Reimagining Capitalism in a World on Fire is a compelling title. It sets an expectation for an equally compelling story. The book is a decent overview for people who are new to the idea of purpose driven and sustainable business. For those who know what ESG is, B Corps, purpose driven organizations, etc. then you can pass on this book.
The main point of this book is to point out that while capitalism is powerful, the current form of capitalism does not have the capacity or the motivation to address our most pressing problems. The author describes modern capitalism as maximizing shareholder return in the short term. Global warming, inequality , sustainability etc. are challenges that capitalism cannot solve alone.
Rebecca Henderson, a Harvard Business School profession, is balanced in her view . Firms can help kick start the processes needed to address these issues, but capitalism alone cannot solve them. To create a sustainable approach capitalism needs strong public institutions — government to control them. The argument is not so much for social control of the economy as for the need to strike a better balance.
The ‘system’ Henderson advocates is one where companies recognize and economy accounts for shared value, firms reorient themselves toward becoming purpose-drive, they are are financed by investors who are aligned with longer term goals and they contribute to and are bound by self regulation agreements in support of broader goals.
The tools to achieve these aspects of a reimagined form of capitalism exist and Henderson reviews them in the book. Purpose Driven Corporates, Benefit of B Corps, new metrics for measuring the Environment, Sustainability and Governance (ESG), self regulating groups. These all exist now, but they are separate and disparate. Henderson treats each with a separate and summary review which weakens the book. A further weakened is the book’s discussion of each of these aspects in isolation. If we are to reimagine capitalism, then we have to reimagine markets firms institutions etc. That is sorely missing from the book.
In my view, Henderson’s treatment of government, more the absence of analysis around how government and business should work together is the books greatest omission. Henderson rightly points out that government and businesses need to collaborate to solve the real challenges we face. Its not a question of if both are needed, but more how can it work.
Henderson points out the need for a balance between the governments and markets p.211 but does not indicate how to achieve that balance. The presumption is that good people will make it work, I am presuming because there is no discussion of the types of leaders or the ways in which we create the balance and expand it.
The presumption that the current form of capitalism is inherently corrupt is a bit limiting. The author does illustrate a model that works with shareholder capitalism, that goes like this: providing better and broader outcomes, that encourage the elimination of waste, provide a source of company and employee growth. The model is illustrated through a Norwegian waste management company Norsk Gjenvinng and Aetna under Mark Bertolini.
Henderson’s criticism of free market economics, ala Milton Friedman, is a simplistic The book’s contention is that the 1980’s government downsizing and attitudes have crippled a public sector that was doing great before the move to downsize government is incomplete.. A more balanced view on government and types of systems needed would be very welcome as the future is not no government, nor is it a full force welfare/entitlement state.
Other points are more of omission. There is no discussion of CHina and its form of ‘capitalism’. Nor is there a discussion of the broader role of technology, which has both enabled great efficiencies, but also created major pubic good costs.
The last weakness in the book is that stories the author uses to illustrate their points. Overall the use of stories or mini-case studies is a strength, but most of the stories end with — we tried this it worked for a little while then failed. This undermines the books main points of the book.
Overall, good if you have not read about these ideas before, but you may be better off doing web searches and reading about purpose driven, benefit corporations (b corps), ESG, etc on your own.
I was looking for analysis and synthesis that led to a development of at least a description of what the authors believed reimagined capitalism would look like. There is a bit in the final chapter, but its more of a restatement of companies following the practices rather than a description fo the dynamics that drives our world toward a better tomorrow.
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