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Welcome to Business-As-Usual

In: Rethinking Corporate Sustainability in the Era of Climate Crisis

Author

Listed:
  • Raz Godelnik

    (The New School)

Abstract

This chapter introduces the theme of the first part of the book (Chapters 1–4), which is a critique of the sustainability efforts in companies during recent decades. These efforts, however, have not happened in a vacuum, but evolved out of a mode I describe as business-as-usual, which is the focus of this chapter. Its starting point is Milton Friedman’s 1970 essay, in which he made the case that the only responsibility of companies is to maximize shareholder value. The chapter then moves to present the neoliberal economic thinking that Friedman and others harnessed to shape the narrative of a shareholder-centered era in business. It goes on to further explain the nature of business-as-usual by articulating the mental model dominating it: shareholder capitalism. Embraced by academia, business, courts, the media, and others, shareholder capitalism has become extremely influential, and even amid growing criticism of its merits, it continues to this day to play a critical role in shaping the business zeitgeist.

Suggested Citation

  • Raz Godelnik, 2021. "Welcome to Business-As-Usual," Springer Books, in: Rethinking Corporate Sustainability in the Era of Climate Crisis, chapter 0, pages 1-14, Springer.
    • Handle: RePEc:spr:sprchp:978-3-030-77318-2_1
    DOI: 10.1007/978-3-030-77318-2_1
    as

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