The Emergence of Stakeholder Capitalism

The podcast episode explores the transition from the traditional profit-focused model of capitalism to stakeholder capitalism. It begins with the influential op-ed by economist Milton Friedman, which argued that the sole purpose of business is to increase profits. However, in recent years, the Business Roundtable, a group of CEOs, released a statement challenging Friedman's view and asserting that the purpose of business is to maximize value for stakeholders. This has led to the emergence of stakeholder capitalism as a new paradigm of business. The episode introduces a 10-part miniseries called '10 Things You Should Know About Stakeholder Capitalism,' which aims to highlight companies that embrace social responsibility while creating value for stakeholders.