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Calls from Practice

In: Knowledge Management and Sustainable Value Creation

Author

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  • Florian Kragulj

    (Vienna University of Economics and Business (WU))

Abstract

Voices from the business community, most evident in Europe and North America, form a chorus calling lately for a “more fair, inclusive, and sustainable ‘new capitalism”’. This is arguably due to public pressure and a changing zeitgeist there that attributes an important role in addressing social and environmental challenges that societies are facing to corporations. Two recent surveys in the USA report that a majority of respondents favor a more equitable form of capitalism, in which companies prioritize the interests of stakeholder, particularly employees. Moreover, people tend to be more loyal to those companies that follow a purpose which aligns with their core values. This is especially true for younger generations. As a result, we are witnessing the herald of a paradigm shift away from an exclusive focus on shareholders and profit maximization to a stakeholder-centric and purpose-driven business model. I present recent examples from Europe and North America that challenge the prevailing business paradigm and hold out the prospect of its transformation.

Suggested Citation

  • Florian Kragulj, 2023. "Calls from Practice," Knowledge Management and Organizational Learning, in: Knowledge Management and Sustainable Value Creation, chapter 2, pages 11-35, Springer.
    • Handle: RePEc:spr:kmochp:978-3-031-12729-8_2
    DOI: 10.1007/978-3-031-12729-8_2
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