That worked OK, with some caveats, back when senior management had already spent 30 years at the company before being put in charge and had a vested interest in the long-term health and well-being of the company. The trickle-down concept provided jobs and capital appreciation for those who invested.

Nowdays, we have managers with an average tenure of 30 months, no knowledge or interest in the company or it's business, and only one goal: drive up stock prices, catch the crest of the wave, exercise options, bail when it all comes crashing down, and move on to the next victim. Employees lose, long term investors lose, and the nation as a whole loses when once-viable businesses are dismantled and offshored.

The concept of "shareholder value at all costs" is flawed, and was never wholly acccepted in industry...it is the battle-cry of the worst of the sociopaths and villians. Besides, what exactly IS "shareholder value"? Short-term manipulations in support of insider trading? Or long-term real capital growth?

Shareholder Value is not one of the ten commandments, nor is it a constitutional concept. If it does not benefit our society, maybe it's time to revise or eliminate it...

I like the idea of corporations having a formal duty to employees and society in general, in addition to shareholders...actually I see that as a win-win, since workers who are treated well and have a personal stake in the enterprise make much better employees than bitter clock-punchers.

If pilots, doctors, military officers, etc have rigorous selection and background requirements, so should officers of large companies...they should need a LICENSE to do that job. It would be based on mandatory education (under and post- graduate) in relevant fields, and specific experience requirements, including leadership at smaller companies before you get to fly the big iron. No ex-cons or high-school gym teachers running corporations valued in the billions!