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"The idea that all of the world should be measured in dollars to stockholders is actually a relatively new idea. It used to be that we thought that businesses h
by dancole 9y ago
"The idea that all of the world should be measured in dollars to stockholders is actually a relatively new idea. It used to be that we thought that businesses had their purpose. Your purpose was to be making newspapers or fountain pens or whatever. And now we act as though the only purpose of a business was to enrich the people who trade it on Wall Street… Of course you’ve got to have profit, of course you’ve got to support your ownership. But that’s not why we’re doing it. We’re doing it because publishing a newspaper is a crucial thing to be doing." ~Andy Barnes
Companies use to be temporary, created for the public good (like building bridges) and did not exist to make a profit.
- refurb 9y agoSounds like a great quote, but when exactly were businesses just about "making stuff"? Look at the Hudson Bay company back in the 1600's. That was about profit, not making stuff. And what is this "we act as though the only purpose of a business was to enrich the people who trade it on Wall Street"? No, the purpose is to make profit for shareholders, including the average everyday Joe with a 401k or pension.
- gozur88 9y agoHow many centuries ago was that? Do we really want to go back to a world where the biggest threat to your life was starvation?
- gpawl 9y agoYou confuse "corporation" with "company"