Opinion by David Von Drehle: Corporations’ quick shunning of Russia showcases the new morality of doing business
in its magazine campaigns of the 1990s. But the doctrine remained in favor until the gap between flat wages and steeply escalating super-wealth grew so great that the folks in the penthouses began worrying about folks with pitchforks.In 2019, the Business Roundtable, a public policy organization of major American chief executives, called an end to the Friedman Doctrine. Its “” replaced the exclusive focus on shareholders with a broader obligation to all “stakeholders.
Today, the Roundtable touts data showing that companies can have their halos and their profits, too; stakeholder-focused companies are,But as we watch the almost overnight expulsion of Russia from the moral marketplace, two key questions are worth pondering. First, are business executives the best people to be making value judgments? Knowing how to organize a supply chain or how to finance a merger does not necessarily make one an expert on international relations or social justice.
. Corporate leaders will be wise to choose their moral battles carefully and not be drawn into every Twitter campaign. In the rough economy that lies ahead, they will have a full plate managing their businesses — and their customers, suppliers and employees are counting on them.
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