The blind pursuit of profit has to end, with our wealth and economic power used in the service of a greater social purpose
Hmm, given that our wealth and economic power is indeed already used in the service of a greater social purpose this would seem a little redundant.
That greater social purpose being the maximisation of utility. And given that utility is different for different people, that the myriad individual human beings desire myriad different things, the best way we have to maximising said utility is with the maximum of freedom and liberty we can handle without popping from the pure pleasure of it.
That companies, producers of all sorts, do indeed (or possibly should) concentrate upon profit maximisation is a subset of this utility maximisation. Profits are maximised in the long term by tickling those utiles of the consumer.
Which leads us to an interesting conclusion. We best serve that greater social purpose by ensuring the maximum of freedom and liberty.