So what's that book's take on Stakeholder capitalism? We had a company called Endicott-Johnson in our area that was the main employer for the whole region. Endicott-Johnson made shoes, and vertically integrated, so they also owned cattle farms, tanneries, and everything else in the supply chain. The whole economy of the county was built around them. They made army boots for WWI and WWII.
Endicott-Johnson didn't want to deal with unions so they figured the best thing to do was take care of everyone so they wouldn't feel like they need a union. They had good pay and benefits, helped employees build houses, funded public pools, public parks and rec, and so forth. Basically, it was Stakeholder capitalism before it had that name. I like the idea because it has a positive history in this area. Unfortunately, EJ was bought by LL Bean in the 70's and production moved to Kentucky or something. You can imagine what a kick in the groin it was to lose that regional economic engine. -Adam ________________________________ From: AF on behalf of Chuck McCown Sent: Sunday, March 23, 2025 1:05 PM To: 'AnimalFarm Microwave Users Group' Subject: [AFMUG] OT good book https://www.simonandschuster.com/books/Last-Call-for-Bud-Light/Anson-Frericks/9781668070901 I understand ESG/DEI much better now. Odd business philosophy that took over for a short period. Stakeholder vs Shareholder duty of care for corporate governance. It all reverts back to Adam Smith and the Wealth of Nations. Nothing new under the sun.
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