Schwab is peddling his idea of ‘stakeholder capitalism’, which essentially maintains that corporations have more expansive duties than maximizing profits for shareholders. This is a concept so vague that Facebook, IBM, Lockheed Martin et cetera are free to interpret it quite as they wish.

‘Firms can go on privately shoveling money to their shareholders and executives,’ as Steve Dunning writes for Forbes, ‘while maintaining a public front of exquisite social sensitivity and exemplary altruism.’