Saïd Study Examines How to Get Businesses More Involved in Creating More Inclusive Capitalism
Oxford’s Saïd School of Business recently shared new research focused on identifying and confronting the significant challenges involved in getting business to play a greater role in creating more inclusive economies, particularly in Africa, Asia and Latin America.
Entitled In Pursuit of Inclusive Capitalism, the study surveyed 40 “leading business collaboration and NGOs active in promoting more inclusive economies.” Based on the research, the principal strategy at many organizations seems to be a top-down approach focused on influencing CEOs and boards rather than investors, consumers or employees. Some surveyed believe that this is the correct approach—that changing the value set of CEOs and leaders promises to change the businesses they lead. But others were more skeptical, concerned that the pressure CEOs and boards feel to meet short-term financial goals constrains their ability to make change.
“Despite the good intentions and good work done by firms and the organisations we studied, the challenges are complex and need to be tackled together at a global level by the organisations, business and the investment community,” Saïd Dean Peter Tufano said in a statement.
The study ultimately concludes that the most promising way to confront these challenges is to “develop and create systems to adopt a set of long-term, universally recognized metrics, which measure environmental factors, contributions to wider social and employee well-being, as well as financial performance.”
Regardless of the significant challenges ahead, the organizations surveyed expect to see “significant progress within the next decade,” due in no small part to the accessibility of disruptive technology, which enables “greater transparency of how business operates.”
Ford Foundation President Darren Walker believes finding ways to develop more inclusive models will have repercussions far beyond the realm of finance. “We have lacked realistic appraisals of how much and how rapidly we can realise that potential,” he said in a statement. “This sober but hopeful new study confirms that much hard work remains—to shift concepts of business purpose and success.”
About the Author
Jonathan Pfeffer
Jonathan Pfeffer joined the Clear Admit and MetroMBA teams in 2015 after spending several years as an arts/culture writer, editor, and radio producer. In addition to his role as contributing writer at MetroMBA and contributing editor at Clear Admit, he is co-founder and lead producer of the Clear Admit MBA Admissions Podcast. He holds a BA in Film/Video, Ethnomusicology, and Media Studies from Oberlin College.
