Economists Milton Friedman helped establish the primacy of shareholders over other stakeholders. David Frum: Jack Welch operationalized that doctrine. He says in his own autobiography, he paraphrases Friedman and goes on to say the responsibility of a business above all else is to increase its profits.Frum: It's hard to overstate the degree to which one academic institution has had so much sway over our economic policy for decades.
Many on the left say that the growing climate crisis is the inevitable result of unbridled capitalism – industries seeking profits above all else. In “The Big Myth,” Naomi Oreskes (who brought us “Merchants of Doubt”) points to a concerted effort from American business groups to propagate the myth that only markets free of government regulation can generate prosperity and protect political freedom.
“If we actually had appropriate regulations, appropriate rules of the road, we wouldn't be in this position of having to beg corporate leaders not to destroy the planet,” Oreskes says.
This myth has grown so pervasive that American citizens now put more faith in CEOs than in religious leaders, according to David Gelles, author of “The Man Who Broke Capitalism.” What should be done to change the narrative?
Guests:
Naomi Oreskes, Professor of the History of Science, Harvard
David Gelles, Reporter, The New York Times
Kate Khatib, Co-Director, Seed Commons
For show notes and related links, visit https://www.climateone.org/watch-and-listen/podcasts
Learn more about your ad choices. Visit megaphone.fm/adchoices