These four basic demands may appear to businessmen as a new wave of “hostility to business.” Actually, they arise from an opposite attitude: acceptance of big business by the American public as the tool best suited for most of the economic jobs of our society and, parallel to that, acceptance of the big-business executive as a member of the nation’s leadership and a “professional manager.” Less than ten years ago, the appointment of one automobile company president as Secretary of Defense was considered a significant declaration of political principles. 1 For example, executive compensation plans need to be re-examined in light of the public’s expectations about these twin roles.
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(4) Finally, the public increasingly expects the big-business executive to develop a code of conduct which reconciles the demand that he be a businessman with the demand that he be a professional. Top managements that duck this issue may find themselves eventually saddled with restrictive regulation. (3) The manageability of the large business enterprise itself is coming to be looked upon as definitely “affected with the public interest,” rather than the “private affair” of the individual company, its managers, and its stockholders.
For example, it is business, rather than government or “the economists,” that is expected to work out the basic concepts and policies for “semifree markets,” such as the defense business or the large-utility market. (2) Big business is increasingly supposed to be a policy innovator, in addition to its more traditional role of innovator in technology and in business practices (e.g., in the distribution system or in organization). Central here is the need to change deeply embedded-but outmoded-principles of American wage and job policy, with management viewed as the leader in bringing about these changes. (1) Big business is expected to maintain (and where necessary, restore) America’s ability to compete in the world market. These challenges are centered on the following areas: The response of business to the challenge of these demands will determine in large measure the continued public acceptance of American business as the core institution of economic progress and development. American big business and its executives face public demands for new actions, different policies, and changed attitudes in four areas rarely before considered business responsibilities.
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