Reflection: Moral Firms and the Future of Capitalism

Rebecca M. Henderson

Business History Review, 2024, vol. 98, issue 1, 285-300

Abstract: Capitalism has taken many forms over the last 500 years. This short essay asks whether rediscovering the idea that corporations have a moral duty to contribute to the social good might help create a form of capitalism capable of addressing the massive problems that we face. I argue that the property view of the corporation, or the idea that the sole goal of the corporation should be to maximize investor returns, might once have been appropriate, but is currently causing enormous damage. I suggest that the entity view of the corporation, or the view that the primary purpose of the corporation is to serve the common good, has a long history, and is currently remerging in ways that have the potential to help reform capitalism in powerful ways.

Date: 2024
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