In 1970, Nobel prize-winning economist Milton Friedman famously said that ‘the social responsibility of business is to increase its profits’. And much of western corporate culture has lived by that credo, allowing businesses to ravage the environment and trash the rights of workers. 

However in more recent times, corporations have seemingly grown a political and social conscious. Is woke capitalism the next step towards a better world? Or is it a form of dangerous hypocrisy that threatens democracy? 

 

Frances Haugen holds a degree in Electrical and Computer Engineering from Olin College and an MBA from Harvard. She is a specialist in algorithmic product management, having worked on ranking algorithms at Google, Pinterest, Yelp and Facebook. 

Scott Hargreaves became Executive Director of the Institute of Public Affairs in 2022, having joined the staff in 2015. Prior to that he worked in a range of private and public organisations, including periods as a political adviser, corporate affairs manager, as a manager of sustainability for a listed company, and managing small businesses.

Carl Rhodes is Dean and Professor of Organization Studies at the University of Technology Sydney Business School. Carl writes about the ethical and democratic dimensions of business and work.

Sam Mostyn is a businesswoman and sustainability adviser, with a long history of executive and governance roles across business, sport, climate change, the arts, policy, and NFP sectors.