”The U.S. population on both left and right is turning against unfettered free markets”

ステークホルダー資本主義は、株主資本主義の「お笑い版」。競争に生き残った会社は、そんなきれいごとを実行してはいない。 https://t.co/oMTCXwM5hM

— 池田信夫 (@ikedanob) February 21, 2022

引用している記事とは趣旨が違うみたいだね。

It is easy to see why American corporations are ready to project a fluffier image, ditching the appearance of putting shareholder value above all. The U.S. population on both left and right is turning against unfettered free markets, and chief executives can see that their lobbying has left them vulnerable to blame that might otherwise be dumped at the feet of politicians. If a company can convince its stakeholders that it is working on their behalf, perhaps they won’t worry so much about CEO pay or make radical demands that hit shareholder returns.

One, Mr. Schwab’s vision, involves a (voluntary) trade-off between shareholders and other interests, managed by a CEO trusted to run the company in the interest of society, whether or not that makes for higher profits and share prices.

Only Mr. Schwab’s approach would appeal to those angry at the result of unfettered capitalism. And it is hard to see how even it could work without powerful groups ensuring that other stakeholders are heard, such as the trade unions in Germany or Sweden

Yes, the most powerful incentive acting on companies is to make money. So let’s use that knowledge to make sure our companies are the strongest they can be and consumers get the most for their money. That way, the most people win—even if some shareholders lose.

And the best way to do that? Focus on a combination of more competition and, for issues such as climate where price is irrelevant, government intervention.

　アメリカでは右も左も無制限な自由市場に反対するので、CEOも自己保身から株主資本主義から利害関係者資本主義へ、なぞと口先では言うようになったけど、現実の企業は自分と企業の利益のために動くだけーー 社会の利益など考えていない。

　他の利害関係者の利益を考慮に入れさせるには、ドイツやスエーデンのような強力な組合が必要。

　消費者も利益を得るようにするにはどうしたらいいか、というと、競争と政府の介入を組み合わせること。

　独禁法をしっかり適用して競争を促すこと。それによって企業は利益を最大化できるし、消費者も得をするし、株主とてそれほど損はない。ただし、市場がうまく働かない分野もある。気候問題で炭素排出量を制限したりするのは政府の介入なしにはできない、と。

ーーー社会が利益を得るために、競争と規制の組み合わせ、というのはそのとおりであろう、と思う。