The Power of And

Responsible Business Without Trade-Offs

Columbia Business School Publishing

The Power of And

Pub Date: June 2020

ISBN: 9780231188500

200 Pages

Format: Hardcover

List Price: $24.95£22.00

Pub Date: June 2020

ISBN: 9780231547895

200 Pages

Format: E-book

List Price: $23.99£20.00

The Power of And

Responsible Business Without Trade-Offs

Columbia Business School Publishing

The idea that business is only about the money doesn’t hold true in the twenty-first century, when companies around the world are giving up traditional distinctions in order to succeed. Yet our expectations for businesses remain under the sway of an outdated worldview that emphasizes profits for shareholders above all else.

The Power of And offers a new narrative about the nature of business, revealing the focus on responsibility and ethics that unites today’s most influential ideas and companies. R. Edward Freeman, Kirsten E. Martin, and Bidhan L. Parmar detail an emerging business model built on five key concepts: prioritizing purpose as well as profits; creating value for stakeholders as well as shareholders; seeing business as embedded in society as well as markets; recognizing people’s full humanity as well as their economic interests; and integrating business and ethics into a more holistic model. Drawing on examples across companies, industries, and countries, they show that these values support persevering in hard times and prospering over the long term. Real-world success stories disprove the conventional wisdom that there are unavoidable trade-offs between acting ethically and succeeding financially. The Power of And presents a conceptual revolution about what it means for business to be responsible, providing a new story for us to tell in order to help all kinds of companies thrive.
In the twenty-first century, the old story that businesses only care for profits and shareholders, and pursue these above else, is incomplete. The Power of And shows the way forward, illustrating with examples how businesses may embed powerful purpose in their business strategy, intertwining ethics and responsibility with value creation. Freeman, Martin and Parmar weave a compelling narrative, thereby acknowledging the complexities of organizations and people and their effect on societies. The book is a must read for practitioners and students. Martina Hund-Mejean, former CFO of Mastercard, chair of the Mastercard Impact Fund
I've long believed that changing the world of business is the straight line between where we are today and a better world. It’s time for real system change and an update to what we consider business as usual. These expert authors put a human lens on the path forward from a shareholder supremacy model to a stakeholder-oriented model, and offer clear examples of the changes needed and the companies leading the way. Highly recommend! Kip Tindell, cofounder and chairman emeritus, The Container Store

About the Author

R. Edward Freeman is University Professor and Elis and Signe Olsson Professor of Business Administration at the University of Virginia Darden School of Business. He is the author of the widely influential book Strategic Management: A Stakeholder Approach (2010, originally published in 1984) and has worked with executives and companies around the world.

Kirsten E. Martin is associate professor of strategic management and public policy at the George Washington University’s School of Business. The research and business ethics editor for the Journal of Business Ethics, she worked at Sprint Telecommunications developing corporate strategy and internet solutions before beginning her academic career.

Bidhan L. Parmar is associate professor of business administration at University of Virginia Darden School of Business. He is coauthor of Stakeholder Theory: The State of the Art (2010) with Freeman, among others.