• The role of corporate America and U.S. investment bankers in the engineering of a “Turbo- or Super- Capitalism” incompatible with CSR or Sustainable Development

    Author(s):
    Bernard SIONNEAU (see profile)
    Date:
    2019
    Group(s):
    Global & Transnational Studies
    Subject(s):
    Economic history, Economics
    Item Type:
    Blog Post
    Tag(s):
    critical thinking, Economic criticism
    Permanent URL:
    http://dx.doi.org/10.17613/qevj-6763
    Abstract:
    From “industrial paternalism” to “welfare capitalism” and “Corporate Social Responsibility (CSR Act I)” and despite a deceptive tentative to introduce a "welfare State" in America, all these concepts were meant to allow the private sector to keep the initiative in organizing an institutional business environment and a social order that would be profitable to its leading business and political elites. If the economic translation of the above-mentioned concepts was beneficial to correct the harshness of the 19th century industrialization process, then soften the deep social crisis born of the 1929 Wall Street crash and the Great Depression, if the adoption of the stakeholder model by major publicly traded US corporations was decisive in fostering a “contagion of prosperity” in the United States between the 1930s and 1960s, the financialization of corporate strategies born of the 1970s stagflation, monetary, oil and industrial crises, rapidly emptied “Corporate Social Responsibility (CSR Act II)” and “Corporate Sustainable Development” of any tangible meaning. “Reengineering”, “right-sizing” and “cost-cutting” practices adopted by profit- and stock- option driven CEOs in always shorter time spans under the constant supervision of domestic and world institutional investors, rendered corporate strategies often incompatible with the respect of their natural environment, international labor rules, the protection of human rights, anti-corruption practices and sound fiscal citizenship.
    Metadata:
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    Status:
    Published
    Last Updated:
    4 years ago
    License:
    All Rights Reserved

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