this post was submitted on 26 Nov 2023
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in dodge v ford the supreme court ruled that publicly traded companies must put profits first above their workers and the the build quality of their products.
That's a bad take. The case actually affirmed business judgement rule: the idea that the guy running the company knows how to run it better than the shareholders. It's part of why post-war America is considered the golden age of American manufacturing: Publicly traded companies invested in their employees and wages exploded across the board. A 100 year old court decision isn't the primary driver on a problem that's really only developed in the last forty or fifty years.
Jack Welch of GE really set the current tone of "all that matters is stock price". The 80s saw greed transform into a virtue
There's a great behind the bastards podcast episode about this guy!