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The current business context of disruptive, accelerated change requires a new framework for understanding how boards of directors can best support their organizations. In this book, Professor Jordi Canals presents a new model of effective governance, positioning the board of directors as the steward of the firm's future development, and focusing on the notion of corporate purpose. Canals argues that boards of directors should focus on strategy and corporate transformation, CEO and senior management development and succession, the board and the firm's culture, the board as a team, the engagement of shareholders and critical stakeholders, and the firm's overall impact. Moreover, for boards to be effective, directors must develop new competencies. Drawing on well-grounded theory and international case studies, this book outlines a new, holistic model of boards of directors, offering a pathway to effective governance that will enhance companies' reputation and success.
This Element examines the current crisis of capitalism's legitimacy and concludes that it derives principally from business pursuing an aberration of capitalism known as shareholder capitalism, in which firms sought to maximize shareholder value as reflected in the current share price, at the expense of all other stakeholders and society. Shareholder capitalism began in the 1970s and was renounced by the Business Roundtable in 2019, but continues behind a façade of stakeholder capitalism. Stakeholder capitalism is the most widely cited form of capitalism today, but it is incoherent as a practical guide to action for an entire firm. This Element concludes that a recent evolution of capitalism--customer capitalism--which gives primacy to co-creating value for customers and users, enables firms to master the challenges of the digital age, shower benefits on society, and meet the needs of all the stakeholders.
Major enterprises shape our lives in countless ways: big tech and 'surveillance media' that affect democratic debate, algorithms that influence online shopping, transport to work and home, energy and agriculture corporations that drive climate damage, and public services that provide our education, health, water, and housing. The twentieth century experienced swings between private and public ownership, between capitalism and socialism, without any settled, principled outcome, and without settling major questions of how enterprises should be financed, governed and the rights we have in them. This book's main question is 'are there principles of enterprise law', and, if they are missing, 'what principles of enterprise law should there be'? Principles of Enterprise Law gives a functional account of the 'general' enterprise laws of companies, investment, labour, competition and insolvency, before moving into specific enterprises, from universities to the military. It is an original guide to our economic constitution and human rights.
This mixed-method investigation examines the nature, prevalence, and correlates of mansplaining in modern workplaces. In Study 1, we scrape Twitter and conduct a thematic analysis of 2,312 tweets. These findings ground a comprehensive definition of mansplaining and propose six items for measurement. In Study 2, we quantitatively investigate mansplaining experiences at work (n = 499), finding that almost every participant had experienced mansplaining in the previous year. Expected gender differences emerged among mansplaining perpetrators and targets, yet men were not the only perpetrators, nor were women the only targets. Confirmatory factor analysis results support the possibility that mansplaining is a second factor of incivility. Further, mansplaining predicted significant variance in outcomes such as job satisfaction and turnover intentions above and beyond incivility. This research underscores that mansplaining is more than a social media phenomenon. Rather, it is a form of gendered mistreatment with implications for scholars and practitioners alike.
Emerging and developing states are home to powerful corporations capable of deploying economic activities on a global scale through the rapid pace of technological change and globalisation. But such corporations have to date been largely overlooked in the field of business and human rights. Treatment of such corporations has typically been in the context of supply chain studies, as subsidiaries of corporations from economically developed Western states. This book takes a radically different approach. It aims to investigate the conditions under which the European Union and its Member States regulate and remedy human rights violations by corporations from emerging and developing states. Stemming from the hypothesis that the EU intends to play a central role, Aleydis Nissen explores how the EU and its Member States attempt to ensure that EU-based businesses are not undercut by emerging competition, drawing on global examples to illustrate this developing phenomenon.
The previous chapter showed how by the interwar years a perception emerged of an affinity between resource development, the dual mandate, Taylorism, and civil society. This chapter covers a longer period of time, through the 1960s, a period when modernization became the key doctrine of development. Development was not seen anymore in terms of increased resource production by colonies, but as an opportunity for these colonies to gain some autonomy if not outright independence. They would do so by importing technology and acquiring technical skills to transform their societies. But committing to this changed doctrine of development also required a change in the ways in which management and civil society were understood. Management was now considered as not solely techniques to increase production but as a means to acquire modernity—in a sense, to enhance technical capacities in human beings. Civil society organizations, as agents of development, now became sites for practicing and refining these management ideas. (Though the UN had defined the term “NGO” in Article 71 of its charter in 1945, it would be much later that these organizations would acquire that label, as explained in Chapter 6.)
Both this chapter and the one that follows study the regime of state capitalism. Thanks to aid commitments from Northern countries, and through their Southern alliances, the rivalry and uncertainty of the regime of colonial resource development was replaced by an uneasy stalemate between the US and the Soviet Union. Northern industrial expansion met growing consumer demand from the North and the South, while the emphasis on technical education fed directly into the growth of factories, corporate offices, and allied specializations in marketing, public relations, and advertising. Underpinning the stability that enabled corporate expansion were states willing to intervene.
The doctrine of modernization spanned a period that stretches from the end of the Second World War to the mid-1970s. This chapter classifies this period into three stages—proto-modernization from 1948 to 1960, apogee from 1961 to 1968, and decline from 1969 to 1974. It is hard to pin dates to what is evidently a broad characterization of a historical period. But some key climacterics are: US President Truman's inaugural address in 1948, the “decade of development” declared at US President Kennedy's inauguration in 1960, the Tet offensive launched by the Viet Cong in 1968 and the 1974 oil shock.
ye vo āñdhī hai jis kī rau meñ muflis kā nasheman hai
ye vo bijlī hai jis kī zad meñ har dahqāñ kā ḳhirman hai
ye apne haath meñ tahzīb kā fānūs letī hai
magar mazdūr ke tan se lahū tak chuus letī hai
My heart is singed by its flame, capitalism is its name
When it turns into a storm, it uproots many a cobbled tent
As lightening, it destroys the harvest of the peasant
It dazzles the world with its cultural pedigree
But thrives on the workers’ blood, it's free
In this powerful poem titled ‘Sarmayadari’ (Capitalism), progressive poet Asrarul Haq Majaz repeatedly invokes the tropes of ‘monstrosity’ to portray how capitalism sucks the blood of, strangulates, and walks on the bodies of the poor and builds with their bones the chariots of the rich. Capital devours human beings and nature in an endless drive for profits. This insatiable drive for profiteering in recent times has been particularly intensified by finance capital. We live in times when bankers and the financial elite, who are in unprecedented control of the capitalist world, take the monstrosity of capitalism to new levels (Hudson, 2015; Lapavitsas, 2013).
Never in the history of humankind has such a tiny financial elite exercised so much control over the fate of humanity and caused so much mass destruction. Phillips (2018: 31) describes how the transnational capitalist class of bankers and corporate managers speculates on human lives and profits from deathworlds,
Each year, poor nutrition kills 3.1 million children under the age of 5. Twenty five thousand per day, more than 9 million people per year die from starvation and malnutrition. This slaughter is occurring around the world every day…. So while millions suffer, the TCC [transnational capitalist class] financial elites focus on seeking returns on trillions of dollars, which can and does include speculation on the rising cost of food and land. They do this in cooperation with each other in a global capitalist system of TCC power and control that structurally entraps them in cycles of economic growth and contraction, with mass humanitarian consequences.
The philosopher is the spokes-person … for a question. To insist on this means to understand what really matters, in the question, is the enchantment of the question. To insist on the question is to understand this difficult notion: that one must inhabit the question, its peculiar enchantment, without overcoming or wanting to overcome it in the answer.
—Carlos Sini (2009)
Be it multinational corporations like Unilever, S. C. Johnson and Sons, or Procter and Gamble looking for the next growth opportunity; national governments searching for solutions to the intractable issue of poverty; non-governmental organizations (NGOs) like Oxfam working with poorer communities around the world; international organizations like the United Nations Development Programme or the World Bank seeking to mitigate economic and social deprivation in the developing world – market-based solutions to poverty eradication has emerged as a viable alternative for dealing with the challenge of global poverty (Prahalad, 2006; Karnani, 2007; Hart, 2005; Roy 2010). In recent years, along with microenterprise, asset-building, social enterprise, the bottom- or base-of-the-pyramid approach has emerged at the centre of business–poverty discourses (Conney and Shanks, 2010). Propounded by C. K. Prahalad (1941–2010), management professor and consultant (along with co-author Stuart Hart, 2002), the bottom-of-the-pyramid (BOP) approach popularized the idea of large private-sector participation in poverty alleviation – a move that aimed to reconstitute the relationship between the economic calculus of profit-making with the more socially committed goals of poverty eradication. In recent years, I have engaged with the BOP proposition from a conceptual and theoretical standpoint to illuminate what has, by and large, remained undiscussed and unremarked in the BOP scholarship, that is, the dominant assumptions and presuppositions that underwrite the BOP programmatic (Chatterjee, 2014; 2016). In the present chapter, I continue my critical engagement with the BOP proposition by examining how and to what effect the state is reimagined and reconfigured within its horizon of thinking. Where, at one level, the chapter reflects upon, clarifies, and critiques the BOP proposition insofar as the question of state is concerned, at another level, using the BOP programme as a vantage point, it offers insights into the generalized condition of the state under neoliberal capitalism.
The present chapter is based on a close reading of the BOP proposition (among others, Prahalad, 2006; Prahalad and Hart, 2002; and Hammond and Prahalad, 2004).
As India proceeds further into its eighth decade after independence, it is evidently deeply troubled. Every day the news channels shout out terrifying, gut-wrenching issues. Religious, racial, and caste hatred spawn a spate of killings and maiming, the state complicit in its eerie silence if not tacit encouragement. Air pollution epidemics affect millions. Plastics in rivers and lakes and cow's bellies, and pesticides in our food. No let-up in gender violence, domestic and elsewhere, with the rape and murder of little girls only the shocking tip of the iceberg. Adivasis and fishers and farmers and pastoralists, deliberately forgotten as the relics of the past, being displaced en masse for mines and industries and highways and amusement parks (the amusement being, of course, a prerogative of the rich). Financial scandals in which the swindling of hundreds of crores is now routine, almost boring, with how and where the swindler has escaped to becoming a point of greater interest. Species of wildlife being wiped out, and increasingly unpredictable climatic patterns. Politicians are reducing the world's largest elections (the latest in the summer of 2019) to farcical, bitter slanging matches devoid of the substance that political debates should be about. And the latest twist, the unprecedented slap in humanity's face by a tiny virus, with its own horrific consequences to the health and livelihoods of millions of Indians.
It is as if all the fundamental ills of our society were converging: caste, gender, and race-based oppressions coming to us from the past, capitalist class exploitation and state-sponsored violence against communities (in the name of ‘development’) as more recent additions, and, underlying these, an increasing alienation from the rest of nature. These ills do not necessarily locate themselves in the same set of oppressive people, nor are the oppressed always the same. Indeed, the status of ‘being oppressed’ and ‘being an oppressor’ sometimes merges confusingly into each other in the same individual or group. Therefore, it is more meaningful to locate the structures of power domination and not just individuals who currently control those structures to understand, challenge, and find alternatives to these structures and their various manifestations.
This chapter discusses People's Archive of Rural India (PARI), an open-source digital archive and a living journal dedicated to rural India. We situate PARI within the broader canvas of transformations in Indian media, especially since the 1990s. This transformation, marked by corporatization and commodification of media houses, has had a pronounced degrading effect on representations of the rural poor. Indeed, any meaningful representation of rural India is erased from the press and from deliberative democratic spaces in India. We trace how PARI attends to this gaping wound in Indian democracy by enabling rich and plural representations of and by the subaltern. In so doing, PARI partially resurrects this crumbling fourth pillar of democracy and creates an alternative imagination.
Several scholars have discussed the perverse effects of neoliberal tendencies on the structure and logic of media and journalism in India (Guha Thakurta, 2014; Guha Thakurta and Chaturvedi, 2012; Mudgal, 2011, 2015). While there is consensus among the experts and researchers working on rural India that the majority of the population is going through prolonged and severe distress (Chandra, 2010; Patnaik, 2013; Sainath, 2011), the crises, issues, and challenges of rural India are almost absent in India's leading newspapers (Mudgal, 2011). Moreover, media houses have removed or reduced the number of rural correspondents. In its present neoliberal logic, the media is more interested in covering breaking news to increase its viewership than covering underlying structural processes of inequality and poverty. Consider how Tamil Nadu's farmers travelled to New Delhi and adopted extreme measures, such as carrying skulls of farmers who had committed suicide, in order to draw some attention to their plight from the ruling classes. Similarly, the 165-kilometre ‘Long March’ by Maharashtra's farmers remained unreported until it reached Mumbai. These instances provide a glimpse of the extraordinary crises in large swathes of India (see also Khare and Varman, 2016, 2017; Varman and Vikas, 2007). The vast majority of those residing in rural India are silenced and excluded in the already shrinking democratic sphere.
In this chapter, we discuss the role of media in a democracy and the repercussions when the media, an important institution of democracy, is driven by the neoliberal agenda.
Jawaharlal Nehru University (JNU) is one of the most important public universities in India and is a site for nurturing critical thought and scholarship. On 9 February 2016, some students had organized a meeting in JNU to protest against the hanging of Afzal Guru, a Kashmiri separatist (The Hindu, 2016). Afzal Guru was a Kashmiri who was awarded the death sentence after being convicted of conspiracy to attack the Indian Parliament on 13 December 2001 (Tripathi, 2013). The Indian Supreme Court upheld his death sentence, and he was subsequently hanged on 9 February 2013. Several human rights organizations, activists, and lawyers alleged that Afzal Guru was denied a fair trial, and the police extracted his confessions under duress and torture (Roy, 2013). On the third death anniversary of Afzal Guru, a group of students in JNU had organized a cultural program to voice their dissent against his judicial killing and express their solidarity with the struggle of Kashmiri people (The Hindu, 2016). Akhil Bharatiya Vidyarthi Parishad (ABVP), the student wing of the ruling Hindu nationalist political formation, the Bharatiya Janata Party (BJP), protested against the programme organized by the JNU students (Sen, 2016).
Some news channels with leanings towards the BJP's Hindu nationalist politics whipped up a frenzy by repeatedly telecasting the ABVP's allegation that JNU students had shouted anti-national slogans during the protests on 9 February 2016 (Varadarajan, 2016). Rajnath Singh, the Home Minister of India, tweeted that the students who organized the protest on 9 February 2016 had connections with terror organizations in Pakistan (Sen, 2016). Later, forensic evidence raised serious questions about the veracity of the video footage showing JNU students shouting anti-national slogans and the basis of the Home Minister's tweet. The Home Minister had relied on a parody Twitter account, which resembled the name of a Pakistani terrorist, Hafiz Saeed (Varadarajan, 2016). Despite lack of concrete evidence, the Delhi Police, which functions under the administrative control of the Union Home Ministry, arrested Kanhaiya Kumar, the president of the JNU Student's Union and charged him with sedition (The Hindu, 2016).
JNU students, academics from all over the world, civil society organizations, and opposition political parties protested against Kanhaiya Kumar's arrest, even as Kumar himself denied raising any anti-national slogans (Varadarajan, 2016).