In “The Case for Common-Good Capitalism,” published in November 2019, Senator Marco Rubio puts it well when he states that we must stop “priz economic efficiency over resiliency, financial gains over Main Street investment, individual enrichment over the common good.” He argues that businesses should treat workers and the community-and not only investors-as partners. However, there was a wide consensus among the faculty that “corporations should belong to all who invest in them.” At first, that line seemed to refer merely to shareholders however, my colleagues explained that it also applies to workers who spend a chunk of their lives laboring to make the corporations more profitable, as well as to communities that dedicate major resources to the corporations, from paving roads they need to tax abatements.Īctually, there are few-granted, very few- indications that, as the GOP is considering its post-2020 agenda, some voices are calling for a stakeholder-like view of capitalism. The faculty included professors from a wide range of political backgrounds, and many served as consultants for major corporations in their time off and were quite wealthy. I first learned about the moral version of stakeholder theory when I served for two years as a visiting professor at the Harvard Business School. In Germany, for example, workers’ representatives must hold up to 50% of the seats of large corporate boards. For instance, workers should have representatives on the boards of directors of corporations, a policy known as codetermination. The other version, the one Biden alluded to, is a moral thesis, namely that corporations have a moral obligation to all of their stakeholders, and that this obligation should have legal implications.
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