The authors, including the Tata Group’s former chairman, say companies need “a deeper purpose.”
The world urgently needs businesses that have a higher purpose than profits. The problem with industrial capitalism today is not the profit motive; the problem is how the profit motive is usually framed.
There is a persistent myth in the contemporary business world that the ultimate purpose of a business is to maximize profit for the company’s investors. However, the maximization of profit is not a purpose; instead, it is an outcome. We argue that the best way to maximize profits over the long term is to not make them the primary goal.