You know. I feel like its a bit obvious to say but a system where corporations are operated top-down by a group of individuals whose only interest is the profitability of said corporation with little to no consideration in other aspects of the corporation (the employees for one) is a pretty bad system. I remember reading that Henry Ford wanted to drop the price of the Model T to make it even more of an everyman car. Two of his top investors took him to court over it. This isn’t to say Ford was some sort of paragon; but it strikes me sometime, the degree to which the naked greed of some people pierces the capitalist veil of competitive innovation for social betterment.
The Social Responsibility of Business is to Increase Its Profits: a company has no social responsibility to the public or society; its only responsibility is to its shareholders
en.wikipedia.org/wiki/Friedman_doctrine
This has only been recently challenged as a PR attempt to rebrand it into “stakeholder capitalism”
Also, not related but equally horrifying: in macroeconomics there is a target of unemployment of around 5%, aka full employment is to be avoided:
en.wikipedia.org/wiki/NAIRU
It’s worth noting that Dodge (yes, that Dodge) were the ones who took Ford to court over it. If you want the reason why shareholders come first, blame Dodge.
It’s a funny story because Ford was suspecting them of building a rival car company so he wasn’t doing it entirely out of altruistic pursuits. He wanted to them to get lower profits from their Ford investments. Whenever you think capitalists have reached the peak of greed, they truly innovate.
Doesn’t matter because they get a cut every time they let their friends lie to the board. Executives get a cut every time they seem like they’re approving something. No one is personally liable for the lie. And those selling the lie get bonuses on every contract until they can sell the company to the next bag holder. It’s all imaginary power plays to funnel money.
Ulrich@feddit.org 1 day ago
At some point you would think the investors would get upset about all the lying…
gwilikers@lemmy.ml 1 day ago
You know. I feel like its a bit obvious to say but a system where corporations are operated top-down by a group of individuals whose only interest is the profitability of said corporation with little to no consideration in other aspects of the corporation (the employees for one) is a pretty bad system. I remember reading that Henry Ford wanted to drop the price of the Model T to make it even more of an everyman car. Two of his top investors took him to court over it. This isn’t to say Ford was some sort of paragon; but it strikes me sometime, the degree to which the naked greed of some people pierces the capitalist veil of competitive innovation for social betterment.
sirdorius@programming.dev 1 day ago
This only strikes us plebes when we find out about it. It is common knowledge in economist circles:
en.wikipedia.org/wiki/Shareholder_primacy
This has only been recently challenged as a PR attempt to rebrand it into “stakeholder capitalism”
Also, not related but equally horrifying: in macroeconomics there is a target of unemployment of around 5%, aka full employment is to be avoided: en.wikipedia.org/wiki/NAIRU
lka1988@lemmy.dbzer0.com 1 day ago
It’s worth noting that Dodge (yes, that Dodge) were the ones who took Ford to court over it. If you want the reason why shareholders come first, blame Dodge.
gwilikers@lemmy.ml 1 day ago
Riiight. Id like to learn more about Dodge; I’m gomna check if there’s a Ken Bursesque History of Dodge documentary.
sirdorius@programming.dev 1 day ago
It’s a funny story because Ford was suspecting them of building a rival car company so he wasn’t doing it entirely out of altruistic pursuits. He wanted to them to get lower profits from their Ford investments. Whenever you think capitalists have reached the peak of greed, they truly innovate.
en.wikipedia.org/wiki/Dodge_v._Ford_Motor_Co.
thejoker954@lemmy.world 1 day ago
Too greedy. They want all the money so bad they will believe any conman.
dustyData@lemmy.world 1 day ago
Doesn’t matter because they get a cut every time they let their friends lie to the board. Executives get a cut every time they seem like they’re approving something. No one is personally liable for the lie. And those selling the lie get bonuses on every contract until they can sell the company to the next bag holder. It’s all imaginary power plays to funnel money.