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Received — 13 June 2026 ⏭ Activism

Pluralistic: Shareholder supremacy and the precog CEO (13 Jun 2026)

✇Pluralistic: Daily links from Cory Doctorow
By: Cory Doctorow
13 June 2026 at 19:49


Today's links


A fake cover for CEO magazine. The central figure is a ZOLTAR fortune-telling animatronic, seated before various divination tools. The headline over him is FIDUCIARY DUTY. In the top right corner, there's a slug reading 'UNIVERSAL EXCUSE: A bright line test that's also *totally* unfalsifiable.' To Zoltar's left is another slug reading, 'FRIEDMAN SAID IT: I believe it. That's good enough for me.'

Shareholder supremacy and the precog CEO (permalink)

It's been 55 years since Milton Friedman – cursed be his name – published his NYT editorial, "The Social Responsibility of Business Is to Increase Its Profits," in which he invented the idea of shareholder supremacy out of whole cloth and declared it to be a universal, freestanding, inarguable truth:

https://www.nytimes.com/1970/09/13/archives/a-friedman-doctrine-the-social-responsibility-of-business-is-to.html

Friedman's editorial railed against the idea of "corporate social responsibility," arguing that corporate managers should confine the exercise of their consciences to projects involving their own money and resources. At work, managers must harden their bleeding hearts and do nothing except increase the returns to their shareholders.

Friedman wasn't merely arguing that this would give rise to better companies – the crux of his argument was that by adopting this "fiduciary duty" standard, it would be easy to determine whether a company was being well-managed or run into the ground:

https://pluralistic.net/2024/09/18/falsifiability/#figleaves-not-rubrics

Friedman argued that "being a good person" was a squishy, undefinable standard that could never be objectively measured. But "maximizing shareholder value" was a crisp, bright-line test that could be readily evaluated by any reasonable person. "Did this manager make as much money as possible for the company's owners?" feels like the kind of question we can all agree on, while, "Did this manager behave in an ethical way?" is much harder to answer.

But even a few moments' thoughts reveal the flaw in this line of reasoning. We can all agree whether a manager made money for the shareholders – but how can we know whether the manager made as much money as possible?

Think about how much "corporate social responsibility" cashes out to performative and insincere nonsense and/or cynical marketing. Target didn't stock Pride merch because they love their LGBTQ friends. They stocked it because they thought they could sell it (same goes for BP marketing its "green" gasoline). Google supports its coders' environmental/queer/antipoverty efforts because being the "don't be evil" company lets you hire in-demand workers who might otherwise go to work for Meta, and every engineer a Silicon Valley firm hires adds an average of $1m to the company's annual bottom line.

Further: it would be absurd to hold managers to the "make as much money as possible" standard in a competitive market, because in that market, there will always be a company that comes in second. If "as much money as possible" is the standard and you're Chairman of the Board of the number two company, with $10b in profit, while the number one pulled in $11b, "as much money as possible" demands that you fire the C-suite immediately, since they objectively could have done 10% better.

So the real standard isn't "make as much money as possible," it's "try to make as much money as possible." And here again, there's no objective way to evaluate managerial performance. Target made a lot of money by selling Pride merch…until they didn't. Do we fire the Target C-suite because they failed to anticipate that 2024 would mark America's transition into the chuddocene, an era in which selling Pride tchotchkes makes you cucked and soy and, you know, gay?

Whether it's "make as much money as possible" or "try to make as much money as possible*," shareholder supremacy can only be evaluated with the aid of a crystal ball…or a time machine.

Which raises a question: what made this nonsensical shareholder supremacy standard so damned attractive to corporate leaders?

Well, what if the ambiguity of shareholder supremacy was a feature and not a bug? What if the function of shareholder supremacy was to absolve the cruelest people for indulging their most sociopathic instincts? What if this "bright line test" was actually a universal excuse, an all-purpose accountability sink that could be used to justify any cruelty or cowardice? "Why didn't I fire my college buddy when I found out that he was sexually abusing his colleagues? Well, he was the best salesman on the team, and I have an obligation to my shareholders. Sorry, my hands were tied."

In other words: Don't get mad at me.

Get mad at Milton Friedman.

Hey look at this (permalink)


A shelf of leatherbound history books with a gilt-stamped series title, 'The World's Famous Events.'

Object permanence (permalink)

#20yrsago Microsoft gets Linux geeks evicted from convention center https://web.archive.org/web/20010619154332/http://www.newsforge.com/article.pl?sid=01/06/01/1540231

#20yrsago Stanford prof sues James Joyce estate for right to study Joyce https://web.archive.org/web/20060615203517/http://news.yahoo.com/s/ap/20060613/ap_on_en_ot/james_joyce_lawsuit

#20yrsago Inside China’s iPod sweat-shops https://web.archive.org/web/20060616173514/http://www.macworld.co.uk/news/index.cfm?RSS&NewsID=14915

#15yrsago Terry Pratchett initiates assisted suicide process https://web.archive.org/web/20110614215922/https://www.telegraph.co.uk/health/8571142/Sir-Terry-Pratchett-begins-process-that-could-lead-to-assisted-suicide.html

#15yrsago Lego-making machine made of Lego https://www.eurobricks.com/forum/forums/topic/56346-review-moulding-machine-4000001-lego-insider-tour-exclusive/

#10yrsago It’s getting harder and harder to use gag clauses to silence laid off workers in America https://web.archive.org/web/20160611202305/https://www.nytimes.com/2016/06/12/us/laid-off-americans-required-to-zip-lips-on-way-out-grow-bolder.html

#5yrsago The ACCESS Act https://pluralistic.net/2021/06/12/access-act/#interop

Upcoming appearances (permalink)

A photo of me onstage, giving a speech, pounding the podium.


A screenshot of me at my desk, doing a livecast.

Recent appearances (permalink)


A grid of my books with Will Stahle covers..

Latest books (permalink)


A cardboard book box with the Macmillan logo.

Upcoming books (permalink)

  • "The Reverse-Centaur's Guide to AI," a short book about being a better AI critic, Farrar, Straus and Giroux, June 2026 (https://us.macmillan.com/books/9780374621568/thereversecentaursguidetolifeafterai/)

  • "Enshittification, Why Everything Suddenly Got Worse and What to Do About It" (the graphic novel), Firstsecond, 2026

  • "The Post-American Internet," a geopolitical sequel of sorts to Enshittification, Farrar, Straus and Giroux, 2027

  • "Unauthorized Bread": a middle-grades graphic novel adapted from my novella about refugees, toasters and DRM, FirstSecond, April 20, 2027

  • "The Memex Method," Farrar, Straus, Giroux, 2027


Colophon (permalink)

Today's top sources:

Currently writing: "The Post-American Internet," a sequel to "Enshittification," about the better world the rest of us get to have now that Trump has torched America. Third draft completed. Submitted to editor.

  • "The Reverse Centaur's Guide to AI," a short book for Farrar, Straus and Giroux about being an effective AI critic. LEGAL REVIEW AND COPYEDIT COMPLETE.

  • "The Post-American Internet," a short book about internet policy in the age of Trumpism. PLANNING.

  • A Little Brother short story about DIY insulin PLANNING

This work – excluding any serialized fiction – is licensed under a Creative Commons Attribution 4.0 license. That means you can use it any way you like, including commercially, provided that you attribute it to me, Cory Doctorow, and include a link to pluralistic.net.

https://creativecommons.org/licenses/by/4.0/

Quotations and images are not included in this license; they are included either under a limitation or exception to copyright, or on the basis of a separate license. Please exercise caution.

How to get Pluralistic:

Blog (no ads, tracking, or data-collection):

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"When life gives you SARS, you make sarsaparilla" -Joey "Accordion Guy" DeVilla

READ CAREFULLY: By reading this, you agree, on behalf of your employer, to release me from all obligations and waivers arising from any and all NON-NEGOTIATED agreements, licenses, terms-of-service, shrinkwrap, clickwrap, browsewrap, confidentiality, non-disclosure, non-compete and acceptable use policies ("BOGUS AGREEMENTS") that I have entered into with your employer, its partners, licensors, agents and assigns, in perpetuity, without prejudice to my ongoing rights and privileges. You further represent that you have the authority to release me from any BOGUS AGREEMENTS on behalf of your employer.

ISSN: 3066-764X

Received — 27 April 2026 ⏭ Activism

Pluralistic: The enshittification multiverse (27 Apr 2026)

✇Pluralistic: Daily links from Cory Doctorow
By: Cory Doctorow
27 April 2026 at 10:39


Today's links

  • The enshittification multiverse: It's a useful analogy.
  • Hey look at this: Delights to delectate.
  • Object permanence: Every complex ecosystem has parasites; Prison for "attempted infringement"; When We Were Robots in Egypt; Golfing in The Blitz; Copyright vs privacy (NZ edn); GOP support for pedophile Hastert; EFF's music license; RIP Jane Jacobs; California is fanfic; DMCA v medical implants; "Burglar's Guide to the City"; Flaming river; Fantasy accounting.
  • Upcoming appearances: Berlin, NYC, Barcelona, Hay-on-Wye, London, NYC.
  • Recent appearances: Where I've been.
  • Latest books: You keep readin' em, I'll keep writin' 'em.
  • Upcoming books: Like I said, I'll keep writin' 'em.
  • Colophon: All the rest.


Space, awash in nebulae; a receding line of vast Enshittification poop emojis curves away to infinity, each mouth covered in a grawlix-scrawled black bar.

The enshittification multiverse (permalink)

It's official: you have my consent and enthusiastic blessing to apply "enshittification" to things that aren't digital platforms! Semantic drift is good, actually:

https://pluralistic.net/2024/10/14/pearl-clutching/#this-toilet-has-no-central-nervous-system

With that out of the way, let's talk about how enshittification can be usefully applied to gambits that worsen something in order to shift value from the users of that thing to the person doing the worsening.

Here's the crux: in life, there are many zero-sum situations in which others' pain is your profit. The most basic example of this is profit margins: as your profit margin climbs, so do the prices paid by others. The more money a customer gives you for whatever you're selling, the less money that customer has to spend on other things they want.

This is the fatal flaw in the economist's justification for surveillance pricing (when the price you're quoted is based on surveillance data about the urgency of your needs and your ability to pay): a seller who commands higher prices from a buyer deprives other sellers of that buyer's money.

The airline that knows you can't miss a funeral and also knows how much purchasing power is available on your credit card can charge you every cent you can afford – but that means that the coffee shop owner who normally sells you a latte in the morning will lose out on your business for months while you dig yourself out of that hole.

Tim Wu has a good example of this: imagine a world in which electricity utilities were unregulated and got to charge "market rates" for their products. Prior to the current wave of cheap, efficient solar, electrical power was a "natural monopoly." In nearly every circumstance, a given person would end up with just one source of power, and life without power was nearly unimaginable. In that situation, the power company's "rational" decision would be to charge you everything you could afford for the least electricity you could survive on: enough to keep your fridge and a few lights on. That means that you would be deprived of the value of, say, a clock radio and a coffee-maker, and the manufacturers of the clock radio and the coffee-maker would likewise suffer the loss of your business.

So the "monopoly" part is key to this story. The more alternatives you have, the harder it is to squeeze you on prices. Airport concessionaires can charge $12 for a Coke on the "clean" side of a TSA checkpoint because realistically you can't leave the airport and get a Coke elsewhere – and if you do, you can't bring it through the checkpoint.

Any source of lock-in becomes an invitation to shift value away from your customers and suppliers to yourself. High "switching costs" are always a precondition for enshittification – otherwise the people you're trying to enshittify will simply take their business elsewhere:

https://www.eff.org/deeplinks/2021/08/facebooks-secret-war-switching-costs

That's why market concentration is so central to the enshittification story: when the number of competitors in a sector dwindles to a cartel (or a duopoly or a monopoly) companies find it easy to fix prices so there's no point in shopping around, and they can capture their regulators and harness the power of the state to block other companies from entering the market with a better deal:

https://pluralistic.net/2023/02/05/small-government/

Now that we understand the role that switching costs, regulatory capture, and market concentration play in enshittification, let's put them together to propose a framework for applying enshittification to things other than digital platforms:

Enshittification happens when someone sets out to reduce your choices, and then uses that lock-in to make things worse for you in order to make things better for themself.

Note that this definition requires a degree of intent. Enshittification isn't just bargaining hard when you find yourself in a position of strength. It's what happens when you set out to systematically weaken other people's bargaining position in anticipation of a future opportunity to fuck them over in order to improve your own situation.

So if the business lobby bribes Republican state legislators to pass "right to work" laws that make it nearly impossible for workers to unionize, and then the businesses involved worsen their workers' pay and conditions, we can call that enshittification. If they can bind workers to noncompete "agreements" that make it illegal for the cashier at Wendy's to get $0.25/h more at the McDonald's, that's even more enshittifying:

https://pluralistic.net/2025/11/10/zero-sum-zero-hours/#that-sounds-like-a-you-problem

Or if shitty men lobby to end anti-discrimination laws (making it much harder for a single woman to survive on her paycheck) and to end no-fault divorce (to make it much harder for a woman to leave the husband she marries to survive in a world where it's legal to discriminate against her in the workplace), in anticipation of being able to be a shitty husband without losing their wives, they are enshittifying marriage (applying this to the effort to kill the concept of "marital rape" is left as an exercise for the reader).

This can also be applied to politics. Restrictions on immigration and out-migration are both preludes to state enshittification, since a population that can't leave for another state will, on average, put up with more abuse from their political classes without leaving. Tying your work visa to your employer is very enshittification-friendly:

https://prospect.org/2026/04/22/north-carolina-farm-stole-h-2a-visa-workers-passports-lawsuit-trump-immigration/

One of the questions I get most frequently is "what about AI and enshittification?" This is a complicated question! Obviously, AI is very enshittification-prone: as "black boxes" that do not produce reliable, deterministic outputs, AI products have a lot of intrinsic cover for their enshittifying behavior.

If you ask a chatbot to recommend a product and it steers you toward an inferior option that generates a higher commission for the company, who can say whether that was the chatbot cheating, or if it was a "hallucination?" Likewise, if you ask a chatbot to solve your problem and it does so in an inefficient way that burns a zillion tokens (which you have to pay for), is that the chatbot malfunctioning, or is that price-gouging?

https://pluralistic.net/2025/08/16/jackpot/#salience-bias

Beyond this, AI is very useful for plain old enshittification. Surveillance pricing – changing prices or wages based on the other person's desperation and ability to pay – is something AI is very good at:

https://pluralistic.net/2026/01/21/cod-marxism/#wannamaker-slain

And AI companies can enshittify their products in all the traditional ways: after a customer integrates AI in their lives and businesses in ways that are hard to escape, the AI company can raise prices, insert ads, and route queries to cheaper models that cost less to run and produce worse outputs.

But here's where there's a critical difference between enshittifying AI and enshittifying a profitable tech business like app stores or search engines. AI is the money-losingest project the human race has ever attempted. At $1.4 trillion and counting, the AI companies and their "frontier models" are so deep in the red that I can't see any way that any of these firms will survive:

https://pluralistic.net/2026/04/16/pascals-wager/#doomer-challenge

So, on the one hand, as these companies find themselves ever-more cash-strapped, they will be severely tempted to enshittify their products. But on the other hand, if these companies are doomed no matter what they do, then the enshittification will take care of itself when they go bankrupt.

Hey look at this (permalink)


A shelf of leatherbound history books with a gilt-stamped series title, 'The World's Famous Events.'

Object permanence (permalink)

#25yrsago Jakob Nielsen on reputation managers https://www.nngroup.com/articles/reputation-managers-are-happening/

#25yrsago EFF's sharing friendly music license https://web.archive.org/web/20010429045301/https://www.eff.org/IP/Open_licenses/20010421_eff_oal_pr.html

#25yrsago Speedle: what links are forwarded most online? https://web.archive.org/web/20010401084047/http://www.speedle.com/

#20yrsago RIP Jane Jacobs, urban activist https://web.archive.org/web/20061009063708/http://www.canada.com/topics/news/story.html?id=fe1de18f-6b6e-473d-b0cb-0cc422dcf661&k=25935

#20yrsago Why fan fiction is so important https://nielsenhayden.com/makinglight/archives/007464.html#007464

#20yrsago California got its name from fanfic https://nielsenhayden.com/makinglight/archives/007464.html#122035

#20yrsago DMCA revision proposal will jail Americans for “attempting” infringment https://web.archive.org/web/20060502093524/https://ipaction.org/blog/2006/04/bill-hollywood-cartels-dont-want-you_24.html

#20yrsago Vista’s endless parade of warnings won’t create security https://www.schneier.com/blog/archives/2006/04/microsoft_vista.html

#15yrsago Passover poem about robots: “When We Were Robots in Egypt” https://reactormag.com/when-we-were-robots-in-egypt/

#15yrsago Naipaul’s rules for beginning writers https://web.archive.org/web/20110508152004/http://www.indiauncut.com/iublog/article/vs-naipauls-advice-to-writers-rules-for-beginners/

#15yrsago Rules for golfing during the blitz https://directorblue.blogspot.com/2011/04/stiff-upper-lip.html

#15yrsago New Zealand’s rammed-through copyright law includes mass warrantless surveillance and publication of accused’s browsing habits https://www.stuff.co.nz/technology/digital-living/4922854/Copyright-change-about-more-than-idle-threats

#15yrsago State Dept adding intrusive, semi-impossible questionnaire for US passport applications https://web.archive.org/web/20110427025422/https://www.consumertraveler.com/today/state-dept-wants-to-make-it-harder-to-get-a-passport/

#10yrsago A Burglar’s Guide to the City: burglary as architectural criticism https://memex.craphound.com/2016/04/25/a-burglars-guide-to-the-city-burglary-as-architectural-criticism/

#10yrsago EFF to FDA: the DMCA turns medical implants into time-bombs https://www.eff.org/files/2016/04/22/electronic_frontier_foundation_comments_cybersecurity_in_medical_devices_.pdf

#10yrsago James Clapper: Snowden accelerated cryptography adoption by 7 years https://web.archive.org/web/20160425161451/https://theintercept.com/2016/04/25/spy-chief-complains-that-edward-snowden-sped-up-spread-of-encryption-by-7-years/

#10yrsago Australian MP sets river on fire https://web.archive.org/web/20170518083229/https://www.yahoo.com/news/australian-politician-sets-river-fire-protest-fracking-064640159.html

#10yrsago Fantasy accounting: how the biggest companies in America turn real losses into paper profits https://www.nytimes.com/2016/04/24/business/fantasy-math-is-helping-companies-spin-losses-into-profits.html

#10yrsago Leading Republicans send letters in support of Dennis Hastert, pedophile https://www.chicagotribune.com/2016/04/22/more-than-40-letters-in-support-of-hastert-made-public-before-sentencing/

#5yrsago Guess who's doing a usury in Iowa https://pluralistic.net/2021/04/24/peloton-usury/#going-nowhere-fast

#1yrago Every complex ecosystem has parasites https://pluralistic.net/2025/04/24/hermit-kingdom/#simpler-times

Upcoming appearances (permalink)

A photo of me onstage, giving a speech, pounding the podium.


A screenshot of me at my desk, doing a livecast.

Recent appearances (permalink)


A grid of my books with Will Stahle covers..

Latest books (permalink)


A cardboard book box with the Macmillan logo.

Upcoming books (permalink)

  • "The Reverse-Centaur's Guide to AI," a short book about being a better AI critic, Farrar, Straus and Giroux, June 2026 (https://us.macmillan.com/books/9780374621568/thereversecentaursguidetolifeafterai/)

  • "Enshittification, Why Everything Suddenly Got Worse and What to Do About It" (the graphic novel), Firstsecond, 2026

  • "The Post-American Internet," a geopolitical sequel of sorts to Enshittification, Farrar, Straus and Giroux, 2027

  • "Unauthorized Bread": a middle-grades graphic novel adapted from my novella about refugees, toasters and DRM, FirstSecond, 2027

  • "The Memex Method," Farrar, Straus, Giroux, 2027


Colophon (permalink)

Today's top sources:

Currently writing: "The Post-American Internet," a sequel to "Enshittification," about the better world the rest of us get to have now that Trump has torched America. Third draft completed. Submitted to editor.

  • "The Reverse Centaur's Guide to AI," a short book for Farrar, Straus and Giroux about being an effective AI critic. LEGAL REVIEW AND COPYEDIT COMPLETE.

  • "The Post-American Internet," a short book about internet policy in the age of Trumpism. PLANNING.

  • A Little Brother short story about DIY insulin PLANNING

This work – excluding any serialized fiction – is licensed under a Creative Commons Attribution 4.0 license. That means you can use it any way you like, including commercially, provided that you attribute it to me, Cory Doctorow, and include a link to pluralistic.net.

https://creativecommons.org/licenses/by/4.0/

Quotations and images are not included in this license; they are included either under a limitation or exception to copyright, or on the basis of a separate license. Please exercise caution.

How to get Pluralistic:

Blog (no ads, tracking, or data-collection):

Pluralistic.net

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https://pluralistic.net/plura-list

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https://mamot.fr/@pluralistic

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"When life gives you SARS, you make sarsaparilla" -Joey "Accordion Guy" DeVilla

READ CAREFULLY: By reading this, you agree, on behalf of your employer, to release me from all obligations and waivers arising from any and all NON-NEGOTIATED agreements, licenses, terms-of-service, shrinkwrap, clickwrap, browsewrap, confidentiality, non-disclosure, non-compete and acceptable use policies ("BOGUS AGREEMENTS") that I have entered into with your employer, its partners, licensors, agents and assigns, in perpetuity, without prejudice to my ongoing rights and privileges. You further represent that you have the authority to release me from any BOGUS AGREEMENTS on behalf of your employer.

ISSN: 3066-764X

❌