Correcting the overheated laissez-faire doctrine: What businesses can do to narrow the gap between the rich and the poor to maintain economic and democratic stability

 

In recent years, there have been criticisms that mega tech companies are widening the gap between the haves and have-nots, while increasing convenience for our society and driving growth of the global economy. While a handful of tech giants saw their profits soar amid the COVID-19 pandemic, many other business sectors teetered on the edge of bankruptcy. The excessive case of laissez-faire philosophy seems glaringly evident here.

On another front, there are some things that business circles can do on their own accord to mitigate the gap. Going forward, businesses are expected to internalize the perspective of correcting such gaps into redesigning their code of conduct and business models.

Furthermore, it will be necessary to devise ways to urge businesses to consider the vulnerable as they compete in the market.

We will discuss what businesspersons can do to proactively correct gaps and tackle social stability, both of which are prerequisites for peace, when people talk about the limit to the laissez-faire doctrine, which has so far provided the premise for capitalism.