Changing the purpose of the corporation to rebalance capitalism | Zendy

Rebecca Henderson | Zendy

AI Assistant Blog Pricing

Home ZAIA Blog

Open Access

Changing the purpose of the corporation to rebalance capitalism

Author(s) -

Rebecca Henderson

Publication year - 2021

Publication title -

oxford review of economic policy

Language(s) - English

Resource type - Journals

SCImago Journal Rank - 1.948

H-Index - 85

eISSN - 1460-2121

pISSN - 0266-903X

DOI - 10.1093/oxrep/grab034

Subject(s) - capitalism , corporation , democracy , government (linguistics) , economics , civil society , control (management) , power (physics) , process (computing) , market economy , economic system , industrial organization , business , political economy , finance , political science , management , law , politics , linguistics , philosophy , physics , quantum mechanics , computer science , operating system

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.

The content you want is available to Zendy users.

Already have an account? Click here to sign in.

Having issues? You can contact us here

Accelerating Research