'Can CEOs run the world? And will the world allow them to? That has become a central question of our times, as leaders of big business step up to address some of society’s most pressing problems,' writes alansmurray, CEO of Fortune Media.
That has become a central question of our times, as leaders of big business step up to address some of society’s most pressing problems. Consider:
As CEO of Fortune Media, I occupy a unique perch from which to watch this rapid redefinition of the role of business in society. Over the last decade, I have talked with literally hundreds of CEOs about this change, and I have questioned them about why it is happening and where it is leading. Those conversations have convinced me that something very real and durable is underway.
Harvard Business School professor Michael Porter began making a similar argument, talking about “shared-value capitalism.” Whole Foods CEO John MacKey called it “conscious capitalism.” Salesforce CEO Marc Benioff dubbed it “compassionate capitalism.” Others used the term “inclusive capitalism.” Everywhere, there was a growing sense among the titans of business that capitalism needed a modifier.
Government failure also plays a role in the change. Twenty years ago, challenges like fixing the climate, addressing inequality or advancing social justice were clearly seen as the government’s domain. But over time, it has become clear that our ever more polarized political institutions aren’t up to those challenges. Practical-minded business leaders increasingly feel they must step in, if only for self-preservation.
Only recently, have some companies begun to stop and ask the question that true stakeholder capitalism demands–not just “Is this tax maneuver legal?” but “Is this moral? Is it the right thing for society?” The Business Roundtable proudly pronounced a new era of stakeholder capitalism in August of 2019. But it didn’t dismantle its Washington lobbying team that reflexively and effectively combats any attempt to increase corporate taxation.
It’s not hard to appreciate why. Voter access has become the flash point for the fiercest partisan debate in American politics. Easier access tends to mean more turnout in minority and urban communities, which means more votes for Democrats. And corporate leaders are understandably loath to abandon a Republican party that has traditionally looked after their interests, or to tie themselves to a Democratic party that increasingly challenges the very notion of capitalism.
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