Arbeitspapier

Capitalism recoupled

This paper examines major forces that have decoupled economic and business prosperity from social prosperity and explores how recoupling can be promoted. Economists have specified well-known conditions under which free market enterprise with shareholder value maximization is efficient. These conditions are systematically violated by three forces - globalization, technological advance and financialization (GTF) - that have weakened the connections between economies and societies over the past four decades. Consequently, the recoupling process requires abandoning the default premise of economic decision making that social progress follows financial performance. For business, it calls for a move from shareholder to stakeholder value. For government, it calls for setting legal obligations, targets and incentives to ensure that stakeholder value is compatible with a rigorously defined concept of 'societal and planetary value.'

Sprache
Englisch

Erschienen in
Series: Kiel Working Paper ; No. 2191

Klassifikation
Wirtschaft
Business Administration: General
Corporate Culture; Diversity; Social Responsibility
Social Economics‡
Economic Methodology
Thema
recoupling
shareholder value
stakeholder value
wellbeing
globalization
technological advance
financialization

Ereignis
Geistige Schöpfung
(wer)
Kelly, Colm
Snower, Dennis J.
Ereignis
Veröffentlichung
(wer)
Kiel Institute for the World Economy (IfW)
(wo)
Kiel
(wann)
2021

Handle
Letzte Aktualisierung
10.03.2025, 11:43 MEZ

Datenpartner

Dieses Objekt wird bereitgestellt von:
ZBW - Deutsche Zentralbibliothek für Wirtschaftswissenschaften - Leibniz-Informationszentrum Wirtschaft. Bei Fragen zum Objekt wenden Sie sich bitte an den Datenpartner.

Objekttyp

  • Arbeitspapier

Beteiligte

  • Kelly, Colm
  • Snower, Dennis J.
  • Kiel Institute for the World Economy (IfW)

Entstanden

  • 2021

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