Rethinking the Social Responsibility of Business
This 'debate' between Milton Friedman, Economist, TJ Rogers of Cypress Semiconductor/CY, and John Mackey of Whole Foods Markets/WFMI is never less than fascinating; worthy of everyone's attention. It begins with Mackey articulating his socially enlightened version of capitalism, which Friedman and especially Rogers refute, before Mackey finally rebuts.
"The business model that Whole Foods has embraced could represent a new form of capitalism, one that more consciously works for the common good instead of depending solely on the “invisible hand” to generate positive results for society. The “brand” of capitalism is in terrible shape throughout the world, and corporations are widely seen as selfish, greedy, and uncaring.This is both unfortunate and unnecessary, and could be changed..."
Mackey also steals my thunder (and this introduction) by comparing and contrasting the financial record of Cypress Semiconductor and Whole Foods Markets. I would take his argument one step further and suggest everyone take a peek at the 20 year chart of each stock. It seems to me [that] Mackey is on to something.
"The business model that Whole Foods has embraced could represent a new form of capitalism, one that more consciously works for the common good instead of depending solely on the “invisible hand” to generate positive results for society. The “brand” of capitalism is in terrible shape throughout the world, and corporations are widely seen as selfish, greedy, and uncaring.This is both unfortunate and unnecessary, and could be changed..."
Mackey also steals my thunder (and this introduction) by comparing and contrasting the financial record of Cypress Semiconductor and Whole Foods Markets. I would take his argument one step further and suggest everyone take a peek at the 20 year chart of each stock. It seems to me [that] Mackey is on to something.
posted by David M Gordon | 7:28 AM
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