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“You remind me of the rooster that thought the sun rose in the morning to hear him sing,”
Carnegie had a solution to the problem of money dividing society into rich and poor. Once a fortune was accumulated it should be given away, he proclaimed, otherwise “the man who dies thus rich dies disgraced.”
The average American annual income of $65,118 was equal to the income of 50 Pakistanis or 129 Afghans.3
They used different terms to describe their efforts, such as social entrepreneurship, patient capitalism,
and ethical investment.
“There is one and only one social responsibility of business—to use its resources and engage in activities designed to increase its profits,” Friedman wrote, “so long as it stays within the rules of the game, which is to say, engages in open and free competition without deception or fraud.”
“Following our discussions, we are now describing the work as impact investing,” he wrote. “The word impact implicitly captures the revolutionary spirit that surfaced in Bellagio.”
On August 19, 2019, the Business Roundtable, a powerful group of 181 chief executives of America’s largest companies, overturned a decades-old policy statement that defined the purpose of companies as maximizing shareholder returns. Their new purpose was “for the benefit of all stakeholders—customers, employees,
suppliers, communities and shareholders.”
