The Reinventing Capitalism series seeks to feature explorations about the crisis of legitimacy facing capitalism today, including the increasing income and wealth gap, the decline of the middle class, threats to employment due to globalization and digitalization, undermined trust in institutions, discrimination against minorities, global poverty and pollution. The series is intended to be a collection of authoritative literature reviews of foundational topics on renewing capitalism. Being grounded in a business and management perspective, the series incorporates insights from multiple disciplines that promise to substantiate the causes of the current crisis and potential solutions what needs to be done. This Element provides an overview of the series, explains the background of its development and contains eight sections that deal with various facets of the subject from the perspectives of a group of top-notch authors.
Author(s): Arie Y. Lewin, Greg Linden, David J. Teece
Series: Elements in Reinventing Capitalism
Publisher: Cambridge University Press
Year: 2022
Language: English
Pages: 88
City: Cambridge
Cover
Title page
Copyright page
The New Enlightenment: Reshaping Capitalism and the Global Order in the 21st Century
Contents
List of Contributors
1 Introduction: The New Enlightenment
2 Capitalism and the Legacy of Adam Smith
3 The Failure of Shareholder Value Ideology and the Contours of a Humane Capitalism
Introduction
MSV Is a Flawed Business Metric
MSV Ideology Is a Culture
Why Does MSV Ideology Continue as a Zombie Idea?
Confusion Surrounding US Corporate Law
Reinventing Capitalism Is Well Underway
4 Innovation and Financialization in the Corporate Economy
Innovative Enterprise
Corporate Financialization
Reforming Economic Institutions to Suppress Financialization and Promote Innovation
5 Corporate Governance, CEO Compensation, and the Income Gap
Introduction
CEO Pay and Firm Performance
Management Motivation to Maximize Personal Wealth
Potential Remedies
6 Reviving Productive Capitalism: How CEOs and Boards Can Drive Sustained Value Creation
Summary and Recommendations
7 Market Power and the New Antitrust: Where the Antimonopoly Narrative Goes Wrong
Introduction
The Antimonopoly Narrative
The Problem with the Antimonopoly Narrative
What Is a Monopoly Today?
What Is an Industry?
What Is Big?
Proposed Remedies
Conclusion
8 The Emerging Technological Revolutions and Social Change
Introduction
Machines in Charge: The Changing Workplace
Ownership of the Means of Production
What Kind of World Do We Want Anyway?
9 How and Why Globalization Is Disaggregating: The Impact of China
Globalization in Retreat
Global China: Separate but Enmeshed
China: The Moral Dimension
The Great Divergence
Looking Ahead
References
