Book descriptionWealth inequality, corporate welfare, and industrial pollution are symptoms-the fevers and chills of the economy. The underlying illness, says Business Ethics magazine founder Marjorie Kelly, is shareholder primacy: the corporate drive to make profits for shareholders, no matter who pays the cost.
In The Divine Right of Capital, Kelly argues that focusing on the interests of stockholders to the exclusion of everyone else's interests is a form of discrimination based on property or wealth. She shows how this bias is held by our institutional structures, much as they once held biases against blacks and women.
The Divine Right of Capital exposes six aristocratic principles that corporations are built on, principles that we would never accept in our modern democratic society but which we accept unquestioningly in our economy. Wealth bias is a holdover from our pre-democratic past. It has enabled shareholders to become a kind of economic aristocracy. Kelly shows how to design more equitable alternatives-new property rights, new forms of corporate governance, new ways of looking at corporate performance-that build on both free-market and democratic principles.
We think of shareholder primacy as the natural law of the free market, much as our forebears thought of monarchy as the most natural form of government. But in The Divine Right of Capital, Kelly brilliantly demonstrates that it is no more "natural" than any other human creation. People designed this system and people can change it.
We need a change of mind as profound as that of the American Revolution. We must question the legitimacy of a system that gives the wealthy few-the ten percent of Americans who own ninety percent of all stock-a disproportionate power over the many. In so doing, we can fulfill the democratic principles of our nation not only in the political sphere, but in the economic sphere as well.
Table of contents
- Cover Page
- Title Page
- Copyright Page
- Dedication Page
Part I Economic Aristocracy
- 1 The Sacred Texts
- 2 Lords of the Earth
- 3 The Corporation as Feudal Estate
- 4 Only the Propertied Class Votes
- 5 Liberty for Me, Not for Thee
- 6 Wealth Reigns
Part II Economic Democracy
- 7 Waking Up
- 8 Emerging Property Rights
- 9 Protecting the Common Welfare
- 10 New Citizens in Corporate Governance
- 11 Corporations Are Not Persons
- 12 A Little Rebellion
- Conclusion: Enron’s Legacy: An Opening for Change
- Reader’s Guide to Action
- About the Author
- Title: The Divine Right of Capital
- Release date: January 2003
- Publisher(s): Berrett-Koehler Publishers
- ISBN: 9781609941949
You might also like
Advances in Applied Mechanics
Advances in Applied Mechanics draws together recent significant advances in various topics in applied mechanics. Published …
Higher Order Basis Based Integral Equation Solver (HOBBIES)
The latest in parallel EM solutions with both in-core and out-of-core solvers The solution of complex …
Managing the Transition to IFRS-Based Financial Reporting: A Practical Guide to Planning and Implementing a Transition to IFRS or National GAAP
The one-stop guide to transitioning to IFRS financial reporting The International Financial Reporting Standards (IFRS) have …
Three-Dimensional Integrated Circuit Design, 2nd Edition
Three-Dimensional Integrated Circuit Design, Second Eition, expands the original with more than twice as much new …