not just other stakeholders, but the important variable of "over what time frame."

https://www.techdirt.com/2023/01/24/how-the-friedman-doctrine-leads-to-the-enshittification-of-all-things/

How The Friedman Doctrine Leads To The Enshittification Of All Things

We recently wrote about Cory Doctorow’s great article on how the “enshittification” of social media (mainly Facebook and Twitter) was helping to lower the “switching costs&#…

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@mmasnick as a corporate lawyer, this has been a bugaboo of mine for ages. First “best interests of the company” got rewritten as “bests interests of the shareholders” and then that got warped into “best interests of short term holders who only care about pumping the stock”. From the other site: