Mazzucato, M;
(2022)
Collective value creation: a new approach to stakeholder value.
International Review of Applied Economics
10.1080/02692171.2022.2144149.
(In press).
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Abstract
The corporate community has rediscovered an old idea: stakeholder value. The concept’s history is rooted in the literature on varieties of capitalism. Within that scholarship it has served to delineate institutional and relational differences between capitalist systems and forms of corporate governance. Today, stakeholder value is being used to argue for the redirection of capitalism to deliver on key goals related to inclusion and sustainability. This paper argues that the concept–and thus the endeavour to change capitalism–will remain weak unless it goes to the centre of how we create value. Moralistic exhortations to business leaders are not enough to bring about a true stakeholder form of capitalism. For this we must have stronger theory and practice on how to restructure finance, production, and public-private partnerships in new ways that recognise the state’s market-shaping role and support equitable distribution of value across stakeholders.
| Type: | Article |
|---|---|
| Title: | Collective value creation: a new approach to stakeholder value |
| Open access status: | An open access version is available from UCL Discovery |
| DOI: | 10.1080/02692171.2022.2144149 |
| Publisher version: | https://doi.org/10.1080/02692171.2022.2144149 |
| Language: | English |
| Additional information: | © 2022 The Author(s). Published by Informa UK Limited, trading as Taylor & Francis Group. This is an Open Access article distributed under the terms of the Creative Commons Attribution-NonCommercial-NoDerivatives License (http://creativecommons.org/licenses/by-nc-nd/4.0/), which permits non-commercial re-use, distribution, and reproduction in any medium, provided the original work is properly cited, and is not altered, transformed, or built upon in any way. |
| Keywords: | Stakeholder capitalism; market shaping; collective intelligence; social contract; new economic thinking; stakeholder capitalism |
| UCL classification: | UCL UCL > Provost and Vice Provost Offices > UCL BEAMS UCL > Provost and Vice Provost Offices > UCL BEAMS > Faculty of the Built Environment UCL > Provost and Vice Provost Offices > UCL BEAMS > Faculty of the Built Environment > Inst for Innovation and Public Purpose |
| URI: | https://discovery.ucl.ac.uk/id/eprint/10161315 |
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