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The Observer: "Tesco’s fall tells a wider story about our failing capitalism"

"The supermarket giant has not been alone is being organised as a profit machine dedicated to shareholders, not customers"

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"For the past decade, Tesco, like almost every other British plc, has been organised as a profit machine, a company whose focus transmuted from serving customers and building a company to serving shareholders and driving up directors' pay. The £6.4bn loss is the price tag of the consequent misjudgments, brought together in the oldest trick in the corporate book – a 'kitchen sink' moment in which the incoming, transient management crystallises every loss. This allows the base from which it starts to be so low that there can only be improvement. But the terms are wholly financial and don’t answer the bigger question of what Tesco is for.

"... Tesco is not alone. This is how too much of business works in 2015. The justification of capitalism is not that it enriches the top 0.1% and the wealth trickles down. Its justification is that a plurality of companies experiment in solving human problems and so create worthwhile value, which capitalism can do better than any other system.

"Tesco went wrong because of a very particular British ownership and financial architecture that places no value on this social, human mission but sees its duty as only to maximise the share price for a floating body of shareholders. And now Tesco is trying to reinvent itself in the same hostile system."

Link to
"Tesco: How one supermarket came to dominate"

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