Q. Who should take the lead in fixing market capitalism?
A. Business—not government alone.
The spread of capitalism worldwide has made people wealthier than ever before. But capitalism's future is far from assured. Pandemics, income inequality, resource depletion, mass migrations from poor to rich countries, religious fundamentalism, the misuse of social media, and cyberattacks—these are just a few of the threats to continuing prosperity that we see dominating the headlines every day.
How can capitalism be sustained? And who should spearhead the effort? Critics turn to government. In their groundbreaking book, Capitalism at Risk, Harvard Business School professors Joseph Bower, Herman Leonard, and Lynn Paine argue that while robust governments must play a role, leadership by business is essential. For enterprising companies—whether large multinationals, established regional players, or small startups—the current threats to market capitalism present important opportunities.
In this updated and expanded edition of Capitalism at Risk, Bower, Leonard, and Paine set forth a renewed and more urgent call to action. With three additional chapters and a new preface, the authors explain how the eleven original disruptors of the global market system clash with the digital age, and they provide lessons on how to take action. Presenting examples of companies already making a difference, Bower, Leonard, and Paine show how business must serve both as innovator and activist—developing corporate strategies that effect change at the community, national, and international levels.
Filled with rich insights, this new edition of Capitalism at Risk presents a compelling and constructive vision for the future of market capitalism.
Joseph L. Bower is the Donald K. David Professor of Business Administration, Emeritus, at Harvard Business School. Over the past five decades, his research has focused on the challenges involved in leading companies as they deal with important changes in the economic, social, and political environment.
Herman B. "Dutch" Leonard is the Eliot I. Snider and Family Professor of Business Administration at Harvard Business School and the George F. Baker, Jr., Professor of Public Sector Management at Harvard's Kennedy School of Government. His work at HBS has focused on corporate social responsibility and the leadership of socially oriented components of business organizations.
Lynn S. Paine is the John G. McLean Professor of Business Administration at Harvard Business School. She has written widely on leadership and corporate governance, with a focus on how companies can meet high ethical standards while delivering outstanding financial results.
You can find the authors at:
Joseph. L. Bower: hbs.edu/faculty/Pages/profile.aspx?facId=6426
Herman B. Leonard: hbs.edu/faculty/Pages/profile.aspx?facId=271872, hks.harvard.edu/faculty/herman-b-dutch-leonard
Lynn S. Paine: hbs.edu/faculty/Pages/profile.aspx?facId=6526
