In an age when most corporate CEOs shun controversy, it was refreshing to read a recent interview with McDonald’s Corp. CEO Jim Skinner.
In the August 2008 issue of the Wall Street Journal magazine Smart Money [sorry, the interview has yet to be posted online], Skinner was asked what responsibility his fast‐food company has for combating the national “obesity epidemic.” Skinner replied: “We are not going to solve society’s problems. People have to do that on their own …[I]f you can’t get your kids to eat vegetables, why is it my job?”
Exactly. Why should parental responsibility be treated as such a radical idea?
Skinner does note that the restaurant chain has expanded its menu to meet demand for healthier foods beyond burgers and fries. For example, McDonald’s now buys 39 million pounds of apples a year, more than any other buyer in the country.
In the same interview, Skinner credited globalization as one of the reasons the company’s stock has roughly doubled in the past three years while the economy and the rest of the stock market have struggled.
You look at the proliferation of restaurants outside the U.S. since the last big recession, in 1990 to 1991. It’s an enormous offset. Half our sales come from abroad. And we are as well positioned today as at any other time in our opportunity to serve customers and not nick their pocketbook.
Which is just the point I made a few months ago in a Cato Free Trade Bulletin on how globalization and free trade have helped U.S. companies and the economy to better weather domestic downturns.