S7 E11: Better Capitalism?
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Limitations of Voluntary Business Reform
- Many capitalist reform efforts, like ESG and stakeholder capitalism, appeal to the bottom line, arguing that doing good won't hurt profits.
- However, real change requires breaking free from the core assumption that the primary goal of business is maximizing profit.
- Voluntary efforts to shift business culture and goals, like the B Corp movement, are promising but slow.
- These reforms may take generations to achieve meaningful change, but urgent action is needed given the current global challenges, and voluntary change is too slow.
- As Frederick Douglass said, "Power concedes nothing without a demand."
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