Our cover this week asks what companies are for. A growing number of people want big business to help fix economic and social problems. Even America’s famously ruthless bosses agree. This week more than 180 of them, including the chiefs of Walmart and JPMorgan Chase, overturned three decades of orthodoxy to pledge that their firms』 purpose was no longer to serve their owners alone, but customers, staff, suppliers and communities, too. That sounds nice. However, this new form of collective capitalism will end up doing more harm than good. It risks entrenching a class of unaccountable CEOs who lack legitimacy. And it is a threat to the dynamism that is the source of long-term prosperity—the basic condition for capitalism to succeed.
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