The free market needs reforms

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Markets in check (Photo by Telam)

(CNN Spanish) - The most prestigious and influential association of large US corporations, the so-called Business Roundtable, chaired by Jamie Dimon, president and chief executive officer of JPMorgan Chase, at its last general assembly in August, has reformed what they believe should be “Priority objectives” of any corporation. And the change is certainly relevant, because it affects essential issues.

For decades, the shareholder's benefit has been the main focus, if not the only one, of what was considered the main objective of a corporation. But at this time, that point is only one of the focuses, which are expanded with “investment in employees”, “the contribution of added value to the customer”, “ethical treatment with suppliers”, and “the search of the common good for the community ”.

The system wants to be reformed from the inside, because it is increasingly evident that the accumulation of wealth in 1% of the population is not only immoral, but also a fatal recipe for the smooth running of the free market system.

Having middle classes with money in your pockets is essential for development. And the main and most influential US companies they know. As in parallel to this issue, it is vital to conserve the environment and be constructive with the community that surrounds our company.

READ : Fewer "millennials" are getting to the middle class, according to study

The American corporate world is increasingly dividing, between the old losing companies that cling to the past and those of the new future that are getting ahead of what their rulers do. And it is very invigorating and good news that an association as influential as the Business Roundtable has taken note in the right direction.

We have dedicated our last GloboEconomía to this theme, with the help of José Gonzales, GCG Advisors managing partner, and I hope you find it interesting.

Do not miss the program this Saturday at 7 pm ET and Sunday at 5:30 pm ET