The New Math of Multistakeholderism

Success requires that not just investors and customers do well. Employees, partners, and communities need to do well, too.

The defining characteristic of shareholder capitalism is that one type of stakeholder — investors — is elevated above all others. But when financial performance and total shareholder returns are used as the ultimate measure of performance, it is inevitable that many companies will skimp on their other responsibilities as employers, innovators, partners, taxpayers, and local citizens.

A new book by David Gelles, The Man Who Broke Capitalism (Simon & Schuster, 2022), narrates how General Electric CEO Jack Welch myopically pursued Milton ...

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