The Corporation - Part 4 of 23 - Externalities - English

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Materialism   Capitalism   Consumerism   Profit   Greed   Neoliberalism   Globalization   Social   Justice   Corporation   US   English  

4. What is an externality. Milton Friedman describes it as the effect of a transaction between two parties on a third party who is not involved in the transaction. A technical sounding term that basically means let somebody else deal with the problems the corporation creates.

Added by Abuzari on 20-09-2007
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