The Need to Reform For-Profit Corporations to Maximize Societal Good

On December 4, 2024, a vocal minority America morbidly justified, if not cheered, the shooting of Brian Thompson, CEO of United Healthcare. This is but a sign of the continued trend of increasing ill will toward for-profit corporations.  Such animosity has arisen from perceived impersonal practices, monopolistic behaviors, and prioritization of profit over societal well-being. In response, some would choose to defend late-stage capitalism at all costs. Others directly or indirectly support violent or even revolutionary action. Both contribute to widening gulf of ideological support that divides families and leaves democratic nations vulnerable to those powers that wish us harm. Stop any passerby on the street and they would agree that something needs to be changed, but few agree on how week can fix our current predicament. To repair the brokenness of late-stage capitalist society, Corporations need to personalize their regular business practices, engage with their customers communities, and refrain from preventing economic evolution.

Corporations Need to Personalize Their Business Practices

When I was in my college days, I was a typical student barely scraping by on what few funds I had saved up during high school. When I went to pay for my final semester, I had the bank transfer the necessary funds to my college; however, a few weeks later my college notified me that they had not received the funds. I immediately went to my bank, and I requested that the matter be resolved. My bank assured me that the error was mine, and that was that. After weeks of reaching out to every potential contact, they finally acknowledged their error. A wave of relief washed over me as I had been living on fumes in the interim, but my relief was misplaced as the bank still dragged their feet in resolving the matter. Every representative I talked to said it would be resolved the next business day, it was out of their hands or claimed that they were awaiting some missing paperwork. They were impersonal and had little regard for my tight financial position. Needless to say, I was thoroughly disenchanted with the entire banking business industry and corporations in general. This complaint is not just my own. A few years ago, eight of ten young Britons blamed capitalism for the UK housing crisis. This is from the country that once pioneered the capitalist system.

“I am told that there is no danger because there are no riots; I am told that, because there is no visible disorder on the surface of society, there is no revolution at hand. Gentlemen, permit me to say that I believe you are mistaken… I believe that we are at this moment sleeping on a volcano.”—Alexis de Tocqueville, Gale of Revolution in the Air, 1848

It did not take long for Alexis de Tocqueville prediction to come to pass. Later that year, the July Monarchy of France would be overthrown, and European would be thrown into the cauldron of revolution. Should we not expect anything less after the economic, social and political upheavals at the twilight of the Pax Americana? In 1848, governmental oppression was the target, however, the last century has seen the capitalization of almost every aspect of life, and it will not be the public, but the private sector exposed to societal rage. Corporations must baton down the hatches for the coming storm for when the shooting of a CEO of a public corporation is seen by even a large minority to be the work of a hero.

When it comes to basic necessities such as food, shelter, and healthcare, consumer frustration can bubble over into looting, theft, political instability, and now brazen assassination. Corporations must look within and commit to change. The financial barriers of entry prohibiting competition and borderline monopolistic behavior of late-stage capitalism leave corporations numb to the consumer animosity they now produce.

Prior to the modern era, religious institutions provided care to those who could not afford it. As secularization rose, the overarching care of religious institutions receded. Now, even those on the lowest rung of the economic ladder are subject to for-profit corporations who view them as nothing but an economic calculation. By fostering a personable culture within and rewarding customer care, corporations can endear themselves to the public.

Corporations Need to Participate in Communities

I recently took a road trip across the Eastern United States. As a Canadian originating from a community where chain retail stores and restaurants haven’t yet reached, I was struck by how interchangeable every community appears to the passerby. In every town, I knew I would find a Walmart, a McDonald’s, and a Dunkin’ Donuts. It was almost as if the individuality of every community had been stolen.

Corporations such as Walmart settle in a town and outcompete the local businesses that give each community its character. As purely economic institutions, large corporations invade a local community, take its money, and leave little behind—similar to the mercantilist imperial powers that the 21st-century mind now deplores. Instead of being a net drain on a community’s culture, corporations in every industry should be excited to give back to the communities of their customers and improve their well-being.

As online businesses grow and corporations give less and less taxes back to the communities of their customers, these corporations—which are often more efficient in the allocation of funds than the public sector—have a golden opportunity to shape the daily lives of their customers for the better.

Corporations Need to Refrain from Preventing Economic Evolution

I went for a walk this morning through my hometown of Brantford, Ontario. I was struck by the number of car dealerships that littered my downtown, yet most new car models I cannot order online. To satisfy my curiosity, I looked into why that is the case. It turns out that corporate lobbying has led to legislation that prevents the car market from evolving with the rest of the economy to the consumer’s detriment.

Further exploration reveals that this is the tip of the iceberg. Corporate interference has led to a litany of regulations minimizing consumer benefit to the profit of corporations. The public isn’t ignorant of this fact either, and each minor inconvenience or extra expense inflicted upon consumers increases the resentment of the public towards corporations. For instance, should the mainstream car industry follow the lead of Tesla and streamline the car purchasing process, there would be less public resentment towards the industry.

The apparent radicalism of Tesla in catering to their customers’ wants has led to an almost cult-like following for the brand. I contend that if caring for customers and maximizing their benefit is deemed radical, corporations need to change in a radical way. Otherwise, the public will force them to change in ways that will be far more painful and detrimental to their longevity.

Conclusion

The public is thoroughly disillusioned with the corporations of late-stage capitalism. Increasingly, self-destructive acts of certain bad actors are cheered by the public as Robin Hood-like heroic wins for the consumer. Corporations cannot blame a lack of morality or the callous nature of the public while they provide impersonal service to the public, devastate the cultures of local communities, and interfere with beneficial economic evolution.

For-profit corporations need to look within and decide to do better. Corporations need to care for consumers with personalized and compassionate service, contribute to the culture of local communities, and promote beneficial economic evolution. Only then can they transform public resentment into trust and ensure their survival in a rapidly evolving world.