I'd say it was two things: the gold standard was dropped, as many other commentators have already remarked. But Milton Friedman's editorial about the primacy o

I'd say it was two things: the gold standard was dropped, as many other commentators have already remarked. But Milton Friedman's editorial about the primacy of the shareholder's interest in business decisions -- what has become known as the Friedman Doctrine -- was published in The New York Times in September 1970 and immediately had an impact in the first quarter of 1971 and eventually lead to the rise of 1980s-style venture capitalism and the plundering/asset-stripping of successful companies by private equity firms after sweetheart buy-outs or hostile takeovers that continue to this day. When we place the value of a business purely on the amount of money it can make for the shareholders/stakeholders/owners, all other considerations -- including fair and livable wages, environmental concerns, and even the well-being of the communities in which the businesses are located -- go out the window.