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The Company Democracy Model for the Development of Intellectual Human Capitalism for Shared Value

Markopoulos, E; Vanharanta, H; (2015) The Company Democracy Model for the Development of Intellectual Human Capitalism for Shared Value. Procedia Manufacturing , 3 pp. 603-610. 10.1016/j.promfg.2015.07.277. Green open access

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Abstract

Democracy is difficult to define because it is so difficult to understand and apply in practice. Unsuccessful definitions and practice of democracy can have catastrophic results, such as anarchy and idiocy. Democracy therefore needs protective and applicable frameworks, although too much protection runs the risk of making it less democratic. Metron Ariston, a Delphic Maxim, may contribute towards a reasonable definition of democracy and give us possibilities to apply it in practice. Democracy in speech and actions can be demonstrated based on the shared value produced. Shared value in business, in turn, has been defined so that it covers the economic value creation inside a company as well as creating value for society according to its needs and challenges. The target is to achieve economic success through company activities so that all the stakeholders get their own share. In this way, shared value can be seen as a creative means for meeting social requirements as well as a tool to develop company democracy. However, this activity needs a lot of insights, ideas, initiatives, and innovations to meet the outside risks, challenges and requirements in the changing world. Shared value should be seen more as created added value so that the added value is delivered continuously as a shared value in the whole society. In this paper, we combine the ideas of shared added value as well as the developed company democracy model to present the synergistic effects in a business context.

Type: Article
Title: The Company Democracy Model for the Development of Intellectual Human Capitalism for Shared Value
Location: Las Vegas, NV
Open access status: An open access version is available from UCL Discovery
DOI: 10.1016/j.promfg.2015.07.277
Publisher version: https://doi.org/10.1016/j.promfg.2015.07.277
Language: English
Additional information: © 2015 The Authors. Published by Elsevier B.V. This is an open access article under the CC BY-NC-ND license (http://creativecommons.org/licenses/by-nc-nd/4.0/).
Keywords: Company democracy, Knowledge management, Innovation, Ethics, Shared value
UCL classification: UCL
UCL > Provost and Vice Provost Offices > UCL BEAMS
UCL > Provost and Vice Provost Offices > UCL BEAMS > Faculty of Engineering Science
UCL > Provost and Vice Provost Offices > UCL BEAMS > Faculty of Engineering Science > UCL School of Management
URI: https://discovery.ucl.ac.uk/id/eprint/10120764
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