“The social responsibility of business is to increase its profits,” proclaimed Milton Friedman in a famous 1970 New York Times essay.
On Thursday, Reason’s Zach Weissmueller lead a discussion on the topic of will ESG be replaced capitalism.
The view that the primary aim of a business is to increase profits and shareholder value is one that’s been challenged in business schools and by economists, politicians and in the marketplace.
The rise of the theory of “stakeholder capitalism,” which posits that business should also aim to achieve certain environmental and social goals, has led to the increasingly widespread adoption of Environmental, Social, and Governance (ESG) investing in the financial sector.
The SEC has proposed regulating ESG standards, a move that would allow the federal government to further define what constitutes a “socially responsible” company.
Reason‘s Zach Weissmueller lead a discussion of ESG and its effects on corporate America and the global economy with Samuel Gregg, a Distinguished Fellow in Political Economy at the American Institute for Economic Research and Contributing Editor at Law & Liberty as well as Russ Greene, a senior fellow for economic progress at Stand Together, which is a supporter of the Reason Foundation, the nonprofit that publishes Reason.
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