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Inclusive capitalism
Theoretical concept and policy movement From Wikipedia, the free encyclopedia
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Inclusive capitalism, or stakeholder capitalism, is a theoretical concept and policy movement that seeks to address the growing income inequality and wealth inequality within Western capitalism following the 2008 financial crisis.[1]
Contemporary understanding
Robert Ashford argues that the concept of inclusive capitalism is rooted in the postulates of the binary economics.[2][3]
C. K. Prahalad opens his 2005 book The Fortune at the Bottom of the Pyramid: Eradicating Poverty Through Profits by asking “Why can’t we create inclusive capitalism”.[4] He uses the term “inclusive capitalism” to invite readers to focus on underserved consumers and markets in order to create opportunity for all.[5]
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Implementation
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Perspective
In 2012, the Henry Jackson Society created an Inclusive Capitalism Initiative task force in order to start a transatlantic conversation about the growing income inequalities and their threat to the capitalist system.[6]
In 2014, Conference on Inclusive Capitalism, co-hosted by the City of London and E. L. Rothschild holding company, was held in London where the concept of inclusive capitalism was discussed as a practical measure.[7] At another conference in 2015 the "Pathway to Action" was brainstormed.[8] In the same 2015 year, the Coalition for Inclusive Capitalism was registered in the United States as a not-for-profit organization.[9] Lynn Forester de Rothschild became the founding CEO of the Coalition. At the 2016 Conference on Inclusive Capitalism in New York City, participants expressed commitment to promote inclusive economic growth.[10] Members of the Coalition expressed a belief that all stakeholders, including business and society, should be engaged in the enactment of an inclusive capitalism agenda[1][11]
In 2019, the Embankment Project for Inclusive Capitalism (EPIC) undertaken by the Coalition together with Ernst & Young reported its findings in a white paper. It was a pioneering effort to "develop a framework and identify meaningful metrics to report on long-term and inclusive value creation activities that heretofore have not been captured on traditional financial statements".[12]
In 2020, the Council for Inclusive Capitalism, a partnership of the Coalition with the Vatican, was created.[13][14][15]
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Criticism
John Kay claims that most of the 21st-century businesses are already inclusive.[16]
Nafeez Ahmed describes the Inclusive Capitalism Initiative as a Trojan Horse assembled to pacify the coming global revolt against capitalism.[17]
See also
References
Further reading
External links
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