Major Shifts in Management Thinking Over Twenty Years – Shift #3 – Asrar Qureshi’s Blog Post #1186
Major Shifts in Management Thinking Over Twenty Years – Shift #3 – Asrar Qureshi’s Blog Post #1186 Dear Colleagues! This is Asrar Qureshi’s Blog Post #1186 for Pharma Veterans. Pharma Veterans Blogs are published by Asrar Qureshi on its dedicated site https://pharmaveterans.com. Please email to pharmaveterans2017@gmail.com for publishing your contributions here. Credit: Lara Jameson Credit: Nataliya Vaitkevich Preamble This series shall explore major shifts in management thinking and paradigm shifts over the last twenty years. Shift 3: From Shareholder Primacy to Stakeholder Value For almost half a century, companies around the world operated under one dominant idea: the purpose of business is to maximize shareholder value. This philosophy, popularized by economist Milton Friedman in the 1970s, held that a company’s sole responsibility was to generate profits for its owners. Everything else, employees, environment, customers, and community, was secondary. This idea shaped corporat...