The new capitalism: Asia and the future of business, government, and society

• Main Authors: FLORINI, Ann, SHARMA, Bindu
• Format: text
• Language: English
• Published: Institutional Knowledge at Singapore Management University 2014
• Subjects: Capitalism; new political models; business; human progress; Asian Studies; Business; Political Science; Public Policy
• Online Access: https://ink.library.smu.edu.sg/soss_research/1673; https://ink.library.smu.edu.sg/context/soss_research/article/2930/viewcontent/AMI_Vol1_Issue01_Executive_Brief_New_Capitalism.pdf
• Institution: Singapore Management University

To have a conversation, the appropriate language is needed. The language is just starting to emerge in both Asia and the West for one of the most important conversations the world is now having—the discussion about the future of business and capitalism. Thailand’s King Bhumibol refers to the sufficiency economy. Harvard’s Michael Porter speaks of shared value. Ellen MacArthur’s eponymous foundation supports the transition to the circular economy. John Elkington proposes breakthrough capitalism. Bhutan’s call to measure progress by gross national happiness (GNH), rather than the narrow metric of gross domestic product (GDP), is now attracting attention around the globe. The explosion of terms, concepts and practices takes us far beyond the familiar corporate social responsibility. All are efforts to grapple with the same issue: capitalism as we have known it is not fit for the 21st century. What is to take its place?