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Stakeholder capitalism: Difference between revisions
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We are cancelling and redrawing the world: let us cancel and redraw our corporate aspirations too. The profit motive is, by design, venal, selfish and riven with [[Unconscious bias|bias]]. Its stampede for profit demonstrates an abject want of care for everyone, and every thing, else. And so it has come to pass: “''stakeholder'' capitalism” has displaced [[shareholder capitalism]]. The wider world is the constituency. Greed is not good. | We are cancelling and redrawing the world: let us cancel and redraw our corporate aspirations too. The profit motive is, by design, venal, selfish and riven with [[Unconscious bias|bias]]. Its stampede for profit demonstrates an abject want of care for everyone, and every thing, else. And so it has come to pass: “''stakeholder'' capitalism” has displaced [[shareholder capitalism]]. The wider world is the constituency. Greed is not good. | ||
We, the planet, demand that corporations to orient themselves towards ''all'' their “stakeholders” — customers, [[creditor]]s, suppliers, [[employee]]s, the community, the [[Environmental, social and corporate governance|environment]], the marginalised multitudes that suffer invisibly under the | We, the planet, demand that corporations to orient themselves towards ''all'' their “stakeholders” — customers, [[creditor]]s, suppliers, [[employee]]s, the community, the [[Environmental, social and corporate governance|environment]], the marginalised multitudes that suffer invisibly under the [[Externality|externalities]] of industry ''and'' last — but not least! — shareholders. ''Corporations must not profit at the expense of the wider world''. | ||
This view seems so modern, so [[empathetic]] and so ''right'' that it is hard to see how anyone can ever have thought otherwise. But still, this is a striking reversal for the free market fundamentalists. Even the Business Roundtable is getting in on the act: in 2019, it “redefined the purpose of a corporation” away from ''the outright pursuit of profit'' towards ''promoting an economy that serves all Americans''. | This view seems so modern, so [[empathetic]] and so ''right'' that it is hard to see how anyone can ever have thought otherwise. But still, this is a striking reversal for the free market fundamentalists. Even the Business Roundtable is getting in on the act: in 2019, it “redefined the purpose of a corporation” away from ''the outright pursuit of profit'' towards ''promoting an economy that serves all Americans''. | ||