Four months ago, JP Morgan Chase CEO Jamie Dimon issued his annual letter to shareholders – and it’s still on my mind. That may be because I spend a lot of time defending stakeholder capitalism, but it’s more than that. It’s because Dimon’s approach could be the new blueprint for American capitalism. And there’s little argument that we need one as America is still reeling from the harmful effects of shareholder primacy, where the rich got richer, and the working class all but disappeared.
Dimon’s letter to his shareholders tells a story especially instructive for those who think Stakeholder Capitalism isn’t capitalism, or at least not true capitalism. Yes, I know some of you hold that view, and I don’t like you any less for that. I just don’t think you’ve put the whole picture together yet. Follow me to the end of this story and see if your views have changed.
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