Justifying Next Stage Capitalism: Exploring a Hopeful Future

Foreword
Introduction
	Common Theme Among the Contributors Is a Practical Hope
	References
Contents
Part I: Imagining Next Stage Capitalisms
	Chapter 1: Next Stage Capitalism and Teaching Students to Use Values to Make Good Enough Decisions
		1.1 Introducing Next Stage Capitalism
		1.2 The Traditional Alternatives to Values-Based Decision-Making
		1.3 Why Teaching Values Is So Hard
		1.4 The Case for Values-Based Decision-Making
			1.4.1 What Are Values?
			1.4.2 Where Do Values Come From?
			1.4.3 Is There a Formal Model of VBDM?
			1.4.4 Is VBDM Up to the Task at Hand?
		1.5 Conclusion
		Appendix: Values-Based Decision-Making: Questions and Activities for Undergraduate Business Students
		References
	Chapter 2: The Pillars of Organizational Togetherness and the Spirit of Community
		2.1 Introduction
		2.2 Philosophical and Theological Grounds for Togetherness, or the Challenge to Develop the Spirit of Community
			2.2.1 Working-Together: Respecting Basic Human Rights and Searching for Meaning in the Organizational Life
			2.2.2 Living-Together: Developing Mutual Support, Relational Harmony, and Self-Realization
			2.2.3 Hoping-Together: Being Oriented Towards the Future, Existentially Anxious About the Survival of Humankind, and Passionate About the Infinite
		2.3 The Three Pillars of Organizational Togetherness and the Spirit of Community
			2.3.1 The First Pillar of Organizational Togetherness: “Living-Together”
			2.3.2 The Second Pillar of Organizational Togetherness: “Working-Together”
			2.3.3 The Third Pillar of Organizational Togetherness: “Hoping-Together”
		2.4 The Spirit of Community in the Organizational Discourse: Three American Companies on the Road to the Next Stage Capitalism
			2.4.1 Southwest Airlines, or the “Narrativity of a People-Centric Passion”
				2.4.1.1 Corporate Approach to Global Citizenship
				2.4.1.2 Corporate Approach to Business: A People-Centric Philosophy and Organizational Culture
			2.4.2 Starbucks, or the Narrativity of Catalyzed Change
				2.4.2.1 Corporate Approach to Global Responsibility
				2.4.2.2 Corporate Approach to Business: Being a Catalyst for Change
			2.4.3 Walt Disney, or the Narrativity of Collaboration
				2.4.3.1 Corporate Approach to Global Citizenship and Social Responsibility
				2.4.3.2 Corporate Approach to Business: Collaboration as the Basic Tenet of Corporate Responsible Citizenship
					Living-Together
					Working-Together
					Hoping-Together
		2.5 The Subversive Power of Togetherness, or the Need to Humanize Capitalism
		2.6 Conclusion
		References
	Chapter 3: Next Stages: Reformulating the Paradigm of Western Industrial Global Capitalism
		3.1 Contextual Foreword
		3.2 Scenario I: Conservative Status Quo
		3.3 Scenario II: Anarchic Revolution
		3.4 Scenario III: Evolutionary Change
		3.5 Closing Discussion
		References
	Chapter 4: Corporations as the Central Institutions of Society
		4.1 Introduction
		4.2 A Deeper Understanding of Capitalism
		4.3 The Driving Forces
		4.4 The Enmeshed Corporation
		4.5 The Apple Example
		4.6 Other Models of the Future
			4.6.1 National Industrial Complexes
			4.6.2 Local Complexes
			4.6.3 Ad Hoc Complexes
		4.7 The Legitimacy Challenge
			4.7.1 The Challenge of Accountability Standards
			4.7.2 Political Blank Space
		References
	Chapter 5: What’s Old Is What’s New Again: A Duty to What and for Whom?
		5.1 Introduction
		5.2 Law, and Law and Economics
		5.3 Beyond the Law
		5.4 Ebbs and Flows
		5.5 Compliance Programs
		5.6 Where Does This Leave Us?
		Bibliography
			Legal References
	Chapter 6: Is Next Stage Capitalism an Ethically Sound Development or a Pipe Dream-Nightmare?
		6.1 Introduction
		6.2 Stages of Capitalism
		6.3 Conscious or Inclusive Capitalism’s Re-envisioning of Corporate Purpose
			6.3.1 Benefit Corporations
			6.3.2 ESG Metrics
			6.3.3 PCSR
		6.4 The Ethics of the Digital Market Economy (DME)
		6.5 Some Closing Ruminations
		References
	Chapter 7: The Role of Normative Ethics in Next-Stage Capitalism: An Examination of Oliver Hart and Luigi Zingales’ Corporate Governance Model
		7.1 Introduction
		7.2 Hart and Zingales’ Core Argument
		7.3 Moral Norms and Preferences
		7.4 Hedonism and Morality
		7.5 Wrongs and Harms
		7.6 Deontic Moral Concepts
		7.7 “Why?”, “How?”, and “Who?”
		7.8 Economics Can’t Offer a Proper Account of the Objective Function of the Firm
		7.9 Moral Philosophy and the Objective Function of the Firm
		7.10 Justifying Next-Stage Capitalism Requires a Multidisciplinary Approach
		References
	Chapter 8: Lessons of What Never Was: “Un-Justifying” Capitalism to Imagine Alternative Futures
		8.1 Introduction
		8.2 Working Definitions
		8.3 Unjustification
		8.4 The Margins of Globalization
		8.5 The Economy Unbound
		8.6 Unjustified Futures
		8.7 Conclusion
		References
	Chapter 9: The Promise of Business School to Repair the World
		9.1 Introduction
		9.2 Building Foundations
		9.3 In the Midst of Crisis
		9.4 From Aspen to Berkeley
		9.5 There’s No Place Like Home
		9.6 Conclusion
		References
	Chapter 10: Addressing Next Stage Capitalism Through the Myth of Pandora: From Individual and Genuine to Collective Hope
		10.1 Introduction: From the Myth of Pandora Springs Genuine Hope
		10.2 The Existential and Sisyphean Search for Meaning Within Business Education
			10.2.1 The Centrality of Critical Thinking
			10.2.2 From Critical Thinking to Critically Informed Practice
			10.2.3 Critically Informed Practice as a Reason to Hope
		10.3 Addressing Next Stage Capitalism with Aristophanes in Mind
			10.3.1 Considering Capitalism Anew
			10.3.2 Philosophical Dimensions of Today’s Dialogue
			10.3.3 When Our Practices Elude Our Theories
			10.3.4 Transforming Theory Through Practice
			10.3.5 My Hope for Next Stage Capitalism
		10.4 Reimagining Antigone: Empowering Student Voices in Response to Traditional Capitalistic Values
		10.5 Conclusion: From Genuine to Collective Hope
		References
Part II: Corporate Challenges and the Path Towards Next Stage Capitalisms
	Chapter 11: Expanding the Accounting Model by Disclosing External Costs and Benefits: Refinement of Mandatory ESG Disclosures
		11.1 Introduction
		11.2 The Locus of Economic Activity
		11.3 The Example of Energy and Climate Change
		11.4 The Difficulty of Scoring and Interpreting Disclosed ES Activities
		11.5 Should Accounting Be Mobilized in Regulating Social Costs and Benefits?
		11.6 Illustration with a Simple Case of Two Producers
		11.7 The Social Cost Problem Viewed in a Transfer Pricing Context
		11.8 The Alternative Solutions to the Problem of Interdependencies
		11.9 Economic Analysis in the Transfer Pricing Context
		11.10 Economic Analysis of the Social Cost Problem
			11.10.1 Information Requirements
		11.11 Discussion and Conclusions
		11.12 Summary
		References
	Chapter 12: From Corporate Accounting to Corporate Accountability: The Emergence of Next Stage Capitalism
		12.1 Introduction
		12.2 Defining Corporate Accountability as Relational Responsiveness
		12.3 From Corporate Accounting to Corporate Accountability
		12.4 The Emergence of Corporate Purpose
		12.5 The Thesis of the Chapter: The Gap Between Corporate Purpose and Corporate Accountability
		12.6 A False Assumption About the Value of Today’s Annual Financial Reports
		12.7 The Best Kept Secret in Traditional Financial Accounting: The Increasing Lack of Usefulness of Financial Reporting
		12.8 The Advantages of the Economic Resources and Consequences Report
		12.9 The Economic Resources and Consequences Report Is Sufficiently Flexible to Be a Game Changer
		12.10 Are There Sources for Hope?
		12.11 How Will We Know When We Arrive at a Next Stage Capitalism?
		12.12 Conclusion
		References
	Chapter 13: Competition: The Bright Side of ESG
		13.1 Introduction
		13.2 The Dark Side of Narratives
		13.3 Mystification
		13.4 From Surplus to Value
		13.5 Competing Narratives
		13.6 Competition: The Bright Side of ESG
		13.7 Conclusion
		References
	Chapter 14: Green Economies in the Age of Globalized Capitalism
		14.1 Introduction
		14.2 Towards a Moral Economy
		14.3 Going Green
		14.4 Green India
		14.5 Cooperative California
		14.6 Concluding Remarks
		References
	Chapter 15: Beyond Certification: Can B Corps Take Capitalism to the Next Stage?
		15.1 Introduction
		15.2 A Brief History of the B Corp Movement
		15.3 B Corp Literature
		15.4 Beyond the Theoretical Tensions Among Economic, Social, and Environmental Aspects
			15.4.1 Companies with an Embodied Mission That Transform Their Ecosystem
			15.4.2 The Structuring Nature of Certification
			15.4.3 A Relational Business Model
		15.5 Is the B Corp Movement a Panacea?
		15.6 Some Proposals to Support the B Corp Movement
		15.7 Actors Supporting the B Corp Movement
		15.8 Conclusion
		References
	Chapter 16: Elevating Capitalism: Government’s Indispensable Role
		16.1 Introduction
		16.2 What Capitalism Is
			16.2.1 Key Tenets from Adam Smith
			16.2.2 A Paradox
			16.2.3 Private Vices and Public Virtues
			16.2.4 Loving Your Trading Partner as Yourself
			16.2.5 Assuring Good Governance
		16.3 Thinkers About Capitalism After Smith
			16.3.1 Deal Making Defects
			16.3.2 Power Differentials
			16.3.3 Knowledge Differentials
			16.3.4 Regulation in the Evolution of the US Economy
			16.3.5 The Problem of Spillovers and Externalities
			16.3.6 The Business Cycle
			16.3.7 Government Limits
		16.4 The Debate
			16.4.1 Classic Liberals
			16.4.2 Welfare Liberals
			16.4.3 Neo-liberals
		16.5 Restoring Balance
		References
	Chapter 17: Introducing AI-Artificial Intelligence into Organizations That Actually Exist
		17.1 Introduction
		17.2 Organizational Imagery
		17.3 Management Theory
		17.4 Organizational Culture
		17.5 Human Considerations and Alienation
		17.6 Sustainable Capitalism: Applying Humanistic Management in Organizations
		17.7 Introducing AI in Real Organizations: Menlo Innovations and FlourishingAI
		17.8 Conclusion
		References
	Chapter 18: New Space and the Future of Capitalism
		18.1 Introduction
		18.2 A New Space for Capitalism
		18.3 From Scientific Exploration to Capitalistic Exploitation
		18.4 Space for Business: A Typology
		18.5 Main Actors
		18.6 Dominant Logics
		18.7 Connecting Actors and Logics of Action
		18.8 Mapping Research
		18.9 Modeling Space Coopetition
		18.10 Conclusion
		References
	Chapter 19: Improving the Health of Employees and Communities: Business Leaders’ Accountability in Next Stage Capitalism
		19.1 Wandering on the Beach
		19.2 Are People and Corporations the Same?
		19.3 A Unique Perspective
		19.4 Brief History of the Health Insurance Movement in the U.S.
			19.4.1 Health Promotion and Disease Prevention Programs Emerge
			19.4.2 Gaining the Attention of the Business Community: The HERO Study
		19.5 Case Study: Johnson & Johnson
		19.6 Is Stock Performance a Valid Measure of Company Success?
		19.7 Chicken or Egg?
		19.8 “Stuff” Happens Affecting Business Performance
		19.9 A New Paradigm for Measuring Next Stage Capitalism
			19.9.1 Drill Down on Job Satisfaction
			19.9.2 Measurement
			19.9.3 Where Do ESG Metrics Fit In?
		19.10 Should Human Health Be Subjected to the Rules of Capitalism?
		19.11 Not an Either/Or Choice Between Companies Serving the Public Good and Capitalistic Shareholders
		19.12 Smart Healthcare Policies that Support Economic Growth
		19.13 Closing Thoughts
		References
	Chapter 20: On the Possibility of a Reimagined Capitalism: Cynicism, Hope, and ESG Investing
		20.1 The Gravity of “Capitalism”
		20.2 Justifying “Capitalism”
		20.3 Contexts of an Embodied Ethical Life
			20.3.1 Engineering and Ethics
			20.3.2 History of Entrepreneurship
		20.4 Convictions of an Embodied Ethical Life
			20.4.1 Entrepreneurship as Effectual Critique
			20.4.2 Collective Illusions and Shrewd Dealing
		20.5 ESG Investing
		20.6 Cynicism and Hope
		References
Conclusion: Cynicism or Hope?
Reference