NEW YORK — With corporate profit margins at an all-time high and more Americans out of work than at any other point in the past three decades, it may seem like an odd moment to look to the business world for hope.
But an idealistic coalition of liberals and conservatives want to show that capitalism can be fixed with a new business classification, the benefit corporation, which is required by law to consider both profits and people. Nine states, including New York and California this year, now recognize such corporations, and businesses like the environmentally conscious sports apparel company Patagonia have jumped aboard. Critics argue, however, that benefit corporations muddy the waters of corporate governance — and that if lawmakers want businesses to do something for people, they should mandate it.
“Traditional corporations don’t measure their success by the impact they have on their employees,” said Mike Brady, CEO of Greyston Bakery in Yonkers, N.Y., which was the first company in the state to register for the new corporate class. “We measure our success from our number of employees.”
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