Reimagining Capitalism in a World on Fire: Shortlisted for the FT & McKinsey Business Book of the Year Award 2020

Description

How ethical business will save the world Free market capitalism is one of humanity's greatest inventions, and the greatest source of prosperity the world has ever seen. But it's also on the verge of destroying the planet and destabilizing society in its single-minded pursuit of maximizing shareholder value. Rebecca Henderson, McArthur University Professor at Harvard University, argues for a new framework; one that can simultaneously make a positive societal impact by confronting the realities of the environment and the need to address social and economic inequality, while also delivering sustained financial performance to ensure economic growth that brings prosperity and wellbeing to society as a whole. Drawing on the lessons of companies from around the world who are acting on this responsibility - who are not only surviving but are thriving, becoming leaders in their industries and beginning to drive the wheels of change - Professor Henderson proves that this is not only a moral imperative for business but also the only way to remain competitive in our changing world.

Rebecca Henderson is the John and Natty McArthur University Professor at Harvard University and teaches the Reimagining Capitalism course at Harvard Business School. She is a research fellow at the National Bureau of Economic Research and is a member of the British Academy and of the American Academy of Arts and Sciences. Professor Henderson is an advisor to some of the world's leading companies and a board member of Amgen and IDEXX Laboratories. The Financial Times recently named her a 'director of the year.'

This powerful and readable book is a clarion call for reimagining and remaking capitalism. The market economy, which used to generate rapid productivity growth and shared prosperity, has done much less of that over the last four decades. The shifting balance of power in favor of large companies and lobbies, the gutting of basic regulations, the increasing ability of corporations and the very rich to get their way in every domain of life, and the unwillingness of the government to step up to protect its weakest citizens are likely responsible for low productivity growth and ballooning inequality in the US economy. Rebecca Henderson argues that the market system can be reformed and this can be done without unduly harming corporations. We can have a more moral and more innovative capitalism. There is hope! * Daron Acemoglu, coauthor of Why Nations Fail * 'If you are unsatisfied with today's economic arguments-which too often seem to present an unappealing choice between unbridled markets and old-school collectivism-you need to read Rebecca Henderson's Reimagining Capitalism in a World on Fire. Henderson offers a system that rewards initiative and respects the power of free enterprise, but that also recognizes that we have a higher purpose in life than pure profit maximization. This is a book for the realist with a heart' * Arthur C. Brooks, president emeritus, American Enterprise Institute; professor of practice, Harvard Kennedy School; senior fellow, Harvard Business School; and author of Love Your Enemies * Rebecca Henderson is masterful in both elegant articulation of one of society's great challenges and clarity of vision in laying out a roadmap for practical and essential change. Reimagining Capitalism is a great read, full of insights, and a refreshing perspective that is new, practical, and ground-breaking, offering clear steps for transitioning to a capitalism that is both profitable as well as just and sustainable * Mindy Lubber, CEO and president, CERES * Rebecca Henderson is a provocative thinker on the purpose of business in society. In her new book, she advances the dialogue about the role of business in addressing the big social and environmental challenges of our time. Hers is an important voice in an essential conversation * Doug McMillon, president and CEO, Walmart * In a world on fire, status quo is not a great option. Rebecca Henderson rightfully argues for a refoundation of business and capitalism and offers thought-provoking ideas on what needs to be done to address some of the world's greatest challenges * Hubert Joly, former chairman and CEO, Best Buy * A must-read for every person with a stake in our economic system since change or die is the inescapable reality confronting capitalism. The question is how. Rebecca Henderson provides investors and corporate executives with the thought leadership and compelling examples foundational for understanding how to deliver sustainable and inclusive economic growth * Hiro Mizuno, executive managing director and chief investment officer, GPIF * 'Capitalism as we know it has gotten us this far, but to take the next steps forward as a society and species we need new ways of seeing and acting on our world. That's exactly what Rebecca Henderson's book helps us do. This is a smart, timely, and much-needed reimagining of what capitalism can be' * Yancey Strickler, cofounder and former CEO, Kickstarter, and author of This Could Be Our Future: A Manifesto for a More Generous World * A breakthrough book, beautifully written, combining deep humanity, sharp intellect, and a thorough knowledge of business. It rigorously dismantles old arguments about why capitalism can't be transformed and will reach people who haven't yet connected with the need for deep change * Lindsay Levin, founding partner, Leaders' Quest and Future Stewards * With great clarity and passion, Rebecca Henderson provides a stellar guide to building a purpose-driven organization, the surest path to success in a time of rising temperatures and declining trust * Andrew McAfee, author of More from Less and coauthor of The Second Machine Age and Machine, Platform, Crowd * Rebecca Henderson weaves together research and personal experience with clarity and vision, illustrating the potential for business to benefit both itself and society by leading on the most challenging issues of our day. Read, and feel hopeful * Judith Samuelson, vice president, the Aspen Institute * Reimagining Capitalism is a breath of fresh air. Written in lively prose, easily accessible to lay readers, and chock full of interesting case studies, Henderson comprehensively surveys what we need to secure a workable future. Some readers may think she goes too far in places, others may think she doesn't go far enough, but everyone will want to think about the economy she urges us to create * Larry Kramer, president of the Hewlett Foundation * 'Business it at the start of a sea-change. Rebecca Henderson brilliantly captures this moment when the tide is reversing its flow, from short-term shareholder value to forward-looking common purpose. It will be an essential guide for business strategy in riding these turbulent seas' * Paul Collier, Oxford University, Author of The Future of Capitalism * I loved every bit of Rebecca Henderson's practical, insightful, and engaging book. It's a must read for any leader who wants to be around for the longer term, showing not only how to position a company successfully in this new world but also how to grow personally through the process * Paul Polman, former CEO of Unilever, co-founder and chair, IMAGINE * A readable, persuasive argument that our ways of doing business will have to change if we are to prosper-or even survive * Kirkus * This accessible and richly detailed call to action offers a clear vision for policy makers and business executives who agree with Henderson that the private sector has an obligation to tackle the world's biggest problems * Publishers Weekly * This powerful and readable book is a clarion call for reimagining and remaking capitalism. The market economy, which used to generate rapid productivity growth and shared prosperity, has done much less of that over the last four decades. The shifting balance of power in favor of large companies and lobbies, the gutting of basic regulations, the increasing ability of corporations and the very rich to get their way in every domain of life, and the unwillingness of the government to step up to protect its weakest citizens are likely responsible for low productivity growth and ballooning inequality in the US economy. Rebecca Henderson argues that the market system can be reformed and this can be done without unduly harming corporations. We can have a more moral and more innovative capitalism. There is hope! * Daron Acemoglu, coauthor of Why Nations Fail * 'If you are unsatisfied with today's economic arguments-which too often seem to present an unappealing choice between unbridled markets and old-school collectivism-you need to read Rebecca Henderson's Reimagining Capitalism in a World on Fire. Henderson offers a system that rewards initiative and respects the power of free enterprise, but that also recognizes that we have a higher purpose in life than pure profit maximization. This is a book for the realist with a heart' * Arthur C. Brooks, president emeritus, American Enterprise Institute; professor of practice, Harvard Kennedy School; senior fellow, Harvard Business School; and author of Love Your Enemies * Rebecca Henderson is masterful in both elegant articulation of one of society's great challenges and clarity of vision in laying out a roadmap for practical and essential change. Reimagining Capitalism is a great read, full of insights, and a refreshing perspective that is new, practical, and ground-breaking, offering clear steps for transitioning to a capitalism that is both profitable as well as just and sustainable * Mindy Lubber, CEO and president, CERES * Rebecca Henderson is a provocative thinker on the purpose of business in society. In her new book, she advances the dialogue about the role of business in addressing the big social and environmental challenges of our time. Hers is an important voice in an essential conversation * Doug McMillon, president and chief executive officer, Walmart * In a world on fire, status quo is not a great option. Rebecca Henderson rightfully argues for a refoundation of business and capitalism and offers thought-provoking ideas on what needs to be done to address some of the world's greatest challenges * Hubert Joly, former chairman and CEO, Best Buy * A must-read for every person with a stake in our economic system since change or die is the inescapable reality confronting capitalism. The question is how. Rebecca Henderson provides investors and corporate executives with the thought leadership and compelling examples foundational for understanding how to deliver sustainable and inclusive economic growth * Hiro Mizuno, executive managing director and chief investment officer, GPIF * 'Capitalism as we know it has gotten us this far, but to take the next steps forward as a society and species we need new ways of seeing and acting on our world. That's exactly what Rebecca Henderson's book helps us do. This is a smart, timely, and much-needed reimagining of what capitalism can be' * Yancey Strickler, cofounder and former CEO, Kickstarter, and author of This Could Be Our Future: A Manifesto for a More Generous World * A breakthrough book, beautifully written, combining deep humanity, sharp intellect, and a thorough knowledge of business. It rigorously dismantles old arguments about why capitalism can't be transformed and will reach people who haven't yet connected with the need for deep change * Lindsay Levin, founding partner, Leaders' Quest and Future Stewards * With great clarity and passion, Rebecca Henderson provides a stellar guide to building a purpose-driven organization, the surest path to success in a time of rising temperatures and declining trust * Andrew McAfee, author of More from Less and coauthor of The Second Machine Age and Machine, Platform, Crowd * Rebecca Henderson weaves together research and personal experience with clarity and vision, illustrating the potential for business to benefit both itself and society by leading on the most challenging issues of our day. Read, and feel hopeful * Judith Samuelson, vice president, the Aspen Institute * Reimagining Capitalism is a breath of fresh air. Written in lively prose, easily accessible to lay readers, and chock full of interesting case studies, Henderson comprehensively surveys what we need to secure a workable future. Some readers may think she goes too far in places, others may think she doesn't go far enough, but everyone will want to think about the economy she urges us to create * Larry Kramer, president of the Hewlett Foundation * 'Business it at the start of a sea-change. Rebecca Henderson brilliantly captures this moment when the tide is reversing its flow, from short-term shareholder value to forward-looking common purpose. It will be an essential guide for business strategy in riding these turbulent seas' * Paul Collier, Oxford University, Author of The Future of Capitalism * I loved every bit of Rebecca Henderson's practical, insightful, and engaging book. It's a must read for any leader who wants to be around for the longer term, showing not only how to position a company successfully in this new world but also how to grow personally through the process * Paul Polman, former CEO of Unilever, co-founder and chair, IMAGINE *