The Banana King Who (Tried to) Put People Over Profits
1970s United Fruit CEO Eli Black Got Caught Between the Warring Ideals of ‘Social Responsibility’ and Shareholder Gains
After the latest banking crisis, an old question has resurfaced: What should corporate executives care about, people or profits?
Hard-right Republicans contend that it was “woke” investment strategies of liberal executives—who cared about the “ESG” (Environmental, Social, and Governance) credentials of target companies—that led to the collapse of Silicon Valley Bank. Their position harkens to a 1970 doctrine of Chicago School economist Milton Friedman, who chastised proponents of “social responsibility” in corporate management for “preaching pure and unadulterated socialism.” He famously advised CEOs to scrap high-minded attempts to improve the world …
