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: 2) by aristarchus on Friday January 24 2020, @11:10PM (6 children)
You idiot, khallow! Bhutan has the GNH index. And, they are Buddhists. Nepal has the earthquakes and a thriving capitalist market in surrogate pregnancies for first world same-sex couples.
(Score: 1) by khallow on Saturday January 25 2020, @04:55AM (5 children)
(Score: 2) by aristarchus on Saturday January 25 2020, @06:28AM (4 children)
Seriously? What about all the other errors I have corrected you on? Well, this is progress. Welcome to the liberal-biased reality, khallow!
(Score: 2) by aristarchus on Saturday January 25 2020, @06:31AM
OH, almost forgot! The hilarious (Hilary) part is that the IMPOTUS, D. John Trump, pronounced Bhutan as "Button", and Nepal as "Nipple". President needs to be given the latitude to run international relations as he, and John Bolton, see fit, even if he cannot pronounce the names of nations, or find them on a map, like certain NPR journalists seem to be able to do.
(Score: 1) by khallow on Saturday January 25 2020, @08:19AM (2 children)
As to the rest of the alleged errors, what was there to apologize for? I recall years of inability on your part to articulate what these errors were supposed to be. I can't be bothered under such circumstances. The present correction was refreshing in its directness and relative good faith.
(Score: 2) by aristarchus on Saturday January 25 2020, @08:56AM (1 child)
Ah, good faith! That is good! And faithful. Now about that backhoe and rent on capital, which is exploitation, not profit!
(Score: 1) by khallow on Saturday January 25 2020, @09:35AM
Apparently, that's quite irrelevant since "exploitation, not profit!" != error.