The “Stakeholder” Fallacy
Allison Schrager, City Journal
Joe Biden unveiled his economic plan last week. It’s mostly unremarkable, containing Donald Trump-like nods to economic nationalism, but one thing that stood out was Biden’s vow to “put an end to the era of shareholder capitalism.” The former vice president and presumptive Democratic presidential nominee rejects “The idea the only responsibility a corporation has is with shareholders. That’s simply not true. It’s an absolute farce. They have a responsibility to their workers, their community, to their country. That isn’t a new or radical notion.” Read more here..
Allison Schrager, City Journal
Joe Biden unveiled his economic plan last week. It’s mostly unremarkable, containing Donald Trump-like nods to economic nationalism, but one thing that stood out was Biden’s vow to “put an end to the era of shareholder capitalism.” The former vice president and presumptive Democratic presidential nominee rejects “The idea the only responsibility a corporation has is with shareholders. That’s simply not true. It’s an absolute farce. They have a responsibility to their workers, their community, to their country. That isn’t a new or radical notion.” Read more here..
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