It is refreshing to read in a major work from 1951 by the editors of Fortune magazine an affirmation of a basic fundamental foundation of capitalism that I arrived at in my research for "THINK Again: IBM CAN Maximize Shareholder Value."
"One of the major responsibilities of a chief executive officer is the maintenance of a balanced, self-sustaining stakeholder ecosystem."
Peter E. Greulich, Author and Public Speaker
The following is an excerpt from "USA: The Permanent Revolution.
"The great happy paradox of the profit motive in the American System is that management, precisely because it is in business to make money years on end, cannot concentrate exclusively on making money here and now.
“To keep making money years on end, it must, in the words of Frank Abrams, Chairman of Standard Oil of New Jersey, ‘conduct the affairs of the enterprise in such a way as to maintain an equitable and working balance among the claims of the various directly interested groups—stockholders, employees, customers, and the public at large.’ ”
Peter E. Greulich
Pete has been studying IBM and early American corporate history since his retirement in 2011. These are his thoughts and musings, and of those whose biographies he has read with links to articles and book reviews on this website.