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In the past 30 years, senior executive pay has increased dramatically in the UK, US and other developed countries, causing much debate and, at times, public outrage. In this book, Alexander ('Sandy') Pepper argues that this soaring inflation in high pay is the result of a market failure, leading to inefficient pay practices that are replicated across industries. Individual company's renumeration committees face a prisoner's dilemma, and so recommend over-the-odds payments in the vain hope of obtaining superior talent. For institutional investors, these developments have created a collective action problem, with many historically unwilling or unable to intervene to curtail excessive corporate pay. But are executives themselves really the greedy, self-interested, fat cats of popular culture? Based on a thought experiment and survey of beliefs of over a thousand senior executives from around the world, Pepper and his colleagues found that business executives in fact tend not to justify their pay levels as if they were ethical egoists entitled to act entirely in their own self-interest. Instead, they expressed support for a range of ethical beliefs on inequality and distributive justice. They can be categorised as either welfare liberals, relational egalitarians, meritocrats or free marketeers. Many believe that in a civilised society everyone has the right to an income that is sufficient for a dignified life, and that companies, not just governments, have responsibilities in this respect. So, Pepper argues, it is the market failure in executive pay that has created such wage inflation at the top, and this ultimately requires an ethical response from investors, companies and executives. This is a book for anyone who wishes to understand and tackle business's role in the growing social inequality of advanced economies in an informed, fair and feasible way.
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Business --- Philosophy --- Business ethics
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Governance and Business Models for Sustainable Capitalism touches upon many of the central themes of today's debate on business and society. In particular, it brings attention to a recurrent tension between efficiency, innovation, and productivity on the one hand, and fairness, equity, and sustainability on the other.The book argues that we need radical rethinking of business models and economic governance, beyond the classical doctrine, which sees social and ecological responsibility as lying with public-policy regulation of purely profit-seeking firms. In spite of the popular CSR agenda, business - as we know it today - is both too transient and too limited in its motivation to carry the regulatory burden. We need to adopt a much wider concept of 'partnered governance', where advanced states and pioneering companies work together to raise the social and environmental bar. The book suggests that civil engagements based on moral rather than formal rights, and amplified through the media, may provide a healthy challenge both to autocratic planning and to solely profit-centered commercialization. The book also proposes a triple cycle theory of innovation for sustainability: a novel framing of the efficacy of green and prosocial entrepreneurship as intertwined with political visions and supportive institutions. In addition, the book offers reflections on the ways in which further digital robotizaton may enable transition to an 'Agora Economy' where productive efficiency is combined with expanded civic freedoms.Aimed primarily at researchers, academics, and students in the fields of political economy, business and society, corporate governance, business ethics, corporate social responsibility, and sustainability, the book will additionally be of value to practitioners, supplying them with information regarding the challenges associated with the shaping of sustainable or 'civilised' market capitalism for a better world.
Business Ethics --- Business & Economics --- Business ethics --- Business & economics
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Social ethics. --- Business ethics --- History.
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Industrial management --- Corporate governance --- Business ethics
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Business ethics. --- International business enterprises --- Moral and ethical aspects.
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Business intelligence --- Trade secrets --- Business ethics --- Business & economics
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Agriculture, Cooperative --- Collective farms --- Business ethics --- Corrupt practices
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