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Before my words to you this day, the standards of capitalism had never been related to the value of a company in concise terms. The relationship of capitalistic standards to the common-stock value of a corporation can best be illustrated through an actual example of a large American corporation. You are a Senior Research Chemist for Du Pont. I want you to go home and write an open letter to the administrative management of E. I. du Pont de Nemours & Co., Inc.:
"But, I don't have any idea what to write," my father objected, standing up quickly, shocked and confused. But the mountain told him to go home and write anyway; the words would flow, the mountain Zon told him. So my father went home and sat at his desk with pad and pen. Indeed, to his amazement, in short order he knew exactly what to write. In fact, his pen could not move fast enough as he spent the rest of his day writing the following document:
To effectively present this proposal, the following four aspects around which the proposal evolves must be identified:
After identifying those aspects, the proposal can be presented in its proper context. The proposal will entail the following recommendations:
Over the past decade, the owners of Du Pont (the stockholders) have observed with mounting disappointment the declining ability of management to expand the profitability of their corporation. What is the reason for that growing impotence? Many reasons have been advanced in business and financial publications. But management's explanations failed to deal with the crucial issues. And their mystical remedies by nature have accelerated the deterioration. The honest reason for the shrinking profit growth has never been publicly identified. This proposal will identify that reason. Moreover, implementation of this proposal would unleash a productivity/creativity cycle within the Du Pont Company that could generate values and profits outstripping any business enterprise on earth.
This proposal is based on the following principle:
All Honest, Long-Range Profits and Societal Values
Generated by Business
Arise from the Mystic-Free Standards of Capitalism
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