Foreign Affairs | Georgia Levenson Keohane
The Trump administration's actions, including attempts to influence the Federal Reserve, dismissal of statistical commissioners, and assaults on higher education and independent media, pose fundamental systemic risks to the United States' democratic and economic foundations. While corporate America previously embraced stakeholder capitalism and took stands on social issues, the current era is marked by a concerning silence from business leaders, driven by a fear of provoking the president's ire. This quiescence, despite the erosion of the rule of law, compromised agency independence, and attacks on knowledge dissemination, imperils not only the broader system but also corporate bottom lines. The article argues that executives must differentiate commercial concerns from systemic threats, coordinate to define "redlines," and prepare concerted responses to defend the laws, norms, and institutions essential for a stable commercial and civic life, as exemplified by the rare unified advocacy for the Fed's independence during the Trump era in the United States.
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