Klaus Schwab Releases “Stakeholder Capitalism” | Scoop News
- In his new book, released this
week, Klaus Schwab looks at the achievement and shortcomings
of the global economic system, and suggests way to improve
it - He makes the case for “Stakeholder
Capitalism”, arguing that systems such as shareholder
capitalism and state capitalism led the world down an
unsustainable path - Among those providing an
“advance praise” are the leaders of Microsoft,
Salesforce and Bank of America; anthropologist Jane Goodall,
and Oxfam Director Gabriela Bucher - The book is
published by Wiley, and available as of January 27. Read
more about it here
Geneva,
Switzerland, 29 January 2021—Klaus Schwab,
Founder and Executive Chairman of the World Economic Forum,
and author of the best-selling books “The Fourth
Industrial Revolution” and “COVID-19: The Great Reset”
released his new book, “Stakeholder Capitalism: A Global
Economy that Works for Progress, People and Planet”,
co-authored with Peter Vanham.
In the book, Schwab
looks at the achievements and shortcomings of the global
economic system dominant in the past decades: shareholder
capitalism in the West, and state capitalism in the East.
Both systems enabled unprecedented advances in wealth,
measured by GDP and profits, he writes. But they also led to
historical economic inequality, and the degradation of the
environment.
“We can’t continue with an economic
system driven by selfish values, such as short-term profit
maximization, the avoidance of tax and regulation, or the
externalizing of environmental harm,”
Schwab writes. “Instead, we need a
society, economy, and international community that is
designed to care for all people and the entire
planet.”
Schwab proposes a third way: the model of
stakeholder capitalism. It is one where companies seek
long-term value creation instead of short-term profits;
governments cooperate to create the greatest possible
prosperity for their people, and civil society and
international organizations complete the stakeholder
dialogue, helping balance the interests of people and the
planet.
Schwab first wrote about the stakeholder model
in his book “Modern Enterprise Management” in 1971. 50
years on, his views are becoming mainstream in the global
business community. Advocacy groups such as the US Business
Roundtable endorsed stakeholder capitalism in 2019, and more
than 60 World Economic Forum members this week signed up for
the “Stakeholder
Capitalism Metrics”.
Various global commentators
provided an “Advance
Praise” of the book. Cellist Yo-Yo Ma
said it “offers a vision for politics and economics driven
not only driven by value creation, but by values”.
Primatologist and anthropologist Jane
Goodall, called it “fascinating”, and Oxfam
Director Gabriela Bucher a “timely
analysis”. A discussion
on the book was held on Monday at the Davos
Agenda.
Political and business leaders also offered
their endorsement, including the CEOs of
Microsoft, Salesforce,
Tata Sons, Grupo
Santander, Bank of America, and
the Prime Ministers of Belgium and the Netherlands,
Alexander De Croo and Mark
Rutte. Excerpts of the book are available for
publication here,
and here.
Review copies can be obtained via peter.vanham@weforum.org.
Stakeholder
Capitalism is published by John Wiley & Sons, and
available globally as January 27, 2021. You can buy
it from Wiley, or wherever books are
sold: e.g. Barnes
& Noble (US), Waterstones
(UK), Chapters
(Canada), Thalia
(Germany), Fnac
(France), Kinokuniya
(Singapore), the independent bookstores of Bookshop.org,
or Amazon in the Americas,
Europe,
and Asia.
About
The Davos Agenda is a
pioneering mobilization of global leaders aimed at
rebuilding trust to shape the principles, policies and
partnerships needed in 2021. It features a full week of
global programming dedicated to helping leaders choose
innovative and bold solutions to stem the pandemic and drive
a robust recovery over the next year. Heads of state, CEOs,
civil society leaders, and global media will actively
participate in almost 100 sessions across five themes. Media
can register
here.
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