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Recent controversies around ESG investing and “woke” capital
evoke an old idea: the Progressive-era vision of a socially
responsible corporation. By midcentury, in fact, the notion that
business leaders could benefit society had become a consensus view.
But as Kyle Edward Williams’s brilliant history shows, New Deal
liberalism realized a kind of big business supervision narrowly
focused on the financial interests of shareholders. This
inadvertently laid the groundwork for a set of fringe views to
become orthodoxy: that market forces should rule every facet of
society. Along the way American capitalism itself was reshaped,
stripping businesses to their profit-making core. As a rising tide
of activists pushed corporations to account for societal harms from
napalm to seatbelts to inequitable hiring, a new idea emerged: that
managers could maximize value for society while still turning a
maximal profit. This elusive ideal, “stakeholder capitalism,”
still dominates our headlines today. Williams’s necessary history
equips us to reconsider democracy’s tangled relationship with
capitalism.
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