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The podcast discusses the role of capitalism in society and the conflicting views on corporate social responsibility. It explores the influence of economist Milton Friedman and activist Ralph Nader on this issue. The podcast also delves into the implications of prioritizing profits over social responsibility and the impact of former General Electric CEO Jack Welch on American capitalism.
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- The clash between social responsibility and profit maximization continues to shape American capitalism.
- Jack Welch's shareholder-focused approach at General Electric led to short-term success but long-term negative consequences.
Deep dives
The Backlash Against Woke Capitalism in the Golden Age of Capitalism
During the Golden Age of Capitalism, groups that had been excluded from its benefits started protesting, leading to a clash between two men with different ideas of what a capitalist corporation should be. Ralph Nader, an activist, wrote an essay calling for corporations like GM to be socially responsible, while economist Milton Friedman argued that the primary responsibility of corporations is to make profits. This debate about the role of corporations and their social responsibility continues to shape American capitalism.
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Discover
highlights
Listen to the best highlights from the podcasts you love and dive into the full episode