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Taming the Octopus: The Long Battle for the Soul of the Corporation

Name: Taming the Octopus: The Long Battle for the Soul of the Corporation
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Book Synopsis: The untold story of how efforts to hold big business accountable changed American capitalism.Recent controversies around environmental, social, and governance (ESG) investing and “woke capital” evoke an old idea: the Progressive Era vision of a socially responsible corporation. By midcentury, the notion that big business should benefit society was a consensus view. But as Kyle Edward Williams’s brilliant history, Taming the Octopus, shows, the tools forged by New Deal liberals to hold business leaders accountable, such as the Securities and Exchange Commission, narrowly focused on the financial interests of shareholders. This inadvertently laid the groundwork for a set of fringe views to become dominant: that market forces should rule every facet of society. Along the way, American capitalism itself was reshaped, stripping businesses to their profit-making core.In this vivid and surprising history, we meet activists, investors, executives, and workers who fought over a simple question: Is the role of the corporation to deliver profits to shareholders, or something more? On one side were “business statesmen” who believed corporate largess could solve social problems. On the other were libertarian intellectuals such as Milton Friedman and his oft-forgotten contemporary, Henry Manne, whose theories justified the ruthless tactics of a growing class of corporate raiders. But Williams reveals that before the “activist investor” emerged as a capitalist archetype, Civil Rights groups used a similar playbook for different ends, buying shares to change a company from within.As a rising tide of activists pushed corporations to account for societal harms from napalm to environmental pollution to inequitable hiring, a new idea emerged: that managers could maximize value for society while still turning a maximal profit. This elusive ideal, “stakeholder capitalism,” still dominates our headlines today. Williams’s necessary history equips us to reconsider democracy’s tangled relationship with capitalism. 4 line illustrations Read more

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Discover the untold story of how efforts to hold big business accountable changed American capitalism with the groundbreaking book, "Taming the Octopus: The Long Battle for the Soul of the Corporation". Immerse yourself in the vivid and surprising history presented by Kyle Edward Williams as he explores the Progressive Era vision of a socially responsible corporation and the unintended consequences that transformed American capitalism. This captivating narrative challenges traditional beliefs and sheds light on the evolution of the role of corporations in society.

Uncover the historical tools and ideologies that shaped the current landscape of corporate responsibility. Williams explores how the Securities and Exchange Commission, originally designed to hold business leaders accountable, inadvertently narrowed its focus on shareholder financial interests. Through engaging storytelling, he introduces influential figures from both sides of the debate, showcasing the perspectives of "business statesmen" who believed corporations could solve social problems, as well as libertarian intellectuals who championed market forces ruling every facet of society.

Embark on a journey that uncovers the pivotal role of Civil Rights groups in shaping corporate accountability. Learn how these groups utilized similar tactics as today's activist investors, such as buying shares, to enact change within corporations. Witness the rise of the concept of "stakeholder capitalism", where managers aim to maximize value for society while still delivering significant profits. As you follow the progression of societal issues that demanded corporate responsibility, you'll gain a deeper understanding of the complexity of democracy's relationship with capitalism.

Don't miss this essential history that challenges conventional wisdom and equips us to navigate the intricate connection between democracy and capitalism. Order "Taming the Octopus: The Long Battle for the Soul of the Corporation" now and gain valuable insights into how efforts to hold big business accountable continue to shape the future of American capitalism.

Order "Taming the Octopus: The Long Battle for the Soul of the Corporation" today and embark on a captivating journey that sheds light on the evolving role of corporations in society and the intertwined relationship between democracy and capitalism.

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