Stakeholder capitalism reached its apotheosis in 2006 in the U.K., when Prime Minister Tony Blair’s centrist government required directors to take into account the interests of staff, customers, suppliers and the environment, as well as corporate reputation. It didn’t work: The financial crisis showed the excesses at Britain’s biggest banks, and the reputation of the country’s businesses collapsed.

Source: Wall Street Journal January 19, 2020 19:30 UTC