Tuesday, March 28th, 2017 Stakeholder Capitalism in Turbulent Times

Description

It is now widely recognized that globalized shareholder capitalism, while generating substantial wealth over recent decades, has failed to distribute the benefits of such wealth equitably. The financial crisis of 2008 has brought to fore growing social and economic inequality, negative social and human costs of unregulated business practices, and short and long-term impacts of wasteful resource extraction and consumption on social and natural environment. The search is now on to identify more sustainable ways of organizing capitalism. In 2014 world business, government and civil society leaders and academics at World Economic Forum in Davos began discussing the idea of ethical capitalism. What is ethical capitalism? A group of scholars from Europe, North America and Asia has returned to history to answer this question. In the second half of the 19th century, Shibusawa Eiichi, a major business leader and entrepreneur, and widely considered the father of modern Japanese economy, expressed the view that business enterprise could and should simultaneously achieve profits and social goals through enhanced public welfare. His solutions are still relevant today. In this symposium we: 1) elaborated on the Asian and Western origins of ethical capitalism; 2) mapped out arguments for corporate responsibilities and the changing corporate practices; and 3) debated the relations between ethics and economy for a sustainable global economies and societies.  

Featuring:  Ken Shibusawa, Chairman, Commons Asset Management, Inc. Geoffrey Jones, Professor of Business History, Harvard Business School The Hon. Kevin G. Lynch, Vice-Chair, BMO Financial Group  with an introduction to the “Ethical Capitalism” project by:  Patrick Fridenson, Professor Emeritus in International Business History, Écoles des Hautes Études en Sciences Sociales, Paris Takeo Kikkawa, Professor of Business History, Graduate School of Innovation Studies, Tokyo University of Science Janet Hunter, Saji Professor of Economic History, London School of Economics and Political Science  Program:   MC:  Ito Peng, Professor, Department of Sociology, and School of Public Policy and Governance, University of Toronto. • 14:00 – 14:02  Welcome by Professor David Cameron, Dean of the Faculty of Arts and Science, University of Toronto  • 14:02 – 14:05 Opening remarks by Peter Loewen, Director, School of Public Policy and Governance, University of Toronto. • 14:05 – 14:10 Remarks by Mr. Yasunori Nakayama, Consul General of Japan in Toronto. • 14:10 – 14:30 Introduction to the “Ethical Capitalism” project, Patrick Fridenson (Professor Emeritus in International Business History, Écoles des Hautes Études en Sciences Sociales, Paris) & Takeo Kikkawa (Professor of Business History, Graduate School of Innovation Studies, Tokyo University of Science).   Moderator:  Janet Hunter, Saji Professor of Economic History, London School of Economics and Political Science. • 14:30 – 15:00 Keynote speaker: The Hon. Kevin G. Lynch, Vice-Chair, BMO Financial Group. • 15:00 – 15:20 Keynote speaker: Ken Shibusawa, Chairman, Commons Asset Management, Inc.  • 15:20 – 15:35 Discussant: Geoffrey Jones, Professor of Business History, Harvard Business School. • 15:35 – 15:55 Panel Discussion and Q & A • 15:55 – 16:00 Closing Remarks by Masahide Shibusawa, President, Shibusawa Eiichi Memorial Foundation.