The Marketplace Magazine September/October 2022

A blueprint for corporate redemption

Tomorrow’s Capitalist: My Search for the Soul of Business by Alan Murray with Catharine Whitney (Public Affairs Hachette Group, 2022, 236 pages, $29US)

Capitalism has come under severe scrutiny, with blame placed on corporate leaders who benefit from the inequalities of a global capitalist system.

Alan Murray, with over 30 years in business journalism, writes Tomorrow’s Capitalist to defend global capitalism and corporations while acknowledging the concerns of the critics. He describes monumental changes in the last decade in order to illuminate a path forward.

In a collision of power and influence, he begins with a peculiar story of business executives meeting the pope, who charges them to lead with care and compassion rather than greed. The pope’s words become the icon of the criticisms as well as the beacon of hope for what the future might hold.

The first section recounts the rise of the pure profit shareholder capitalism of Milton Friedman and the negative impacts of this business philosophy. These failures have led to a movement towards stakeholder capitalism, which Murray portrays as corporate redemption.

The second section develops and narrates the shift towards stakeholder capitalism, which focuses on the needs of employees, customers, communities, investors, and ultimately the whole planet, arguing that this version of capitalism will solve the problems created by profit-only capitalism.

The book ends by providing a roadmap for CEOs and businesses pursuing stakeholder capitalism, highlighting some of the areas that require further development.

While the book is crammed with quotes from CEOs and at times reads like a self-serving defense, Murray accomplishes his purpose of documenting the shifting landscape and ongoing challenges of corporate business leadership.

Nathan Good pastors Swamp Mennonite Church in Quakertown, Pennsylvania, has a history of entrepreneurship, and coaches leaders and organizations through Customized Coaching LLC.