Paradigm shift in corporate culture

Every manager in a publicly held corporation (in North America, at least) is taught from the beginning that "the purpose of the corporation is to maximize shareholder value." That ethic drives certain behaviors which result in outcomes like the recent financial meltdown that started in the U.S. in September 2008. But that set of events and outcomes is only the most recent manifestation of single-minded focus on "shareholder value."

How would business, community, and people's lives in general be different if the corporate ethos was something closer to "the purpose of the corporation is to maximize customer value." Or, "the purpose of the corporation is to maximize all stakeholder value." Would corporations be as quick to engage in mass layoffs of employees in order to effect profit and, in turn, stock prices? Would companies be more or less likely to contract with sweat shops? What else would change for the better or for the worse?

Is is possible/feasible to change the way we think about the purpose of the corporation?

What do you think?