Capitalism recoupled
分析了全球化、技术进步和金融化如何导致经济繁荣与社会繁荣脱节，并探讨了通过转向利益相关者价值来重新耦合的路径，对政策制定者和企业管理者有参考价值。
Abstract This paper examines major forces that have decoupled economic and business prosperity from social prosperity and explores how recoupling can be promoted. Economists have specified well-known conditions under which free market enterprise with shareholder value maximization is efficient. These conditions are systematically violated by three forces—globalization, technological advance, and financialization (GTF)—that have weakened the connections between economies and societies over the past four decades. Consequently, the recoupling process requires abandoning the default premise of economic decision-making that social progress follows financial performance. For business, it calls for a move from shareholder to stakeholder value. For government, it calls for setting legal obligations, targets, and incentives to ensure that stakeholder value is compatible with a rigorously defined concept of ‘societal and planetary value’.