The irony of sages of the West offering stakeholder capitalism to Asia

//The irony of sages of the West offering stakeholder capitalism to Asia

The irony of sages of the West offering stakeholder capitalism to Asia

Last month marked 50 years since Milton Friedman published in The New York Times Magazine his epochal essay “The social responsibility of business is to increase its profits” – making clear his idea that “the business of business is business”. But there is little cause to celebrate his defence of shareholder capitalism. In a repudiation, the influential US Business Roundtable adopted in August last year a new “statement on the purpose of a corporation”, signed by 181 CEOs “who commit to lead…

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By | 2020-11-08T14:30:09+00:00 November 8th, 2020|Business|Comments Off on The irony of sages of the West offering stakeholder capitalism to Asia