Transforming Capitalism

18 Pages Posted: 12 Nov 2014 Last revised: 1 Dec 2014

See all articles by Michael Pirson

Michael Pirson

Fordham University - Graduate School of Business Administration; Harvard University; Humanistic Management Network

Ulrich Steinvorth

University of Hamburg

Carlos Largacha-Martinez

Humanistic Management Center; Humanistic Management Network; Fundación Universitaria del Área Andina

Claus Dierksmeier

Global Ethic Institute; Humanistic Management Network

Date Written: September 6, 2014

Abstract

Capitalism has long had a bad reputation, and not only in the former communistic countries. The public discourse on continents such as Latin America and Africa has long been very critical of Anglo-Saxon style business. What is novel, however, is that with the new millennium, the discontent with capitalism seems to have become global. Even in Anglo-Saxon cultures, the former bastions of private property, free entrepreneurship and deregulated markets, shareholder capitalism has sparked widespread protests that unite such ideological foes as the tea party or the Occupy Wall Street movements. While the political left blames current shareholder capitalism for creating an unfair and inequitable society, the political right blames crony capitalism and collusion of the political and economic elites for the financial crisis and unsustainable levels of debt. In early 2014, even The Economist, a stalwart of economic liberalism and free markets denounced current forms of capitalism on its front page and called for emerging-market Roosevelts’ to intervene. The global status quo, it appears, finds ever fewer defenders, and ever more detractors. It is high time, therefore, to take stock of this globalized criticism and to look for alternatives to the current economic system. This introduction to the book "From Capitalistic to Humanistic Business" provides an overview of current criticisms and potential solutions to our crises of economic system.

Keywords: Humanistic management, Capitalism, Economic systems, Transformation

JEL Classification: J00, M00, H00

Suggested Citation

Pirson, Michael and Steinvorth, Ulrich and Largacha-Martinez, Carlos and Dierksmeier, Claus, Transforming Capitalism (September 6, 2014). Humanistic Management Network, Research Paper Series No. 2520295; Fordham University Schools of Business Research Paper No. 2520295. Available at SSRN: https://ssrn.com/abstract=2520295 or http://dx.doi.org/10.2139/ssrn.2520295

Michael Pirson (Contact Author)

Fordham University - Graduate School of Business Administration ( email )

1790 Broadway 1147
New York, NY New York 10019
United States

Harvard University

1875 Cambridge Street
Cambridge, MA 02138
United States

Humanistic Management Network ( email )

St. Gallen
Switzerland

Ulrich Steinvorth

University of Hamburg ( email )

Allende-Platz 1
Hamburg, 20146
Germany

Carlos Largacha-Martinez

Humanistic Management Center ( email )

Sankt Gallen
Switzerland

Humanistic Management Network ( email )

St. Gallen
Switzerland

Fundación Universitaria del Área Andina ( email )

Carrera 14A No.70 A-34
Bogota, Cundinamarca
Colombia

HOME PAGE: http://www.areandina.edu.co

Claus Dierksmeier

Global Ethic Institute ( email )

Waldhäuser Strasse 23
Tübingen, 72076
Germany

Humanistic Management Network ( email )

St. Gallen
Switzerland

HOME PAGE: http://www.humanetwork.org

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