@aburtch @BrickDuck @Radical_EgoCom the history of...

@aburtch @BrickDuck @Radical_EgoCom the history of the belief that corporations exist only to make a profit is fascinating and relatively new. It's not codified in law, charter or history. It's a fairly radical rewrite of history, and ignores virtually all of the last 300 years of practice.

https://www.nytimes.com/roomfordebate/2015/04/16/what-are-corporations-obligations-to-shareholders/corporations-dont-have-to-maximize-profits

Like 28 Jul 2023 at 0:27 | Wall-to-wall | Open on mstdn.social

2 comments

Biggles

@Seruko @aburtch @BrickDuck @Radical_EgoCom correct.
Milton Friedman has a lot to answer for with the wholesale adoption of the Friedman Doctrine by the financial sector (which then trickled into everything they financed)

"so we don't have to give a shit about social and environmental impacts as long as shareholders make bank?? Sign us up!"

28 Jul 2023 at 0:36 | Open on aus.social

aburtch

@Seruko @BrickDuck @Radical_EgoCom Sure, there are B Corps and sole proprietorships who care about their employees. And it may not have always been that way.

But the reality we live in today is that CEOs have more money than they can spend in 1,000 years while teachers have to work multiple jobs to get by. And it’s not changing unless someone makes them. So far no one can or has.

28 Jul 2023 at 1:13 | Open on triangletoot.party