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Beyond Shareholder Primacy: Remaking Capitalism for a Sustainable Future
This remarkable book is a call to consciousness―and action―for individuals, organizations, communities, and nations. Beyond Shareholder Primacy argues that our current Milton Friedman–style "shareholder primacy capitalism," as taught in business schools and embraced around the world, has become dangerous for society, the climate, and the planet. And it's economically unnecessary. But there are surprising reasons for hope―from the history of capitalism itself. Beyond Shareholder Primacy argues that capitalism has reformed itself twice before and is poised for a third major reformation. Retelling the origin story of capitalism from the fifteenth century to the present, Hart argues that a radically sustainable, just capitalism is possible, and even likely, in our lifetime. Hart goes on to describe what it will take to move beyond capitalism's present worship of "shareholder primacy," including reforms to all major economic institutions. A key requirement is eliminating the "externalities" (or collateral damage) of our current shareholder capitalism. Sustainable capitalism will explicitly incorporate the needs of society and the planet, include a financial system that allows leaders to prioritize the planet, reorganize business schools around sustainable management thinking, and enable corporations not just to stop ignoring the damage they cause, but actually begin to create positive impact.
392 pages, Hardcover
Published April 9, 2024
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Displaying 1 - 4 of 4 reviews
May 21, 2025
I'm one of Stu's students, and it took me months to get through this book, which gives you a sense of its wordiness, profuseness of business/sustainability jargon, and general disjointedness.
In the first section, Stu gives his own take on the evolution of capitalism (and all its associated isms and philosophies). Let me just say that Stu is not a historian, and thus does not provide the in-depth detail necessary to give credence to his take on events. Also, ala Yuval Harari, he attempts to create a very general and overarching narrative: capitalism progresses through 3 stages in his view. Whether capitalism goes through 3, 5 or 100 stages is hotly debated, and who can really agree on which these are. This week historicism is important, because he uses these "transformations" as an important element in his appeal for a new "transformation" later in the book.
The second section is more traditional Hart territory, and his writing becomes much more comfortable. In this part, he provides his frameworks and case studies for what "sustainable capitalism" could and should look like. At first, these are only very lightly linked to the first section, but he does try to tie it all together at the end.
For me, the more important question is not if his frameworks are "right" (which no framework is in its entirety) but whether they will have any traction, will anyone engage with them and try to employ them? Will they guide human behavior at scale? Unfortunately, I don't think they will for two reasons: complexity and reach.
Generally, Stu works very hard to gain internal coherence within his frameworks, but this leads to them becoming somewhat complex (bunch of new terms) and/or general/ambiguous. The world doesn't need a new set of terms such as "corporate quests", "business aspirations", and "foundational goals" that mean different things to different people. If you need a whole book to explain what your model means, then it's too complicated.
Secondly, few people are even going to engage with this given that the full model is hidden in the final chapter of a minor business book. Unfortunately, books are no longer the best way to promote ideas and get them into action.
Other idiosyncracies include: (1) the belief that business will/has to the solution to the sustainability crisis, (3) that business school education has been a driving factor in "shareholder supremacy" and (2) that business leaders are who has to be convinced/trained. I believe these are more a prior for Stu than a logical conclusion.
While the above commentary may seem harsh, I do recommend you read the book. It has taken Stu his whole career to come to the realization that business and capitalism as we practice them are the drivers of unsustainability, and that we cannot become sustainable with "win-win solutions" and innovation, or without governmental, political, and policy changes, and he owns it here. I doubt that business will be the "catalyst" that leads to sustainable capitalism, or that suddenly the majority of business leaders will get religion and forsake shareholder primacy, but we need all the hail marys we can get at this point.
In the first section, Stu gives his own take on the evolution of capitalism (and all its associated isms and philosophies). Let me just say that Stu is not a historian, and thus does not provide the in-depth detail necessary to give credence to his take on events. Also, ala Yuval Harari, he attempts to create a very general and overarching narrative: capitalism progresses through 3 stages in his view. Whether capitalism goes through 3, 5 or 100 stages is hotly debated, and who can really agree on which these are. This week historicism is important, because he uses these "transformations" as an important element in his appeal for a new "transformation" later in the book.
The second section is more traditional Hart territory, and his writing becomes much more comfortable. In this part, he provides his frameworks and case studies for what "sustainable capitalism" could and should look like. At first, these are only very lightly linked to the first section, but he does try to tie it all together at the end.
For me, the more important question is not if his frameworks are "right" (which no framework is in its entirety) but whether they will have any traction, will anyone engage with them and try to employ them? Will they guide human behavior at scale? Unfortunately, I don't think they will for two reasons: complexity and reach.
Generally, Stu works very hard to gain internal coherence within his frameworks, but this leads to them becoming somewhat complex (bunch of new terms) and/or general/ambiguous. The world doesn't need a new set of terms such as "corporate quests", "business aspirations", and "foundational goals" that mean different things to different people. If you need a whole book to explain what your model means, then it's too complicated.
Secondly, few people are even going to engage with this given that the full model is hidden in the final chapter of a minor business book. Unfortunately, books are no longer the best way to promote ideas and get them into action.
Other idiosyncracies include: (1) the belief that business will/has to the solution to the sustainability crisis, (3) that business school education has been a driving factor in "shareholder supremacy" and (2) that business leaders are who has to be convinced/trained. I believe these are more a prior for Stu than a logical conclusion.
While the above commentary may seem harsh, I do recommend you read the book. It has taken Stu his whole career to come to the realization that business and capitalism as we practice them are the drivers of unsustainability, and that we cannot become sustainable with "win-win solutions" and innovation, or without governmental, political, and policy changes, and he owns it here. I doubt that business will be the "catalyst" that leads to sustainable capitalism, or that suddenly the majority of business leaders will get religion and forsake shareholder primacy, but we need all the hail marys we can get at this point.
January 21, 2025
A beacon in a near-perfect storm. The greatest value I found in Professor Hart's masterpiece was not the blueprint that he lays out for how to remake the modern economy into one that would really underpin and generate sustainable life (for all species) on this planet. That is, clearly, its goal, and it succeeds admirably. It would be impossible to post more than a tantalizing preview here of how he makes a business practice book shine with almost spiritual, yet still very practical, themes like purpose and values that go to the heart of what all stakeholders really care about, instead of boilerplate platitudes.
All that would have been enough. But this book provides an education in history that was truly fascinating to this reader, starting with a view of Adam Smith's contributions (not at all what one imagines from the far-too-oft repeated “trickle-down” snippet, through politico-economic revolutions around the world, and placing the upheavals we have witnessed in our lifetimes in a far clearer context. (I had no idea just how damaging Milton Friedman's theories have been!)
I have worked in both large corporations (Hewlett-Packard) and startups, and championed sustainability using analyses and data from many sources. I wish I had had this book when I was more active. (But I'll still find uses for it!)
Thank you, Stu! I like to repeat the aphorism that “There's always hope,” but with this sort of work one has proof.
All that would have been enough. But this book provides an education in history that was truly fascinating to this reader, starting with a view of Adam Smith's contributions (not at all what one imagines from the far-too-oft repeated “trickle-down” snippet, through politico-economic revolutions around the world, and placing the upheavals we have witnessed in our lifetimes in a far clearer context. (I had no idea just how damaging Milton Friedman's theories have been!)
I have worked in both large corporations (Hewlett-Packard) and startups, and championed sustainability using analyses and data from many sources. I wish I had had this book when I was more active. (But I'll still find uses for it!)
Thank you, Stu! I like to repeat the aphorism that “There's always hope,” but with this sort of work one has proof.
March 19, 2025
One sided but on my side so no complaints
Forceful, persuasive and captivating
Forceful, persuasive and captivating
December 16, 2025
Read for class this semester. Great Professor and the book was very well executed.
Displaying 1 - 4 of 4 reviews