Morningstar - Q1 2021 - 57
" The discussions of the 'social responsibilities
of business' are notable for their analytical
looseness and lack of rigor.... In a free-enterprise,
private-property system, a corporate executive
is an employee of the owners of the business. He
has direct responsibility to his employers. That
responsibility is to conduct the business in
accordance with their desires, which generally
will be to make as much money as possible while
conforming to the basic rules of the society,
both those embodied in law and those embodied
in ethical custom. "
The question we posed to our debaters:
" Do you agree or disagree with Friedman's
sentiment? " Team Agree took the side
of Friedman in this debate, arguing that shareholder capitalism is the ideal. Team
Disagree argued against this notion and for
stakeholder capitalism.
On Team Agree, we have Preston Caldwell,
a senior analyst who leads economics
research for Morningstar Research Services' equity
team, and Nizar Tarhuni, director of research
and analysis at Morningstar subsidiary
PitchBook who leads the institutional research
groups focused on private equity,
venture, mergers and acquisitions, and
emerging technologies.
For Team Disagree, we have Wilco van Heteren
of Sustainalytics, who heads the enhanced
rating team that focuses on the ESG Risk Rating,
and Alyssa Stankiewicz, a manager research
analyst for Morningstar Research Services with an
MBA in sustainability.
Is Shareholder Capitalism the Ideal?
Team Agree
Preston Caldwell, senior equity analyst at Morningstar Research Services LLC.
Nizar Tarhuni, director at PitchBook.
Team Disagree
Wilco van Heteren, director at Sustainalytics.
Alyssa Stankiewicz, manager research analyst at Morningstar Research Services LLC.
morningstar.com/lp/magazine
57
http://www.morningstar.com/lp/magazine
Morningstar - Q1 2021
Table of Contents for the Digital Edition of Morningstar - Q1 2021
Contents
Morningstar - Q1 2021 - Cover1
Morningstar - Q1 2021 - Cover2
Morningstar - Q1 2021 - 1
Morningstar - Q1 2021 - 2
Morningstar - Q1 2021 - Contents
Morningstar - Q1 2021 - 4
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Morningstar - Q1 2021 - Cover3
Morningstar - Q1 2021 - Cover4
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