Ideas for change: Is it time to rethink capitalism?
Michael Porter sees huge opportunities for corporations to use capitalism as a driver to tackle social problems via the creation of shared value. Adopting environmentally sustainable policies has been shown to be good for businesses, e.g. through the lower production costs associated with reduced raw material and energy usage.
Porter believes the same efficiencies and benefits can be achieved by corporations looking at their products, supply chain and stakeholder eco-systems through the prism of social issues, and thereby harnessing the effectiveness of capitalism to create a win-win situation.
Author: Harvard Business School Professor Michael E. Porter is generally recognized as the father of the modern strategy field. He is a leading authority on competitive strategy, the competitiveness and economic development of nations, states and regions, and the application of competitive principles to social problems such as healthcare, the environment and corporate responsibility.
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