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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.
(Score: 5, Insightful) by DeathMonkey on Friday January 24 2020, @07:06PM (2 children)
And the flip side of that coin is that they've also watered down the term socialism to the point of absurdity by labeling literally every proposal that helps people as socialism.
Obamacare is socialism? Well I like being able to buy my own health insurance.
The EPA is socialism? Well I like rivers that aren't flammable.
Etc, etc...
(Score: 1) by Ron on Saturday January 25 2020, @03:10PM (1 child)
I managed to shut down a "socialism is pure evil" advocate by bringing up the military, public schools and the highway system.
His argument (he happens to be very rich) was that socialism is evil because it takes your hard earned money away to spread it around to everyone else, and that's just not right.
I pointed out that's exactly how our public schools are funded. He didn't care. "Private schools are better," he said.
What about the military? We all chip in to pay for that. "Damn right we do," he said.
Public highways. Imagine having to negotiate a separate transit contract with every landowner between Florida and California to get your goods across the country? Imagine having to go around huge tracts of land owned by wealthy assholes who don't want anyone on their half of the state. All the varying road conditions, rules and regulations... Some aspects of socialism are good. Like the CDC, NASA, Food Safety... We all pay for these in taxes, and taxes that don't go to a king are a socialist construct.
He actually hung his head and said nothing. I suspect he was just fuming. Some people simply will not see beyond their own circumstances.
(Score: 0) by Anonymous Coward on Saturday January 25 2020, @06:52PM
None of these things are inherently socialist.