William Magnuson > Quotes

“The whole process was so intricate that the Medici Bank took to writing lengthy manuals instructing employees on how to structure it. In 1417, one employee of the bank, upon finishing a new draft of the manual, appended a word of advice at the end: “He who deals in exchanges and he who deals in merchandise is always anxious and beset by worries. I will instead give you a recipe for lasagna and macaroni.”
― William Magnuson, For Profit: A History of Corporations

“East India Company created an army that conquered Bengal and ruled the subcontinent for over a century in order to protect its interests in the Indian textile trade. Exxon shaped American foreign policy and environmental regulation for decades. Today, Facebook’s algorithms determine what we see and know, shaping the very discourse that citizens engage in. This suggests that, at the very least, businesses should be cautious before seeking to craft society’s values—their actions are magnified beyond what any individual could ever hope to achieve. I would go further. Businesses should stay out of the politics game entirely. They do not have access to some essential wisdom about what the common good is. They should instead”
― William Magnuson, For Profit: A History of Corporations