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Monday, 26 December 2022

For Profit is history of corporations, and how their good intentions can flip sinister

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For Profit looks at corporations’ roles from ancient Rome to Silicon Valley: Written by law professor William Magnuson, the book delves into business history and how the function of companies serving society has been forsaken. Instead the function has been replaced with excessive greed and an abuse of power that can have disastrous political repercussions. Corporations, Magnuson writes, “have always and ever exerted an outsize influence on world events.” Henry Ford aimed to produce low-cost automobiles made by well-compensated employees, but eventually his obsession with efficiency turned into an unsettling hold over his employees. Bottom line was not one of Mark Zuckerberg's top priorities when Facebook launched, he initially placed a greater emphasis on growth to widen networks on the platform making the experience of connecting enjoyable. Eventually, engagement on Facebook came at the expense of privacy and has recently been used by some to tamper with elections and to undermine democracy. The book explores why some people nowadays abhor corporations, and why perhaps there are reasons why we should appreciate some more than others.

Enterprise is a daily publication of Enterprise Ventures LLC, an Egyptian limited liability company (commercial register 83594), and a subsidiary of Inktank Communications. Summaries are intended for guidance only and are provided on an as-is basis; kindly refer to the source article in its original language prior to undertaking any action. Neither Enterprise Ventures nor its staff assume any responsibility or liability for the accuracy of the information contained in this publication, whether in the form of summaries or analysis. © 2022 Enterprise Ventures LLC.

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