capitalism,”said Professor Ray Horton one recent Friday morning.
“First, laborproductivity, the source of all value to Smith, could max out; second,the state could intervene too much; and third, capitalists could eat up the natural resources upon which production rests.”
Horton, who is head of the Social Enterprise Program at Columbia, thinks Smith’s third factor is the reason that interest in social enterprise is spreading. The past decade alone saw a tenfold increase in interest.
“There is a growing awareness in the business community — and among business school students in particular — that we can’t continue to behave as we have in the past without destroying the environment,” said Horton.
“Most students still place a lot of valueon making money, but they have a much more pluralistic sense of valuethan they did even a decade ago.”
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