This is too much! An admission of capitalism's guilt! Suggested andidote: Harry Glasbeek, Wealth by Stealth: Corporate Crime. Corporate Law and the Perversion of Democracy. (Toronto: Between the Lines, 2002).
and by thew same author: The Corporate Social Responsibilty Movement The Latest in Maginot Lines to Save Capitalism," The Dalhousie Law Journal,Vol.11, #2 1988, 363-402 Dr. W. Robert Needham DEPARTMENT OF ECONOMICS University of Waterloo Waterloo, Ontario, Canada, N2L 3G1 Tel: 519-888-4567 ext 3949 Fax: 519-725-0530 Home: 519-578-4143 http://economics.uwaterloo.ca/fac-needham.html ["We cannot live only for ourselves. A thousand fibers connect us with our fellow men; and among those fibers, as sympathetic threads, our actions run as causes, and they come back to us as effects." - Herman Melville] ["Fascism should be more properly called corporatism, since it is the merger of state and corporate power." Benito Mussolini] Quoting Karen Watters Cole <[EMAIL PROTECTED]>: > The co-author of two Megatrends bestsellers predicts a convergence of > social, economic and spiritual trends in her new book, Megatrends 2010: The > Rise of Conscious Capitalism. KwC > > Trends ahead > The major social trends identified by Patricia Aburdene in her book > "Megatrends 2010" (Hampton Roads) are: > 1. The Power of Spirituality > 2. The Dawn of Conscious Capitalism > 3. Leading from the Middle [Management] > 4. Spirituality in Business > 5. The Values-Driven Consumer > 6. The Wave of Conscious Solutions > 7. The Socially Responsible Investment Boom. > > Trend-Watcher Sees Moral Transformation Of Capitalism > By Jane Lampman, The Christian Science Monitor, October 4, 2005 > > It's a turbulent time in the business world. Prestigious firms are under > scrutiny for their practices, and corporate high-fliers are going to court > and sometimes to jail. Yet it's also a time when people are seeking new ways > to incorporate spiritual practices and moral values into their workaday > lives. The focus on spirituality has become so pervasive, says Patricia > Aburdene, one of the foremost trend trackers in the United States, that it > stands as "today's greatest megatrend." Its impact on personal lives is > spreading into institutions. And spirituality in business, she contends, is > converging with other socioeconomic trends to foster a moral transformation > in capitalism. > > More businesses, for instance, are taking seriously their responsibility to > communities as well as to shareholders. Some 70 million Americans are making > choices in the marketplace as "values-driven consumers." Many CEOs are > repudiating the corporate myth of "lean and mean" and the "profits at all > costs" path to prosperity. > > In a poll of 25,000 people in 23 countries by the Conference Board, a > marketplace research group, two-thirds said they want business to "expand > beyond the traditional emphasis on profits and contribute to broader social > objectives." > > Ms. Aburdene has a track record in deciphering the signs of significant > long-term change. In the first "Megatrends" book more than 20 years ago, she > and John Naisbitt described the birth of the "Information Economy," an idea > scoffed at by many. In another bestseller a decade later, they predicted a > networked, technology-driven era in business. Now in her new book, > "Megatrends 2010," Aburdene shares stories of business in transition and > marshals facts and figures to show how transcendent values are beginning to > reshape capitalism. > > In a recent interview, she discussed the prospects for a sea change in > corporate life. Here are some excerpts: > You speak of social, economic, and spiritual trends converging to foster a > moral transformation of capitalism. Given the scandals of recent years, why > is such a rosy outlook justified? > Social transformation happens only when there is a combination of economic > necessity and new values. We are exactly at that point now in society. The > accounting scandals, the tech bubble, the market crash are compelling > capitalism to take a look at itself. But there must also be a positive sense > of new options, and those exist in the form of rising interest in > spirituality in business, the dynamic growth of socially responsible > investing, shareholder activism, and the power of values-driven consumers in > the marketplace. > > Many people say they've felt a clash between their personal values and those > of the corporate world. How is that changing? > There are two manifestations. People no longer want that spiritual part of > themselves to be abandoned when they work and are searching for meaning and > morals in the workplace. And corporate leaders now recognize that we live in > a technologically based society where, in order to be consistently > innovative, a corporation has to draw on the creativity of its employees. > Even the old-fashioned business types have to grudgingly agree that we find > creativity, inspiration, and innovation within, from that deep spiritual > part of ourselves. > > What's the most significant evidence that spirituality is a force in > business today? > First, the trend is developing in businesses all across the country, not > just in certain geographic areas. Second, many employees have long been > interested in the moral aspects of business, but when you see large numbers > of CEOs getting interested in spirituality, you can be sure its influence is > accelerating. And you have a diversity [in approach] - one CEO may start > conference calls with prayer, for instance, while another may engage in > meditation programs. > > What do you say to those who question the practicality of spirituality in > the business world? > My answer is it's very practical. Look at the parade of fallen corporate > heroes who march across our TV screens. What was the reason for their > downfall? A lack of self-mastery in their leadership. The quickest route to > self-mastery is through personal, spiritual practice. This is what many > leaders are learning. > > Some people will say, well, it's good to help people feel better about their > work, but business exists to make a profit and benefit shareholders. > That's the old-fashioned definition of capitalism; economist Milton Friedman > wrote that the social responsibility of capitalism is to increase > shareholder profit. But we've since faced the worst economic crisis since > the Depression and begun to experience the consequences of a system that > honored profits at all costs. The result of such a philosophy was trillions > of dollars in shareholder value being lost. > > You've subtitled your book "The Rise of Conscious Capitalism." Would you > explain that? > We've now become conscious of the uncalculated social, economic, and > environmental costs of that kind of "unconscious" capitalism. And many are > beginning to practice a form of "conscious capitalism," which involves > integrity and higher standards, and in which companies are responsible not > just to shareholders, but also to employees, consumers, suppliers, and > communities. Some call it "stakeholder capitalism." > > Can such businesses remain competitive and keep shareholders happy? > Shareholders might have cause to quibble if companies were losing money; in > fact, the opposite is true. Studies show that corporate finances flourish > when social responsibility and stakeholder concerns are taken into account. > A 2005 study of public firms on Fortune's list of the "100 Best Companies to > Work for" examined how well they rewarded shareholders: Between 1998 and > 2004, they returned 176 percent, compared to only 39 percent for the > Standard & Poor's 500. Another study of 25 firms that excel in stakeholder > relationships - by Towers Perrin - showed they returned 43 percent in total > shareholder value compared with 19 percent by S&P 500. There is a reason > for these results: A business is a whole, and systems work better when all > their organic parts are honored. > > Who's in the best position to bring this moral transformation about? > A theme in "Megatrends 2010" is that we the people have the power as > investors, employees, and consumers to heal capitalism. As a manager, for > instance, you may not be the CEO, but you have moral power in your division > and can introduce small initiatives. As an investor, you can move your IRA > into a socially responsible mutual fund. As a consumer, you can recognize > your power to change capitalism every day by every vote you take with your > wallet or pocketbook. > As an entrepreneur, it's within your power to shape the values of a small > business. Just yesterday I saw Starbucks' CEO on CNBC. His firm is famous > for offering health benefits to all, including part-time, employees. They > pointed out that Starbucks pays more on health insurance than it does for > coffee. > > This is a far cry from the idea in the 1987 film, "Wall Street," that the > bedrock of capitalism is greed. > We need to graduate from the ridiculous notion that greed is some kind of > elixir for capitalism - it's the downfall of capitalism. Self-interest, > maybe, but self-interest run amok does not serve anyone. The core value of > conscious capitalism is enlightened self-interest. As Jim Cramer on CNBC > says, "Bulls make money, bears make money, pigs get slaughtered." > > > http://www.csmonitor.com/2005/1003/p13s01-wmgn.html > <http://www.csmonitor.com/2005/1003/p13s01-wmgn.html> > > ---------------------------------------- This mail sent through www.mywaterloo.ca _______________________________________________ Futurework mailing list [email protected] http://fes.uwaterloo.ca/mailman/listinfo/futurework
