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posted by martyb on Friday January 24 2020, @04:27PM   Printer-friendly
from the Better-ask-Betteridge? dept.

Capitalism is in trouble – at least judging by recent polls.

A majority of American millennials reject the economic system, while 55% of women age 18 to 54 say they prefer socialism. More Democrats now have a positive view of socialism than capitalism. And globally, 56% of respondents to a new survey agree "capitalism as it exists today does more harm than good in the world."

One problem interpreting numbers like these is that there are many definitions of capitalism and socialism. More to the point, people seem to be thinking of a specific form of capitalism that deems the sole purpose of companies is to increase stock prices and enrich investors. Known as shareholder capitalism, it's been the guiding light of American business for more than four decades. That's what the survey meant by "as it exists today."

As a scholar of socially responsible companies, however, I cannot help but notice a shift in corporate behavior in recent years. A new kind of capitalism seems to be emerging, one in which companies value communities, the environment and workers just as much as profits.

The latest evidence: Companies as diverse as alcohol maker AB InBev, airline JetBlue and money manager BlackRock have all in recent weeks made new commitments to pursue more sustainable business practices.

[...] A 2017 study showed that many companies with climate change goals actually scaled back their ambitions over time as the reality clashed with their lofty goals.

But businesses can't afford to ignore their customers' wishes. Nor can they ignore their workers in a tight labor market. And if they disregard socially responsible investors, they risk both losing out on important investments and facing shareholder resolutions that force change.

The shareholder value doctrine is not dead, but we are beginning to see major cracks in its armor. And as long as investors, customers and employees continue to push for more responsible behavior, you should expect to see those cracks grow.

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  • (Score: 0) by Anonymous Coward on Friday January 24 2020, @05:13PM (5 children)

    by Anonymous Coward on Friday January 24 2020, @05:13PM (#948013)
  • (Score: 0, Insightful) by Anonymous Coward on Friday January 24 2020, @05:36PM (3 children)

    by Anonymous Coward on Friday January 24 2020, @05:36PM (#948027)

    There are plenty of jobs. Unemployment is at 3%.

    Yang's popularity is based on people who want to be paid like they have a job, but they don't want to actually go to work.

    Remember the old saying "Democracy will last until people realize they can just vote themselves money from the public treasury"? Yang is just doing away with the pretenses of things like tax rebates and just going directly to "spend it all now and tomorrow come what may."

    Even the Roman emperors had more dignity.

    Of course, it might be a surprise when there's no one around with anything to sell since everyone quit their retail and warehouse jobs...

    • (Score: 0) by Anonymous Coward on Friday January 24 2020, @06:49PM (1 child)

      by Anonymous Coward on Friday January 24 2020, @06:49PM (#948064)

      right *now* there are jobs
      And after self-driving comes fully online?
        Even those people getting by as Uber drivers will be out of a job

      • (Score: 0) by Anonymous Coward on Friday January 24 2020, @07:15PM

        by Anonymous Coward on Friday January 24 2020, @07:15PM (#948076)

        And when there are not, get back to me.

        (spoiler : people have been saying automation will destroy all of the jobs for 200 years and they've been wrong the whole time.)

    • (Score: 2) by Azuma Hazuki on Saturday January 25 2020, @12:31AM

      by Azuma Hazuki (5086) on Saturday January 25 2020, @12:31AM (#948266) Journal

      Unemployment, real unemployment, is *not* at 3%. You want the U6 number, not the U3. Do the research instead of just blindly repeating what you hear from the propaganda channels.

      --
      I am "that girl" your mother warned you about...
  • (Score: 3, Insightful) by The Mighty Buzzard on Friday January 24 2020, @08:23PM

    by The Mighty Buzzard (18) Subscriber Badge <themightybuzzard@proton.me> on Friday January 24 2020, @08:23PM (#948116) Homepage Journal

    Come to TN. The illegals here have jobs that have them riding around in shiny, new $70K trucks because nobody here wants to work. You can not hire day labor in TN, legal or illegal, because there is no labor to be found. Even at twice minimum wage. Anyone here who wants to work can find a $15/hr job they can tolerate their first week of looking, unless their idea of "looking for work" is going around to all the gas stations and convenience stores and filling out applications.

    --
    My rights don't end where your fear begins.