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From the author of Capitalism at the Crossroads, a call to consciousness--and action--for individuals, organizations, communities, and nations. Our current Milton Friedman-style "shareholder primacy capitalism," as taught in business schools and embraced around the world, has become dangerous for society, the climate, and the planet. Moreover, Stuart L. Hart argues, it's economically unnecessary. But there are surprising reasons for hope--from the history of capitalism itself. Beyond Shareholder Primacy argues that capitalism has reformed itself twice before and is poised for a third major reformation. Retelling the origin story of capitalism from the fifteenth century to the present, Hart argues that a radically sustainable, just capitalism is possible, and even likely, in our lifetime. Hart goes on to describe what it will take to move beyond capitalism's present worship of "shareholder primacy," including corporate transformations to re-embed purpose and reforms to major economic institutions. A key requirement is eliminating the "externalities" (or collateral damage) of our current shareholder capitalism. Sustainable capitalism will explicitly incorporate the needs of society and the planet, include a financial system that allows leaders to prioritize the planet, reorganize business schools around sustainable management thinking, and enable corporations not just to stop ignoring the damage they cause, but actually begin to create positive impact.
The multiple economic crises of the past two years demonstrate more clearly than ever that the age of mercenary capitalism is over: we must finally embark on a new age of sustainable, stakeholder-based capitalism. While enlightened executives and policymakers understand the critical need for change, few have tangible plans for making it happen. Stuart L. Hart, one of the world's leading experts on sustainable capitalism, presents clear roadmaps and strategies for identifying sustainable products and technologies that can drive new growth while also helping to solve today's key social and environmental problems. This edition contains Thoroughly updated case studies and examples Extensive coverage of incubating clean, green technologies at the base of the pyramid and trickling them up to the top A new Preface demonstrating how recent economic crises stem from unsustainable policies and strategies and what can be done about it New analyses of oil price spikes and the sub-prime crisis through the lens of sustainable capitalism Updates on breakthrough bottom of the pyramid initiatives in the U.S. and beyondDrawing on his experience consulting with leading companies and NGOs worldwide, Hart shows how to overcome the pitfalls of traditional 'greening' and 'sustainability' strategies, and recharge innovation, growth, and profitability in your enterprise.
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