{"title":"The Economics of Corporate Social Responsibility","authors":"L. Sacconi","doi":"10.4337/9781849804745.00046","DOIUrl":"https://doi.org/10.4337/9781849804745.00046","url":null,"abstract":"This paper critically considers ‘additional’ and ‘instrumental’ explanations that economists have recently suggested in order to reduce the understanding of CSR within the limits of standard economic theorizing, and contrasts them with a ‘constitutive’ definition as an extended model of corporate governance. Then critically reviews the new institutional economics literature that, although it may not be normally related to CSR, is much more useful than standard microeconomic theorizing for the purposes of gaining deep understanding of CSR. Therefore it is suggested that economists should draw from it in order to understand why fiduciary duties must be expanded even for mere economic reasons of efficiency, and also why corporate reputation cannot leave aside the explicit settlement of an ethical norm of CSR. On these basis, the paper presents a full-fledged social contract theory of multi-stakeholder corporate governance, which entails multiple fiduciary duties and a fair distribution of corporate surpluses and provide and offer an explanation of CSR as a self-enforceable social norm based on the Binmore-Rawls theory of the social contract that underpins multi-stakeholder institutions of corporate governance. Then the paper replies to the main criticisms leveled against the stakeholder model of corporate governance, while at the same time developing analytically the model’s foundation.","PeriodicalId":217750,"journal":{"name":"CGN: Distribution of Wealth (Topic)","volume":"115 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2012-06-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"122041017","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"Sustaining Society with Ecological Capitalism","authors":"S. Turnbull","doi":"10.2139/ssrn.1954920","DOIUrl":"https://doi.org/10.2139/ssrn.1954920","url":null,"abstract":"The paper explains how to achieve a universally prosperous environmentally sustainable global society. This objective is incompatible with traditional economic policies dependent of full employment and ideologies based on uninhibited use of non-renewable resources. Politically attractive incentives of smaller taxes are identified as a way of introducing ecological forms of property rights to realty, firms and money. The dynamic time limited nature of ecological ownership and control changes the way an economy operates so that prosperity can be increased even with a declining and aging population. Crucially, it allows localisation in the ownership and control of the means of production and exchange with voters while also creating a universal minimum social dividend. This allows policies of full employment to be replaced with policies of fulfilment in employment and/or leisure while reducing the need for welfare, pensions, and big government. Local democracy is enriched with the power to nurture their host environment. The introduction of ecological forms of cost carrying money redeemable into local services of nature allows market forces to encourage production techniques that reduce their environmental impact. Increased life expectancy with depopulation is already occurring in twenty countries and this is expected to spread globally in the current century. This phenomenon with current environmental pressures create an imperative for introducing ecological capitalism sooner rather than later.","PeriodicalId":217750,"journal":{"name":"CGN: Distribution of Wealth (Topic)","volume":"5 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2011-11-05","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"124593397","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}