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TMA 02 Q1.Guardian view on Davos - Coggle Diagram
TMA 02 Q1.Guardian view on Davos
Davos
promotion of Klaus Schwab's idea: multi-stakeholding
companies have social responsibilities beyond shareholders' profits
timeline
1971 = 1st Davos
Corporates protable
companies have social responsibilities beyond shareholders' profits
1980s = Thatcher's Britain; Reagan's USA
Milton Friedman: there is. . only one social responsibility of business. . . to engage in activity designed to increase its profits"
oil crisis, stagflation, recession, plunging corporate profits
YEAR?loose capital crated by financial deregulation & digitalisation directs global economic flows
Jan 2020 'stakeholder capitalism' theme (where stakeholder includes climate change)
attendee profile
male dominated
deracinated, loyal to the corporate, executive; balance sheet driven
last 30 yrs
wages stagnated
gains returned to shareholders
most recent yrs
climate emergency.
21st C societal changes (in the West)
rising nationalism
Brexit
china as major global power
cannot continue BAU withoutreputational damage
last 12m
USA x 200 CEOs committed companies to sustainability (eg carbon neutral, carbon reduction technology) + fairer wages
USA withdrawal from Paris agreement on climate change
BoE + IMF: global warming is a threat to people, livelihoods, communities, homes , but also to company profits
Circle back to Milton Friedman_ theme unchanged but what constitutes a threat to profitably ~ has ~