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The past century has seen the rise of a corporate version of hyperindividualism -- it has become universally accepted that the sole purpose of a company is to maximize profits within the boundaries of what's legal, taking all shortcuts necessary
I think we're going to see the reverse cultural shift in the next 50 years, towards corporate responsibility -- it will become self-evident that companies need to be beneficial to society, and not create negative externalities, in order to earn the right to exist
Looking forward to large companies having Chief Ethics Officers
Multilevel selection theory is interesting here. Corporations are made up of individual workers and investors like animals are made up of individual organs and cells. Environmental selection will drive evolution of cooperative or selfish behavior.
There is a widespread misconception that corporations have some sort of legal obligation to maximise profits, as you point out this is cultural!
we are optimizing the wrong thing , share holder value at the expense of everything else.
Well, centuries ago the East India Company invaded a whole country or started wars to able to deal in Opium, so from some angle it can be seen as an improvement. If only there were effective regulations in place!!! :)
This is a direct consequence of companies being hyper-optimized on a single parameter. We need to add more variables to the equation: social responsibility and environmental impact are the 2 big ones I can think of.
While agreeing to the general sentiment, profit maximization has been central tenant in businesses and politics for centuries ( one of the core drivers of wars, slavery, colonization to name a few, which was justified by it.)
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