There’s No Conflict Between Profit and “Social Responsibility”

The slogan People over Profits once again is being heard in Washington and elsewhere in the country. This time, however, the sloganeering doesn’t come from Jane Fonda or Bernie Sanders (although both have used that mantra for many years) but rather from business sources themselves. From the US Chamber of Commerce to the Business Roundtable, we are being told that private enterprise has “discovered” that “social responsibility” should be the key to running a business, not profitability:

“The American dream is alive, but fraying,” said Jamie Dimon, Chairman and CEO of JPMorgan Chase & Co. and Chairman of Business Roundtable. “Major employers are investing in their workers and communities because they know it is the only way to be successful over the long term. These modernized principles reflect the business community’s unwavering commitment to continue to push for an economy that serves all Americans.”

“This new statement better reflects the way corporations can and should operate today,” added Alex Gorsky, Chairman of the Board and Chief Executive Officer of Johnson & Johnson and Chair of the Business Roundtable Corporate Governance Committee. “It affirms the essential role corporations can play in improving our society when CEOs are truly committed to meeting the needs of all stakeholders.”

The new rhetoric we hear from business leaders such as Tim Cook from Apple and Jamie Dimon from JPMorgan Chase seems to be in line with the Build Back Better slogan of the Joe Biden presidential campaign and the Great Reset that seems to be the rage today with the Bilderberg crowd. The idea seems to be as follows: capitalism unleashes uncontrollable forces that while creating new wealth also create problems such as air and water pollution, along with climate change, and the process of making some people wealthy also means many others are thrown into poverty.

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Πηγή: mises.org