The New Purpose of a Corporation; or, What We’ve Known All Along

Without a doubt, the coronavirus is shaking the financial industry like never before. This is not the first time the world has faced a pandemic of this scale, nor is the first time that policy makers, business leaders and pundits have asked: “Is it different this time around? Are we at a turning point?”

Economic crises often lead to a reshuffling of the economic and political ideological corpus. The Great Depression gave birth to the modern Welfare State, a hallmark of most liberal democracies until the oil shocks in the late 1970s. The 2008 crisis demonstrated the limits of traditional central bank policies, paving the way for the progressive revision of their independence.

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