Business plays a major role in politics. This role needs to be reinvented. Common knowledge is that business has often lobbied politicians not to promote social wellbeing to advance profitability. From the Financial Times. Here is an excerpt:
Nature abhors a vacuum and so, up to a degree, does enterprise. A recurring chorus of the capitalist reformation that has seen multinationals change into environmental and social coverage activists is that firms are filling a void left by retreating, distrusted or ineffectual governments.
Nowhere is that this extra seen than within the US, the place enterprise leaders have lengthy bemoaned a second-rate public schooling system, the expensive and patchy provision of healthcare and Washington’s failure to repair something from archaic infrastructure to racial injustices.
Company America’s latest conversion to stakeholder capitalism, wherein the likes of the Enterprise Roundtable professed a dedication to treating workers, communities and the setting as their traders’ equals, redefined firms’ understanding of their social duties. It coincided with a darkening of the political backdrop, not less than within the eyes of most high executives.
Read the full article here.