#8 Debunking the Big Myth - Free-Market Radicalism, Governance, and Sustainability with Naomi Oreskes

Discover how deeply entrenched beliefs in the free market's supremacy have shaped our society, often to our detriment. Today, we sit down with Professor Naomi Oreskes to discuss her latest book, "The Big Myth: How American Business Taught Us to Loathe Government and Love the Free Market," where she unravels the historical and contemporary implications of this ideology. From climate change to the opioid crisis, Naomi explains why understanding the balance between market strengths and the necessity of effective governance is crucial for future business leaders.

We journey back to the economic debates of the 1930s and 40s, exploring Keynesian economics versus the Austrian School led by Ludwig von Mises and Friedrich von Hayek. Naomi sheds light on how American business leaders initially failed to overturn New Deal policies, only to find their arguments gaining traction in the economically turbulent 1970s. This sets the stage for Milton Friedman's influential ideas and sparks ongoing debates about government's role in markets.

As we look to the future, Naomi delves into contemporary issues like corporate sustainability, the fossil fuel industry's impact on climate research, and the ethical complexities of AI technology. Her insights on corporate social responsibility call for a return to community-focused business practices. Concluding with a reflection on ethical leadership and the shift away from shareholder value maximization, this episode is a must-listen for anyone invested in the intersection of business, governance, and societal well-being. Join us for a thought-provoking conversation that challenges conventional wisdom and advocates for a more balanced and socially responsible economic system.

More inspirations from Naomi Oreskes:
Link to her latest book: The Big Myth
Link to her TED Talk: Why we should trust scientists?

Please visit our website, www.businessandsociety.net, for more inspiration.