The Future of Capitalism and Corporate Reform | Colin Mayer | Emeritus Professor of Management Studies at the Saïd Business School, University of Oxford | Season 13 Episode 2 | #223

In this episode, I sit down with Colin Mayer, Emeritus Professor of Management Studies at the Saïd Business School at the University of Oxford, to explore one of the most fundamental questions in modern capitalism: what is the corporation actually for? We examine the historical evolution of corporate purpose and how the dominance of shareholder value reshaped business priorities over the past several decades. Colin argues that corporations were never meant to serve shareholders alone but were originally designed to solve problems for society. Our conversation explores how corporate structures influence inequality, environmental degradation, and financial instability. We discuss why short-term profit maximization has distorted incentives and how redefining corporate purpose could restore trust in markets. Colin explains how firms can be structured to align long-term value creation with social benefit, and what reforms are necessary to move beyond narrow financial metrics. What stayed with me most is the idea that capitalism itself is not fixed. The rules that govern corporations are legal and institutional choices. If those rules can be designed, they can also be redesigned. This episode invites listeners to rethink the foundations of corporate responsibility and the future direction of market economies. Colin Mayer:- https://www.sbs.ox.ac.uk/about-us/people/colin-mayer-cbe Chapters:- 00:00 – Introduction 02:05 – Colin Mayer’s Intellectual Journey 06:45 – The Historical Purpose of the Corporation 12:20 – The Rise of Shareholder Value 18:00 – Consequences of Short-Termism 23:30 – Corporate Governance and Accountability 29:10 – Rethinking Corporate Purpose 34:40 – Business, Society, and Long-Term Value 40:15 – Environmental and Social Responsibility 45:50 – Legal and Institutional Reform 51:20 – The Future of Capitalism 56:30 – Closing Reflections