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Tags: Bill Clinton | business | focus | profit

Bill Clinton: Business Focus Will Shift From Profit Maximization to Society

By    |   Tuesday, 23 September 2014 11:45 PM

For years, some critics have complained that companies are too concerned with their profits and just don't care about their employees and the greater good of society.

That's going to change at some point, says former President Bill Clinton. And it won't be at the government's behest, he told the annual Clinton Global Initiative meeting Tuesday, CNBC reports.

"I think the government can have incentives that will encourage it, but I think by and large it will happen, if it does, because of proof that markets work better that way," Clinton said.

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"We're going to share inequality, misery and conflict, or we're going to share prosperity, responsibilities and a sense of community."

Meanwhile, Harvard economist Larry Summers stresses that the effort to solve income inequality should focus on helping the poor, not hurting the rich.

"Unless one regards envy as a virtue, the primary reason for concern about inequality is that lower- and middle-income workers have too little, not that the rich have too much," he wrote in the Financial Times.

"So in judging policies relating to inequality, the criterion should be what their impact will be on the middle class and the poor."

Nobel laureate economist Joseph Stiglitz of Columbia University says severe income inequality is solvable.

"The problem of inequality is not so much a matter of technical economics. It’s really a problem of practical politics," he wrote in The New York Times.

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Finance
For years some critics have complained that companies are too much concerned with their profits and too little concerned with their employees and the greater good of society.
Bill Clinton, business, focus, profit
288
2014-45-23
Tuesday, 23 September 2014 11:45 PM
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