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Resource type: Book
Title: Reinventing the Firm
Author(s): William Davies
Date: 1 January 2009
File: PDF document Reinventing the Firm.pdf
URL:
Category: Employee Ownership

The financial crisis has called into question many of our core
assumptions about economic structures, governance and
institutions. But there has been little attention paid to the
basic unit of economic collaboration and production: the
firm. In recent decades Britain developed a corporate
monoculture in which the ‘shareholder value’ creed treated
firms simply as the property of their shareholders, to be
traded, exploited and disposed of in pursuit of profit.


Government policy making has done little to call this
culture into question, depriving our economy of a richer
vision of what a good company is and what it can do. This
crisis is a chance to ask deep questions about our firms: how
can they meet social and political as well as economic goals?
How can firms be modelled so that not only shareholders but
employees, the economy and society profit?


Many of these models already exist. Mutual and
employee-owned models of business operate with longer
time-horizons, achieving higher levels of performance and
customer satisfaction. They nurture greater power for
individuals over their economic lives and increase the
accountability of managers. This report argues it is time to
bring these models out of the wilderness and into the debate
about where capitalism goes next. Presenting a wide range of
quantitative data alongside three new case studies of
employee-owned firms, it offers a new vision of economic
autonomy where democratic companies drive a happier and
more sustainable economy.

 

 

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