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FairPay by Richard Reisman

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CHAPTER 22

Societal Perspectives— Markets That Center on Human Values

Turning the Invisible Hand to Create Shared Value

“Creating Shared Value” (Kramer and Porter 2011), the influential 2011 HBR article by Porter and Kramer, suggests the need to reinvent capitalism with broader ideas about value creation that will unleash a wave of innovation and growth. FairPay speaks to that need. They propose that “creating shared value represents a broader conception of Adam Smith’s invisible hand.” They nicely draw the big picture for shared value, noting that, unlike calls for “Corporate Social Responsibility” that are at odds with profit motivations:

Shared value focuses companies on the right kind of profits—profits that create societal benefits rather ...

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