Shareholder value vs. social responsibility
The only social responsibility of business is to increase its profits.
The whole argument depends on the rules being written outside the boardroom.
Ramanna: "America ignored an important caveat in Friedman's own dictum."
Friedman: levels 1–2. The rest is "someone else's money."
Slow law & Weak penalties. Costs land on the workers, communities, customers.
"It's legal" is a shield not a defense.
Already political! They're just picking which politics counts.
Protect the groups with low exit and high exposure.
Jensen · Porter & Kramer: be good because it boosts returns.
Then what about the days exploitation prints more?
safe, paid, not treated as disposable
no exploiting trust
you break it, you buy it
enforceable!
Shareholder value is a ceiling goal, not just the baseline.
control
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