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Free the Fortune 500! Collaboration Between Business and Society

In: Futures Thinking and Organizational Policy, Volume 2

Author

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  • William E. Halal

    (George Washington University)

Abstract

American CEOs in recent years typically earned approximately 500 times their average worker’s pay; and during the 2020 pandemic, billionaires gained one trillion US dollars (which went largely to Jeff Bezos and Elon Musk). Reliance on the “invisible hand” of economics to form perfect markets is a beautiful theory but has limitations. Global threats (i.e., climate change, inequality, public health) are so dire that CEOs now realize they must help resolve these social problems by collaborating with their stakeholders. This case study describes a “revolution in business consciousness” that started in 2019 when the American Business Roundtable announced that corporations should end the age-old principle of shareholder primacy. Exemplary models of success are discussed that rely on forming collaborative stakeholder partnerships that solve strategic problems and create added value. Intra-organizational use of foresight and futures thinking are presented as measures taken by businesses as they move beyond a traditional focus on profits to a more human-centric model that serves both social interests and financial needs. The author concludes that corporations are the most influential institutions in the world, so this shift in economic consciousness can be revolutionary.

Suggested Citation

  • William E. Halal, 2024. "Free the Fortune 500! Collaboration Between Business and Society," Springer Books, in: Deborah A. Schreiber & Zane L. Berge (ed.), Futures Thinking and Organizational Policy, Volume 2, chapter 0, pages 157-181, Springer.
    • Handle: RePEc:spr:sprchp:978-3-031-55956-3_7
    DOI: 10.1007/978-3-031-55956-3_7
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