Notes

Chapter One: Rethinking Risk

1. Robert Horn, “Why Two Environmentally-Minded Designers Are Optimistic About the Future,” Fortune, September 6, 2019, speech by Daan Roosegaarde, Fortune Global Sustainability Forum, Yunnan, China, https://fortune.com/2019/09/06/bill-mcdonough-daan-roosegaarde-climate-change-design/.

2. Chris McKnett, “The Investment Logic for Sustainability,” TED Summaries, video, April 13, 2015, https://tedsummaries.com/2015/04/13/chris-mcknett-the-investment-logic-for-sustainability/.

3. Mark DesJardine and Rodolphe Durand, “Disentangling the Effects of Hedge Fund Activism on Firm Financial and Social Performance,” Strategic Management Journal 41, issue 6 (June 2020).

4. Brian Conlan, senior economic policy adviser in Senator Baldwin’s office, quoted from FactSet: “The number of activist campaigns annually has risen 60% since 2010. Last year there were 348, the most since 2008. An additional 108 were launched in this year’s first quarter. Activist funds now control nearly $130 billion in assets, more than double the amount they had in 2011, according to hedge-fund tracker HFR, giving them the war chests to target even the biggest American corporations” (http://www.factset.com, accessed June 2016; page no longer available). See more: Vipal Monga, David Benoit and Theo Francis, “As Activism Rises, U.S. Firms Spend More on Buybacks Than Factories,” Wall Street Journal, May 26, 2015.

5. Martin Lipton, “Takeover Bids in the Target’s Boardroom,” Business Lawyer 35, no. 1 (November 1979): 104.

6. Roger Martin, Fixing the Game: Bubbles, Crashes, and What Capitalism Can Learn from the NFL (Boston: Harvard Business Review Press, 2011).

7. Eric Motley, email to Aspen Institute staff, April 8, 2020.

8. Mortimer J. Adler and Charles Van Doren, How to Read a Book: The Classic Guide to Intelligent Reading (New York: Touchstone, 1940).

9. James O’Toole, The Executive’s Compass: Business and the Good Society (New York: Oxford University Press, 1993).

10. Michael E. Porter, George Serafeim, and Mark Kramer, “Where ESG Fails,” Institutional Investor, October 16, 2019, https://www.institutionalinvestor.com/article/b1hm5ghqtxj9s7/Where-ESG-Fails.

11. Anat R. Admati, ’’Rethinking Corporations and Capitalism,” Stanford GSB Experience, June 20, 2018, https://www.gsb.stanford.edu/experience/news-history/rethinking-corporations-capitalism.

Chapter Two: The Question of Business Purpose

1. Natalie Kitroeffand David Gelles, “Claims of Shoddy Production Draw Scrutiny to a Second Boeing Jet,” New York Times, April 20, 2019, https://www.nytimes.com/2019/04/20/business/boeing-dreamliner-production-problems.html.

2. Harvard Business Review Staff, “The Best-Performing CEOs in the World,” Harvard Business Review, November 2015, https://hbr.org/2015/11/the-best-performing-ceos-in-the-world.

3. “Our Commitment,” Business Roundtable, August 19, 2019, https://opportunity.businessroundtable.org/ourcommitment/.

4. Lynn Stout, The Shareholder Value Myth: How Putting Shareholders First Harms Investors, Corporations, and the Public (San Francisco: Berrett-Koehler Publishers, 2012).

Chapter Three: Responsibility Redefined

1. Speech by Phil Knight, National Press Club, Washington, DC, May 12, 1998, https://www.c-span.org/video/7c4665762/user-clip-phil-knight-1998-speech.

2. Don Tapscott and David Ticoll, The Naked Corporation: How the Age of Transparency Will Revolutionize Business (New York: Free Press, 2003).

3. Jason Clay, “How Big Brands Can Help Save Biodiversity,” TEDGlobal 2010, video, July 2010, https://www.ted.com/talks/jason_clay_how_big_brands_can_help_save_biodiversity?language=en.

4. Roger L. Martin, “The Virtue Matrix: Calculating the Return on Corporate Responsibility,” Harvard Business Review, March 2002, https://hbr.org/2002/03/the-virtue-matrix-calculating-the-return-on-corporate-responsibility.

Chapter Four: The Voice of the Employee

1. Arik Hesseldahl, “Salesforce CEO BenioffTakes Stand Against Indiana AntiGay Law,” Vox, March 26, 2015, https://www.vox.com/2015/3/26/11560746/salesforce-ceo-benioff-takes-stand-against-indiana-anti-gay-law.

2. Gianpiero Petriglieri, “Are Our Management Theories Outdated?” Harvard Business Review, June 18, 2020.

3. Gianpiero Petriglieri, “Are Our Management Theories Outdated?”

4. Clayton M. Christensen, How Will You Measure Your Life? (New York: Harper Business, 2012).

5. John R. Bowman, Capitalisms Compared: Welfare, Work, and Business (Washington, DC: CQ Press, 2013).

Chapter Five: When Capital Is No Longer Scarce

1. Marjorie Kelly, The Divine Right of Capital: Dethroning the Corporate Aristocracy (San Francisco: Berrett-Koehler Publishers, 2001).

2. Aric Jenkins, “Spotify’s CEO Reveals Why He’s Not Doing a Traditional IPO,” Fortune, April 2, 2018, https://fortune.com/2018/04/02/spotify-ipo-daniel-ek/

3. Miguel Padró, “America’s Corporate Governance System Is Racist Too,” Aspen Institute Business and Society Program, June 29, 2020, https://www.aspeninstitute.org/blog-posts/americas-corporate-governance-system-is-racist-too/.

4. Speech by John Kay, “Moving Beyond ‘Capitalism,’” at “Inclusive Capitalism” conference, London, March 13, 2018, https://www.johnkay.com/2018/03/13/moving-beyond-capitalism/.

Chapter Six: When the System Is at Risk

1. Speech by William B. Benton, “The Economics of a Free Society: A Declaration of American Economic Policy,” for the Committee for Economic Development, reprinted in Fortune, October 1944.

2. William B. Benton, “The Economics of a Free Society.”

3. “Seafood Giants Join Forces to Combat Pirate Fishing,” Fish Farmer, May 29, 2007, https://www.fishfarmermagazine.com/archive-2/seafood-giants-join-forces-to-combat-pirate-fishing-fishupdate-com/.

4. A. Espersen LLC, http://seafoodtrade.com/suppliers/a-espersen-llc.

5. Jim Cannon, email to the author, February 6, 2016, describing the illegal fishing problem in the Barents Sea and the complex, multistep process supported by Sustainable Fisheries Partnership, Greenpeace Nordic, and others to engage buyers and sellers and their industry association in collective action at the pre-competitive level, to protect the fisheries.

6. Jim Cannon, email to the author, February 6, 2016.

7. Jim Cannon.

8. Jim Cannon.

9. To better understand the need for investment and the great potential of next-generation nuclear power, read Joshua S. Goldstein and Staffan A. Qvist’s book A Bright Future: How Some Countries Have Solved Climate Change and the Rest Can Follow (New York: PublicAffairs, 2019).

Chapter Seven: The Road Ahead: The Design of Incentives to Unlock Real Value

1. Donella H. Meadows, Thinking in Systems: A Primer (White River Junction, VT: Chelsea Green Publishing, 2008).

2. Marc Benioff, “We Need a New Capitalism,” New York Times, October 14, 2019, https://www.nytimes.com/2019/10/14/opinion/benioff-salesforce-capitalism.html.

3. Kathleen McLaughlin, “A Letter from Our Chief Sustainability Officer,” Wal-Mart Stores, Inc., 2016, https://cdn.corporate.walmart.com/3f/2d/7110c6954479bf5ebce64c303510Zgrr-3-cso-letter.pdf.

4. Anand Giridharadas, Winners Take All: The Elite Charade of Changing the World (New York: Knopf, 2018).

5. Nitin Nohria, “Column: Wealth and Jobs: The Broken Link,” HarvardBusinessReview, November 2010, https://hbr.org/2010/11/column-wealth-and-jobs-the-broken-link.

6. Katy Milani and Irene Tung, “Curbing Stock Buybacks: A Crucial Step to Raising Worker Pay and Reducing Inequality,” joint publication of National Employment Law Project (NELP) and the Roosevelt Institute, 2018, https://roo-seveltinstitute.org/curbing-stock-buybacks-crucial-step/.

7. Michael Dorff, Indispensable and Other Myths: Why the CEO Pay Experiment Failed and How to Fix It (Berkeley: University of California Press, 2014).

8. Anders Melin and Cedric Sam, “Wall Street Gets the Flak, but Tech CEOs Get Paid All the Money,” Bloomberg, July 10, 2020, https://www.bloomberg.com/graphics/2020-highest-paid-ceos/?sref=N2PD4LfX.

9. Joseph L. Bower and Lynn S. Paine, “The Error at the Heart of Corporate Leadership,” Harvard Business Review, May-June 2017, https://hbr.org/2017/05/managing-for-the-long-term.

Chapter Eight: Ideas Worth Teaching

1. James B. Stewart, “How Harvard Business School Has Reshaped American Capitalism,” New York Times Book Review, April 24, 2017, https://www.nytimes.com/2017/04/24/books/review/golden-passport-duff-mcdonald.html.

2. Alan Murray, “Why Super Tuesday’s Results Are Bad for Business,” Fortune, March 2, 2016, https://fortune.com/2016/03/02/super-tuesday-business/.