Articlehybrid2021

Changing the purpose of the corporation to rebalance capitalism

41 citations0/0 files storedOxford Review of Economic Policy

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Corporate Social Responsibility Reporting Corporate Social Responsibility and Sustainability Political Influence and Corporate Strategies

Abstract

Abstract Solving the great problems of our time will require reimagining capitalism by balancing the power of the free market with capable, democratically accountable government and strong civil society. Changing the purpose of the firm has the potential to make this process of rebalancing significantly easier. Purpose-driven firms could be catalysts in the drive for systemic change by supporting transformation within their own industries, supporting cooperation in the public interest and modelling public/private partnerships, and supporting the strengthening of global democracy. Transforming the purpose of the firm will require not only changing corporate law, but also changing the metrics used to control and measure firms and the social norms that constrain and guide corporate behavior.

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References

1976Theory of the firm: Managerial behavior, agency costs and ownership structure 1990Governing the Commons 1992Governing the Commons: The Evolution of Institutions for Collective Action 2007The Social Responsibility of Business Is to Increase Its Profits 200261. Capitalism and Freedom 1990Architectural Innovation: The Reconfiguration of Existing Product Technologies and the Failure of Established Firms 2014The Impact of Corporate Sustainability on Organizational Processes and Performance 2011What Determines Productivity?

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