The Ugly Truth About Stakeholder Capitalism
The Radio Free Hillsdale Hour
Hillsdale College
4.8 • 650 Ratings
🗓️ 24 January 2025
⏱️ 46 minutes
🧾️ Download transcript
Summary
Guests: Andrew F. Puzder & Patricia Bart
Host Scot Bertram talks with Andrew F. Puzder, former executive officer of CKE Restaurants, distinguished visiting fellow at The Heritage Foundation, and Senior Fellow at America First Policy Institute, about how asset management firms use their unprecedented levels of stock ownership in major US companies to force their own "ESG" agenda on the corporate sector. They also discuss Puzder's new book A Tyranny for the Good of its Victims: The Ugly Truth about Stakeholder Capitalism. And Patricia R. Bart, associate professor of English at Hillsdale College, concludes an in-depth series on the history of the English language.
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Transcript
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| 0:00.0 | From the historic campus of Hillsdale College in Hillsdale, Michigan, |
| 0:11.4 | where the good, the true, and the beautiful are taught, nurtured, and honored, |
| 0:16.5 | this is the Radio Free Hillsdale Hour, bringing the activity and education of the college to listeners across the country. |
| 0:25.2 | If you're required to hire people for requirements other than their qualifications, their merits, then you're going to end up with a board that really is not very effective in running the business. |
| 0:34.6 | And the board really decides who the CEO is. They have ultimate control over the business. And this is the board really decides who the CEO is. They have |
| 0:39.9 | ultimate control over the direction of the company from a very macro respect. So it can be very |
| 0:46.4 | damaging to your company. This is your host, Scott Bertram. Welcome to the Radio Free |
| 0:52.1 | Hillsdale Hour, part of the Hillsdale College Podcast Network. |
| 0:56.9 | That was Andy Puzzder, attorney, author, and businessman, former chief executive officer of CKE restaurants, which includes Hardee's and Carl's Jr. |
| 1:07.0 | He's also the author of a brand new book, A Tyranny for the Good of Its Victims, The Ugly Truth About Stakeholder Capitalism. |
| 1:14.5 | We go in depth with Andy Puzzter about that book here today. |
| 1:17.9 | Andy, thanks so much for joining us. |
| 1:19.7 | Thank you for having me. |
| 1:20.8 | The new book is A Tyranny for the Good of Its Victims, the Ugly Truth about Stakeholder Capitalism capitalism. And Andy, you begin the book, |
| 1:30.6 | even before the book begins, with a dedication to Milton Friedman. And I love Milton Friedman, |
| 1:36.8 | my favorite economist. There's been so much discussion over the past couple of years about |
| 1:41.2 | whether the Friedman era is over. The Biden administration |
| 1:45.0 | saying the spending doesn't matter, debts don't matter, modern monetary theory, have those on the |
| 1:51.2 | left buried Friedman quite prematurely? Milton Friedman's theory work. They produce a productive |
| 1:57.9 | where we have prosperity where wages go up or inflation is low or you keep debt under control. |
| 2:04.4 | Biden and his crew that came in and said that, okay, stakeholder capitalism now, we're not going to do shareholder capitalism. |
| 2:10.6 | We're not going to do Milton Friedman's version of your obligation as to your shareholders. |
... |
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