Harvey’s Introduction
Glenn is Dean of the Columbia Business School and one of my favorite economists. He wrote this with a colleague dealing with the question about who a corporation is responsible to – shareholders, or more broadly, stakeholders. I’m on the side of – “corporations’ job is to create long-term value for its owners.” To do that effectively, it must consider doing well for employees, customers and the broader community, but serving those constituencies is not the corporation’s objective; it is a requirement for succeeding in business.