this post was submitted on 21 Nov 2023
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The idea that the only real duty of corporate leadership is to drive shareholder profit is apocalyptically naive and ultimately nihilistic, and it has been since the words dribbled from Milton Friedman into the NYT magazine back in 1970.
short term. The problem is driving short term profit. In the short term, you profit by abusing your customers. If you considered long term profit, you need to also consider customer satisfaction
No, I stand by what I said.
If you build something well, it will sell itself. You won’t need financial gymnastics to make your company or the product look good.
Stupid financial tactics like stock buybacks (which, as a result of how the stock market works, have a direct positive impact on stock price) should be illegal.
The problem is the focus on profit over and above the focus on literally anything else. That’s what modern corporate leadership has come to understand as the true meaning behind Friedman’s words. And it’s killing our society, our environment, and in many cases, the companies themselves (because the tactics are obviously unsustainable).