Wall street versus des hommes et des dieux:: On greed and social responsibility
Renneboog,Luc
Renneboog,Luc
Abstract
This chapter delves into the discourse on corporate purpose and the responsibility corporations bear towards shareholders and various types of stakeholders. Within common law countries, the prevalent ideology of shareholder primacy underscores the importance of shareholder orientation, which could eclipse considerations for stakeholders such as employees, customers, suppliers, and the local and larger communities. Conversely, civil law countries advocate for a more inclusive accountability, wherein corporations are held responsible to a multiplicity of stakeholders, emphasizing a more balanced approach to corporate responsibilities. The doctrine of shareholder primacy drives corporations towards a singular objective: the maximization of shareholder value, which epitomizes the pinnacle of capitalist ethos. Notably, the film Wall Street (1980) portrays the fixation of corporate managers, fund managers, and investment bankers on generating value, rationalizing their actions with the mantra ‘greed is good’. This concept justifies the drive for economic efficiency, directing funds towards investments yielding the highest profits. However, the film highlights how an obsession with profits and the accumulation of personal wealth through substantial bonuses can obfuscate regulatory frameworks, including insider trading laws, and disregard fundamental business ethical norms. A striking dichotomy emerges when juxtaposing the ethos of shareholder-centric capitalism with the altruistic ethos of a smaller entity, exemplified by a small monastery in the film Des Hommes et Des Dieux (Of Gods and Men; 2010). Here, a community of Trappist monks epitomizes a commitment to an unconditional service ethos towards its stakeholders, notably towards the Muslim inhabitants of an Algerian village. These monks share their meager possessions with villagers, offer complimentary medical care, distribute second-hand clothing to the impoverished, and show loyalty to their neighbors despite escalating intolerance and looming civil strife. These cinematic portrayals offer a striking contrast in ideologies, elucidating divergent visions regarding the role of money, wealth accumulation, economic efficiency, and personal ethics.
Description
Date
2025-04
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Publisher
Routledge Publishing
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Keywords
Area Studies, Economics, Finance, Business & Industry, humanities
Citation
Renneboog, L 2025, Wall street versus des hommes et des dieux: On greed and social responsibility. in A de Palma & L Leruth (eds), Filmonomics : Economists discuss the silver screen. 1st Edition edn, Routledge Publishing, London, pp. 17-27. https://doi.org/10.4324/9781003614241