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Accountable : The Rise of Citizen Capitalism - Michael O'Leary

Accountable

The Rise of Citizen Capitalism

By: Michael O'Leary, Warren Valdmanis

Hardcover | 18 August 2020

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In this eye-opening and provocative book, Michael O'Leary and Warren Valdmanis take a groundbreaking journey to the beating heart of our economy, where they reveal why capitalism is failing our country, explore the flaws that make our current solutions insufficient, and propose an ambitious and compelling vision to rebuild our corporations around a deeper purpose.

Capitalism is broken, but the tools we are relying on to fix it-corporate social responsibility, divestment, impact investing, and government control-risk making things worse, argue two iconoclastic impact investors.

The cynics are those blinded by the defunct ideology that private vice makes for public virtue, that any effort to make markets more moral is empty marketing to make more money. The fools are those who ignore economic reality, preferring to chase false utopias than confront the role for-profit corporations must play in our society. And the pioneers? They are the visionary few cutting through the BS to push out the frontier of responsible capitalism.

The root of the problem is the nexus between business owners and managers. Until we change the mandate that owners give to their companies, reform will prove superficial. We need to re-charter our companies to maximize profit only in pursuit of some deeper social purpose-health care companies should heal us, food companies should nourish us, finance companies should enrich us. We need to empower boards as independent stewards of that purpose and rebuild our corporations to profit only in ways that benefit society and the environment.

Markets are only as amoral as we are. If we, as individuals, expect the economy to reflect our values, we must re-integrate our moral and economic lives. We must combine the civic duty of citizenship with the free market. In this trenchant and revelatory exploration, O'Leary and Valdmanis offer three strikingly original rules that would harness competition to make capitalism both prosperous and good.

Industry Reviews

"A well-informed and idealistic call for a more ethical version of capitalism. . . . O'Leary and Valdmanis offer an astute record of American capitalism's best and worst qualities." -- Publishers Weekly

"Thought-provoking and insightful, Accountable offers a pragmatic and original roadmap to transform capitalism into a system that's more inclusive, sustainable, and just. More than ever before, this is the book our economy needs." -- Dr. Rajiv J. Shah, President of The Rockefeller Foundation

"If we don't contend with climate change, inequality, and the generational challenges tearing at our democracy, we will destroy our economy. Accountable offers a different vision. Unwilling to settle for easy answers or superficial changes, O'Leary and Valdmanis push us all to ask more of our economic system." -- United States Senator Michael F. Bennet

"If we want to save free market, enterprise economics and all the benefits it brings, we have to reform capitalism and the way corporations behave. The authors do a great job in explaining that this is not a wealth-bashing, negative agenda but a positive and exciting one. Business doing good is good business--and this book puts that beyond doubt." -- David Cameron, former Prime Minister of the United Kingdom

"Accountable takes a fresh look at a fundamental question of capitalism--whose interests should corporations serve. Its call for collective action by consumers, workers, and investors to reorient corporate behavior may foretell the next decade." -- Jonathan Levin, Dean of Stanford Graduate School of Business

"Accountable reminds us that today's short-termism is as dangerous for corporations as it is for the world and uses a combination of great stories and thoughtful analysis to suggest that we must find a way to change the purpose of our corporations if we are to build a society that works for all of us. I enjoyed it enormously." -- Rebecca M. Henderson, John & Natty McArthur University Professor at Harvard University

"Even most capitalists know that capitalism, as practiced in the United States in recent decades, has a lot to answer for. O'Leary and Valdmanis have given us thoughtful, well researched and compelling ways to rethink how to assure that prosperity and fairness are linked." -- Deval Patrick, Former Massachusetts Governor

"Accountable presents a fresh, balanced, highly readable and deeply informed case for how the pursuit of sustained financial success and the exercise of social responsibility to employees, consumers and society not only can--but must--go hand in hand if we are to have the world we seek in the future. I learned a lot." -- John Pepper, former Chairman and CEO of P&G

"Accountable is striking in its clarity and insights borne from the authors' experience as investors on the frontlines of capitalism's excesses and potential. The case studies of some of the best-known companies and investors don't pull punches while offering tangible examples of the changes in culture and rules of the game required for a new type of capitalism." -- Daniella Ballou-Aares, CEO and Co-Founder of the Leadership Now Project

"Solving our biggest social and environmental problems means reshaping the role that businesses play in our society. This informative book addresses the challenges we face in achieving this crucial transformation." -- Sir Ronald Cohen, Chair GSG (Global Steering Group for Impact Investment)

"In today's reality, business represents a picture of dysfunctionality, of excesses benefitting the few, of gross injustice. Tomorrow's business leaders have an obligation to create a different reality reflecting our better hopes and inspirations. Accountable takes you on that journey. It's a wonderful trip." -- Peter Georgescu, Chairman Emeritus of Young & Rubicam

"For decades the dominant view has been that the purpose of companies is to make money for their shareholders. No more. Combining compelling examples and analytical insights, O'Leary and Valdmanis explain why the world is changing and provide a roadmap for how shareholders and citizens can and must transform the corporate landscape to save capitalism from itself." -- Oliver Hart, Harvard University, Nobel Laureate in Economics, 2016

"The issues posed could not be more topical or provocative. The coronavirus pandemic has catapulted capitalism into the future, where we need new and better answers to the crucial questions: "What matters most in our society? How should we organize work to support those priorities? And what's a fair way to pay people for their contributions?" Accountable offers a fresh and compelling perspective on these questions." -- David Roux, founder of Silver Lake

"The authors have been at the forefront of thinking on how markets and business can better serve society for many years. Accountable captures not only the history that underpins modern-day corporate purpose, but its present and future. The central message--that capitalism can and must be part of the solution to society's greatest challenges--has never been more important." -- Martin Whittaker, CEO of JUST Capital

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