One of the most famous quotes of business in the 20th century comes from Nobel Prize Winning Economist, Milton Friedman, “The business of business is business.” As a leading conservative economist, Friedman believed corporations should largely be left to pursuing profit, which would lead to a social good, as then they would hire more people, pay more taxes, and invest/save their profit.
This approach to business has led to some of the highest inequality since the great depression, with the top 1% controlling more than 50% of global wealth, many environmental challenges, and an increasingly disenfranchised workforce. Despite these enormous disruptions, there is an increasing push by key leaders in the business community, government, and nonprofit sectors to increase the role and positive impact of business. Business leaders are increasingly talking about the triple bottom line that business needs to pursue: profit, planet and people. That is a business needs to make money to survive, but that at the same time can have positive impact on the planet and diverse stakeholders. MORE