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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: 4, Funny) by aristarchus on Friday January 24 2020, @11:03PM (4 children)
C'mon, Flautulent Buzzard! We all know you do not have enough money to be worth coming after! You would be dead weight in a Socialist society! What we really want from you is your coding skills, and you seem to be willing to donate these to SN for free! Thanks, Comrade!
(Score: 3, Touché) by The Mighty Buzzard on Saturday January 25 2020, @03:46AM (3 children)
It's not free. I get to smack you around any time I feel like it. That's more than payment enough.
My rights don't end where your fear begins.
(Score: 2) by aristarchus on Saturday January 25 2020, @09:02AM (2 children)
This is where commodification breaks down under Capitalism. You think you are getting something out of this, but all other Soylentils get much more utility out of smacking you around, especially when you cannot tell you have been smote! Thanks again, Comrade!
(Score: 0) by Anonymous Coward on Saturday January 25 2020, @08:40PM
I gotta say, his willpower is impressive! To ignore reality and be a massively hypocritical douche and still think he is winning requires some serious dedication.
(Score: 2) by The Mighty Buzzard on Sunday January 26 2020, @03:53PM
That's only a problem if you mistakenly think wealth is a zero sum game. We create wealth in near infinite forms every day from nothing.
My rights don't end where your fear begins.