Series: The Moral Injury of Late Capitalism

Think About The Institutional Shareholder And Smile.

Panera Bread’s founder Ron Shaich is correct. His employees doubtless prioritize rent, child care, and similar concerns above shareholder profits.

Businesses like Panera which create profit (in part) by paying near-poverty wages often sing this plaintive song, thus highlighting the cognitive dissonance of late capitalism.

Mr. Shaich expects his employees to see Panera Bread in the same way he does: a noble, wealth-creating enterprise worthy of devoted labor from its employees.

Late capitalism assumes that its goal, short-term profits at any cost, is shared by all of society, including Panera’s employees.

Mr. Shaich can be forgiven for this assumption. As discussed in my series (and, if there is a God, upcoming book) “The Moral Injury of Late Capitalism” society has in fact prioritized corporate, short term profits at the expense of o…