Recently the Academy of Management Social Issues in Management division hosted a panel discussion called, “Capitalism in Question: Towards an Economics of Justice, Sustainability, and Economic Thrivability.” Professor R. Edward Freeman participated in the discussion, where he humorously remarked that he felt like a clown attending a funeral.
Many of the speakers discussed capitalism’s unsustainable growth, environmental neglect and unsavory scandals. However, Freeman saw a bright future of innovation and hope. He believes that we live in a time where business has the potential to solve real problems. According to Freeman, business adds real value to our lives, and capitalism is the greatest system of cooperation created.
Freeman noted that the old story of business has run its course. That’s why he is actively talking about “New Models of Business in Society” to get people thinking about what is possible.