Remaking Capitalism with the Author Prof. Stuart Hart

Evolution and Origins of Capitalism
Stuart discussed the historical origins of capitalism.
Traced it back to the 1600s with the emergence of corporations and mercantilist practices.
Highlighted the impact of trading companies like the British East India Company.

Shareholder Capitalism and Its Impacts
Stuart explained shareholder capitalism and its focus on profit maximization.
Discussed its association with wealth inequality and financialization.
Explored how it has influenced global business practices.

Evolution of Sustainable Business
Stuart discussed the evolution of sustainable business.
Traced it back to the late 1980s and early 1990s.
Highlighted the shift from eco-efficiency to "beyond greening" strategies.

Stakeholder Capitalism vs. Shareholder Capitalism
Manuel compared stakeholder capitalism and shareholder capitalism.
Highlighted the exclusion of non-shareholders' interests in traditional models.

Role of Technology in Sustainability
Discussion on leveraging AI and machine learning for sustainability initiatives.
Emphasized their potential benefits for entrepreneurs and companies committed to net-zero goals.

Conscious Capitalism and Ethics
Connection between purpose-driven business models and virtuous behavior.
Discussion on ethical considerations within corporate culture.

System Change in Capitalism
Stuart emphasized the need for systemic change in capitalism.
Addressed issues like inequality and climate change.
Advocated for considering broader operating systems beyond short-term profit.

Shareholder Primacy vs. Stakeholder Capitalism
Stuart discussed the concept of shareholder primacy.
Advocated for a shift towards sustainable capitalism that prioritizes stakeholders.
Critiqued the perpetuation of shareholder primacy in business schools.

System Change in Business
Emphasis on advocating for policy changes aligned with sustainable capitalism.
Importance of transforming institutions like business education and financial infrastructure.

Reinventing Business Education
Stuart highlighted the need to integrate sustainability into business education.
Criticized traditional MBA programs and advocated for a focus on sustainability.

Financial Infrastructure Transformation
Discussion on shifting public equity markets towards factors beyond short-term profit
Importance of aligning lobbying efforts with corporate purpose and sustainability goals

MBA Program Innovation
Stuart discussed the purpose of the MBA program
Highlighted the growth of sustainable-focused programs
Advocated for redefining the NBA and public equity market
Bio
Stuart L. Hart is Samuel C. Johnson Chair Emeritus in Sustainable Global Enterprise and Professor of Management Emeritus at Cornell University’s Johnson School of Management and author of several books and many award wining articles. His most recent book is titled Beyond Shareholder Primacy: Remaking Capitalism for a Sustainable Future, published in 2024, is a call to consciousness―and action―for individuals, organizations, communities, and nations. Professor Hart is one of the world’s top authorities on the implications of environment and poverty for business strategy.

His achievements include Professor in Residence at the University of Michigan's Erb Institute for Global Sustainable Enterprise. He also serves as the Steven Grossman Distinguished Fellow and Co-Founder of the Sustainable Innovation MBA Program at the University of Vermont's Grossman School of Business.

He has held chaired faculty positions at the University of Vermont (Grossman School of Business), Cornell University (Johnson School of Management), and the University of North Carolina (Kenan-Flagler Business School), where he launched the Center for Sustainable Enterprise.

Hart was also a business school faculty member and founding director of the University of Michigan's Erb Institute Dual Masters Program.

He has published more than 100 papers and authored or edited seven books with over 50,000 Google Scholar citations. His article “Beyond Greening: Strategies for a Sustainable World” won the McKinsey Award for Best Article in the Harvard Business Review for 1997 and helped launch the movement for corporate sustainability. With C.K. Prahalad, Hart also wrote the pathbreaking 2002 article “The Fortune at the Bottom of the Pyramid,” which provided the first articulation of how business could profitably serve the needs of the four billion poor in the developing world. With Ted London, Hart is also the author of the book, Next Generation Business Strategies for the Base of the Pyramid.

His best-selling book, Capitalism at the Crossroads, published in 2005 was selected by Cambridge University as one of the top 50 books on sustainability of all-time; the third edition of the book was published in 2010. Hart's new book, "Beyond Shareholder Primacy: Remaking Capitalism for a Sustainable Future" was published by Stanford Business Books in 2024.