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Journal cover: International Journal of Law and Management

International Journal of Law and Management

ISSN: 1754-243X
Previously published as: Managerial Law

Online from: 2007

Subject Area: Business Ethics and Law

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The “creative capitalism” corporate governance model: How radical an approach to modern capitalism?


Document Information:
Title:The “creative capitalism” corporate governance model: How radical an approach to modern capitalism?
Author(s):Thomas Hemphill, (School of Management, University of Michigan – Flint, Flint, Michigan, USA)
Citation:Thomas Hemphill, (2010) "The “creative capitalism” corporate governance model: How radical an approach to modern capitalism?", International Journal of Law and Management, Vol. 52 Iss: 2, pp.110 - 123
Keywords:Capitalist systems, Corporate governance, Globalization, Innovation, Multinational companies, Poverty
Article type:Conceptual paper
DOI:10.1108/17542431011029415 (Permanent URL)
Publisher:Emerald Group Publishing Limited
Abstract:

Purpose – The purpose of this article is exploratory; to evaluate the arguments for “creative capitalism” as a viable market alternative, i.e. corporate governance model, for MNCs in lieu of the capitalist model under which they presently operate.

Design/methodology/approach – The paper will first explore the attributes making up the creative capitalism model; second, compare the core attributes of capitalism to Gates' conception of creative capitalism; third, analyze how creative capitalism fits (or does not fit) within the concepts of global corporate citizenship; fourth, present arguments for creative capitalism to be considered as a viable economic opportunity for MNCs and review the latest management strategy frameworks available for implementation; and lastly, summarize the article's major arguments and offer conclusions on the viability of creative capitalism in the global economy.

Findings – When compared to the essential components of capitalism and the expansion of government interference in the marketplace, creative capitalism does little more than advocate for national governments to offer financial and related incentives encouraging corporations to develop innovative solutions for alleviating poverty.

Practical implications – For managers, this paper provides insights not emphasizing a “fortune at the bottom of the pyramid”, but profit opportunities available to innovative multinational corporations willing to search for profit opportunities in less developed countries.

Originality/value – This is a seminal, exploratory evaluation of Bill Gates' concept of “creative capitalism” and applies previous researchers' state-of-the-art management frameworks, including the Corporate Citizenship Model and the Strategic CSR Approach, to his proposed governance model.



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