If our humanity suffers from one true, legitimate obsession (addiction?), it is with the notion of maximizing shareholder value, or profits, or enterprise value, or the present value of the firm. US corporate profit growth has been the one constant upward trending "KPI" since 1980. According to the Bureau of Economic Analysis, corporate profits after tax have increased by over 600% in nominal terms over this period. This growth has been driven by a number of factors, including globalization, technological innovation, and deregulation.

Here's a shocker: the growth in corporate profits has not been evenly distributed. Here's a real shocker. This is not a joke; historically, the idea that managers have a single duty to maximize economic returns is a relatively new and very striking development. This notion is an astounding way of thinking from a humanist perspective, as none of the great religious or philosophical traditions has ever included an overriding requirement to make money for certain groups.

However, Adam Smith never mentioned the idea of maximizing enterprise value. American corporate law does not say that business managers have an open-ended, always-on obligation to maximize the financial interests of shareholders. Academic theory advanced by economists like Milton Friedman and business schools contributed enormously to our obsession with corporate profitability.