The modern corporation, as we know it today, was born of state power. It was chartered specifically as a vessel for a variety of anti-competitive privileges.
Earlier this month, a group of 181 CEOs, including those of many of the country’s largest and most influential companies, signed a statement signaling commitment to the betterment of society and to “an economy that serves all Americans.”
This short “Statement on the Purpose of a Corporation” reflects the idea that today big business must drive at more than just increasing the stock price. It must also lead in protecting the natural environment, enriching the lives of employees and deliver value to consumers.
Defining the purpose of a corporation is no small task, the statement’s concision notwithstanding, but its sunny words belie a rather less noble history.
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