[Kibby]

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The cornerstone of the socially accepted human behavior that governs this effect can be summed up in one phrase, 'A fiduciary responsibility to the stakeholder.'


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If not to their backers, to whom should their fiduciary responsibility be?

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Good question. One of the wonderfully efficient things about corporations is their single mindedness. You make money. Period. If one assumes that 'Greed is good' and that profit for profit's sake leads to the greatest social well-being for all peoples (which many do), then the modern corporate model will work if they are right.

On the other hand, if one rejects that idea, as I do, then a different model of a corporation is needed. Since corporations are nothing but entities built on contracts, contracts could be written to require the corporation to be beholden to other objectives than profit. Or, maybe the way the board of directors is elected changes, maybe we have workers have controlling shares of the corp. and share their profits with investors but the investor do not have voting rights.

To respond to your question more directly, you're not quite asking the right question in mind as the question presupposes that money is the sole objective. I believe the more appropriate question is, "What goals should those in the corporate sector be trying to achieve, how do we define them, and how do we ensure that the corporation is sustainable?"

Anyways, these are just come of the concepts that could be integrated into the structure of a corporation that might yield a more human friendly entity. I have specific ideas on how it can be done but I won't bore the forum.

Cheers,
Kibby