Prosperity: Better Business Makes the Greater Good

Business is to maximize shareholder profit, but Colin Mayer argues that this is fundamentally wrong and has had disastrous consequences for our economies, environment, politics, and societies. Prosperity challenges the fundamentals of business thinking and presents a comprehensive new agenda for establishing the corporation as a force for promoting economic and social wellbeing. Mayer is a leading figure in the global discussion about the purpose and role of the corporation and presents a radical prescription for corporations, their ownership, governance, finance, and regulation.

Format: Paperback / softback
Length: 288 pages
Publication date: 28 January 2021
Publisher: Oxford University Press

Business is often perceived as solely focused on maximizing shareholder profit, a notion that permeates business thinking worldwide. However, Colin Mayer argues that this approach is fundamentally flawed and has led to disastrous consequences for our economies, environment, politics, and societies. In his urgent call for reform, Prosperity challenges the very foundations of business thinking and presents a comprehensive new agenda for establishing the corporation as a unique and powerful force for promoting economic and social wellbeing in its fullest sense.

Mayer, a renowned professor and former dean of the Säid Business School in Oxford, is a leading figure in the global discussion about the purpose and role of corporations. In Prosperity, he offers a radical and thoughtful prescription for corporations, their ownership, governance, finance, and regulation. Drawing insights from a wide range of disciplines, including business, law, economics, science, philosophy, and history, Mayer demonstrates how corporations can unlock their full potential to contribute to the economic and social well-being of the many, rather than just the few.

Prosperity goes beyond simply providing guidance on creating and running successful businesses. It also explores how policy can shape the landscape and address the underlying issues that have contributed to our broken system. By examining the historical roots of corporations, the power dynamics at play, and the ethical considerations involved, Mayer offers a comprehensive framework for reforming the corporate world.

One of the key insights in Prosperity is the recognition that corporations are not merely profit-seeking entities but have the potential to be drivers of positive change. By aligning their goals with social and environmental responsibilities, corporations can contribute to the common good and address the pressing challenges facing our world. Mayer advocates for a shift in corporate culture, where companies prioritize long-term sustainability, ethical behavior, and community engagement.

Another important aspect of Prosperity is the call for greater transparency and accountability in the corporate world. Mayer argues that corporations should be held responsible for their actions and be transparent about their impact on society and the environment. This includes implementing ethical practices, promoting diversity and inclusion, and engaging in responsible sourcing and supply chain management.

Prosperity also emphasizes the importance of governance and regulation in ensuring the sustainability and prosperity of corporations. Mayer advocates for a more democratic and inclusive approach to corporate governance, where shareholders, employees, and other stakeholders have a voice in decision-making processes. He also suggests that regulations should be designed to promote fair competition, protect consumer rights, and protect the environment.

In conclusion, Prosperity is a thought-provoking and timely book that challenges the dominant narrative of business and offers a comprehensive vision for a more sustainable and equitable corporate world. By advocating for a shift in corporate culture, greater transparency and accountability, and responsible governance and regulation, Mayer provides a roadmap for establishing the corporation as a unique and powerful force for promoting economic and social wellbeing in its fullest sense. This book is a must-read for business leaders, policymakers, and anyone interested in shaping a more sustainable and prosperous future.

Weight: 308g
Dimension: 135 x 214 x 32 (mm)
ISBN-13: 9780198866824