Cultures of social markets

Abstract

Social enterprises and markets have too often been conceived of as distinct, small, and usually marginal segments of the wider business community and economy. Yet the macro-cultural and policy contexts between countries and regions have historically delivered very different forms and levels of enterprises, social responsiveness, impact, and accountability, from the Scandinavian social contract to Chinese state enterprises, and from the Anglo-Saxon forms of corporate governance to the co-determination models from Germany to Taiwan. This article explores some of these developments, building on a broader view of ‘social enterprise’ as concerning the translation of societal values into enterprise aims, activities, configurations and social markets, concerning how such practices are embedded into markets and economies. Drawing on the author’s research and reflections, the article points to the current opportunity and risks in establishing a broader agenda and practice of social enterprises linked to the decline in the historically dominant Anglo-Saxon approach to privileging financial capital.