What is the proper role of business in society? The answer to this seemingly abstract question is more hotly contested today than at any other time in the past 50 years.
In a world of climate change and ecological collapse, fewer customers and employees are satisfied with the position, famously summarized by economist Milton Friedman, that the only social responsibility of business is to increase its profits, while staying within the law. Many would like to see corporations go further. But how far? And in which directions?
To discuss how business leaders can answer these questions and cultivate trust-based relationships with stakeholders, strategy+business spoke with Alison Taylor, clinical associate professor at New York University’s Stern School of Business. Her book, Higher Ground: How Business Can Do the Right Thing in a Turbulent World, was published earlier in 2024.
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