The New Enlightenment: Reshaping Capitalism and the Global Order in the 21st Century

Description

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. 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