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I recently learned that this idea of the responsibility of a business as being to maximize shareholder value is kind of recent, and that in the 50s and 60s, in
by didibus 2y ago
I recently learned that this idea of the responsibility of a business as being to maximize shareholder value is kind of recent, and that in the 50s and 60s, in the US, they actually applied a stakeholder capitalist idea, where the purpose of a business was to maximize not shareholder value, but stakeholder value, which would have been the employees, customers, communities, and society at large.
I think we are all a fool as well to simply accept that the made up institution of "business" has to be about maximizing shareholder value, like anything, this is all a political game, and it is what we agree to make it.