Capitalism Beyond Mutuality? ― Perspectives Integrating Philosophy and Social Science

Our quest for prosperity has produced great output but not always great outcomes. The growing list of concerns includes climate and natural capital, abuse of wealth and market power, economic insecurity, gender bias and disparity, competitive and immoderate consumption, and unhealthful lifestyles. Fundamentally, when it comes to well-being, fairness, and the scope of our humanity, the modern economic system still leaves much to be desired. In turn, trust in business and the liberal market system (a.k.a. "capitalism") has been declining and regulation has been rising.

Thankfully, a variety of forces-civic, economic, and intellectual-have been probing for better alternatives. The contributions in this volume, coauthored by eminent philosophers, social scientists, and thoughtful business leaders, are submitted in this spirit.

Mutuality, or the exchange of benefits, has been established as the prime principle of action and inter-action in addressing the chronic dilemma of human interdependence. Mutuality is a fundament in the social contract approach and it continues to serve us well. But, to address more robustly the concerns outlined above, we need to conceive a cultural economic system that is anchored on more than mutuality. In particular, we must help evolve an economic paradigm where mutuality is more systematically complemented by reasoned and elective morality. Otherwise the design of the state as protector and buffer between the market and society will remain the central (if inadequate) remedy.

The essays in this volume integrate philosophy and social science to outline and explore concrete approaches to these important concerns emanating from business practice and theory.

Subi Rangan is professor of strategy at INSEAD where he holds The Abu Dhabi Crown Prince Court Endowed Chair in Societal Progress. His work explores how enterprises can better integrate performance and progress, and thus rebuild trust in capitalism. In 2013 he initiated the Society for Progress, a fellowship of eminent philosophers, social scientists, and business leaders (www.societyforprogress.org). Their first work was published as Performance & Progress: Essays on Capitalism, Business, and Society (Oxford, 2015). His other research explores the strategies and operations of transnational firms. In 1998 he was awarded the Academy of International Business' Haynes Prize for original work by scholar under forty. In 1995 that academy awarded him the Best Dissertation Award. In 2010 his research won the Emerald award for Top 50 papers in management. Subi earned an MBA from MIT and a Ph.D. in political economy from Harvard University.