Prosperity

Book summary

Colin Mayer is a business expert and professor at the University of Oxford. For over 20 years, he was a director and chairman of Oxera – one of the largest economic consultancies in Europe. He is the author and coauthor of several books, and was the founding editor of the Oxford Review of Economic Policy.

Each year, countless MBA students are introduced to the Friedman doctrine, a principle asserting that a company’s sole responsibility is to maximize profits within legal boundaries. While this ideology has driven wealth creation, economic growth, and job opportunities, it has also led to environmental harm, social inequality, and the neglect of non-financial resources like natural, social, and human capital. Corporations, often pressured by shareholders, have prioritized profits over their true purpose: addressing community needs. Historically, businesses balanced profit-making with broader societal benefits, but globalization and external investor influence shifted their focus, resulting in exploitative practices and diminished community ties. To reclaim their potential as forces for good, corporations must adopt governance structures and leadership that prioritize their core mission and long-term stakeholder value. By redefining success to include social and environmental well-being, businesses can foster innovation, resilience, and sustainable growth, benefiting all stakeholders while addressing global challenges.

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