I wanna surface this to my main timeline because it's kinda important to say out loud from time to time:
Businesses do NOT "have to" focus exclusively on their return to shareholders. Not legally, not morally.
That is the misguided OPINION of a 1970 essay by Milton Friedman, and the fact that everyone seemed to just hop on board that opinion is a significant reason why we switched gears into hyper-hell-capitaliam since then.
Push back on this every time you see it.
I thought they had a legal, fiduciary responsablity to their shareholders, no?
@dogfox Yeah, but not SOLE responsibility. The idea that you have to raise next quarter's profits at all costs is just bananapants crazy, when you think about it.
Companies used to believe they had a responsibility to their shareholders, yes, but also their employees, the surrounding community, the industry, and the country at large.
Nowadays, you'd be asked if you are, or were, ever a member of the Chinese Communist Party if you suggested any of that.
Dan Hulton
PhDog 🇮🇪
AlexanderVI
farhaven 🇪🇺