Article by JUST Capital
Image by Johannes Plenio on Unsplash
Fifty years ago, on September 13th, 1970, The New York Times published Milton Friedman’s seminal essay enshrining the doctrine of shareholder primacy – confirming that business should concern itself with maximizing profits for shareholders no matter the cost to worker wages, community investment, environmental protections, and more.
50 years later, it’s time for a change.
As the 2020 global health pandemic, economic crisis, and racial justice uprisings – as well as the accelerating climate emergency – have revealed, the system is broken: While more than 300 million workers are currently unemployed, 26 individuals own more wealth than half of humanity. This simply isn’t sustainable.
That’s why, on September 13th, 2020, JUST Capital joined with Imperative 21 coalition partners including B Lab, The B Team, CECP, and Conscious Capitalism, to call for a RESET of our economic system toward and create a more just and equitable form of capitalism.