Solving problems for profit with Colin Mayer

In this episode, we sit down with influential Oxford University management scholar Colin Mayer to discuss the purpose business and his new book 'Capitalism and Crises'. The discussion explores the need to rethink the purpose of corporations. The current focus on profit is flawed. Mayer proposes that the purpose of business should be to produce profitable solutions for the problems of people and the planet, without profiting from creating harm. He acknowledges the benefits of capitalism but also recognises the increasing threats and crises it is causing. Mayer suggests that by aligning business goals with solving societal and environmental problems, we can achieve greater growth and prosperity while avoiding the problems we currently face.

Takeaways

• The purpose of business should be to produce profitable solutions for the problems of people and the planet.
• Businesses should not profit from creating problems for others.
• Capitalism has brought immense prosperity but is also causing increasing threats and crises.
• Aligning business goals with solving societal and environmental problems can lead to greater growth and prosperity while avoiding current problems.
• Embedding the purpose of companies in their intrinsic formulation is crucial.
• Litigation would focus on the governance and values of companies, not specific harms.
• The concept of corporate purpose can be diffused across different political economies.
• Technology will play a significant role in holding businesses accountable.

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Colin Mayer

Capitalism and Crises