David Nicklaus looks for answers in a recent column featuring an interview with Olin’s Lamar Pierce.
The great economist Milton Friedman famously argued that a business’s only social responsibility is to make more money, and his view dominated boardroom thinking for decades. What has caused big business to abandon Friedman’s principle? Lamar Pierce, associate professor of organization and strategy at Washington University’s Olin Business School, thinks it’s the advent of social media and the 24-hour news cycle. “Because of the changing nature of media, it’s easier to get messages out very quickly, and it’s more important to get them out,” Pierce says.
The St. Louis Post-Dispatch
“CEOs turn activists when social issues affect the bottom line”
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