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Rethinking the Social Responsibility of Business, a debate on the correct focus of business:
Great - my previous post on the purpose of a business. John Mackey, the founder and CEO of Whole Foods, closes the debate with:
I agree. In the debate, he stresses that he believes in the marketplace and that this focus on providing value to all stakeholders is in the best long term interest of the enterprise (as apposed to the sole focus on profit presented by Milton Friedman). I agree with John Mackey.
Related: Compensation at Whole Foods
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May 19th, 2007 at 10:36 pm
I also agree. What many people don’t realize is that free markets respond to value, not just financial value. The rapid success of the Prius and Civic hybrids, and the penetration of hybrids into high-end market vehicles such as the Lexus 4 series, is evidence of this. From a pure financial standpoint, the additional cost does not offset the slight reduction in gas cost. However from a less tangible environmental stewardship perspective it does. Companies that have a deeper purpose, or at least truly understand nonfinancial value, will capitalize.