The Accountability Blog

Day: August 29, 2019

What is the Purpose of a Corporation?

CEOs from the Business Roundtable, including the leaders of huge companies like JPMorgan Chase, Apple, and Amazon, made major headlines recently. They came together with the stated aim of redefining business’s role in society. Overturning decades of business-school orthodoxy that embraced economist Milton Friedman’s pronouncement that “the social responsibility of business is to increase its profits,” the nearly 200 CEOs signed off on a statement about the “purpose of a corporation.” This statement explicitly acknowledged

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August 2019
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