Caux Round Table for Moral Capitalism's 2019 Global Dialogue

Caux Round Table for Moral Capitalism
2019 Global Dialogue Three Paradigms for the Global Economy:
 Nationalized Socialism, Brute Capitalism or Moral Capitalism — November 22 and 23, 2019, 
Minneapolis, Minnesota The Caux Round Table for Moral Capitalism’s (CRT) 2019 Global Dialogue “Three Paradigms for the Global Economy: Nationalized Socialism, Brute Capitalism or Moral Capitalism?” will be taking place on Thursday, November 21st through Saturday, November 23rd in Minneapolis, Minnesota and you are invited to join us. In one sense, we will be looking at the question of power, not economics alone: power of the state, power of the firm, power of markets and power of individuals. But the use of power necessarily invokes values: how shall power be used? Cui bono? Time Magazine had a cover story on the “crisis” of capitalism. The Business Roundtable just issued a new and, to many, an uncomfortable and provocative statement on the purpose of a corporation. The Financial Times is starting to write about Moral Money. Our colleagues in The Netherlands proposed a new annual impact statement for companies. The CRT is convening round tables to re-think how best to value a business. Contemporary capitalism, due to its excessive creation of financial means – money and credit – has upset a healthy balance among its various means and ends. Imbalances always degrade systemic sustainability. Moderation and self-correction are the hallmarks of sustainable equilibrium, the service in due proportion of all parts of the system. Health, well-being and flourishing depend on balance and prevention of excess. This was the insight of Aristotle, of Old Testament guidance to “have mercy, do justice, and walk humbly with Thy God,” of the Middle Path of the Buddha, of the Chinese concept of the Tao and of the Qur’an’s guidance not to “transgress the balance (Mizan).” Our present dynamics of capitalism underserve the biosphere which sustains our civilization, the natural capital upon which human happiness depends and our social capital by facilitating divisive politics and a narcissistic hedonism. The problem before us is not capitalism, but maldistribution of power among its component capitals. We do not properly value financial, social, human, intellectual, moral and natural capitals. Financial capital is overvalued, while the other capitals necessary for well-being are undervalued. One alternative for global capitalism – brute capitalism – is to continue with overvaluation of financial capital. A second is nationalized socialism, the provision by the state of entitlements without commanding the means of production or assuming responsibility for the making of wealth. The third alternative is a moral capitalism which balances financial capital with social and human capitals and preserves markets and constitutional government as reciprocal checks on abuses of power, both public and private. Paul Polman, Chairman of the International Chamber of Commerce and former CEO of Unilever, will speak to us at lunch on November 22nd. We invite you to join us with your ideas, recommendations, concerns and observations. Seating is limited. Get your tickets today! Suggested Nearby Lodging: The Westin Minneapolis Crowne Plaza Minneapolis NorthStar Downtown W Minneapolis – The Foshay The Marquette Hotel, Curio Collection by Hilton 2019 Global Dialogue AGENDA (draft) November 21: Opening Dinner  November 22:  Welcome Keynote Session 1: The Purpose of a Corporation: Stakeholders or Shareholders? Session 2: Financial Intermediation – Capitalism’s Dr. Jekyll or Mr. Hyde? Lunch: Session 3: Social and Human Capitals Session 4: Valuation  November 23: Session 5: The predicates for Moral Capitalism – Moral Sense theory and reality; an exercise in design thinking Session 6: The Green New Deal and Responsible Sustainability Lunch Session 7: Populist/Nationalism and Ethics – a Challenge for the Global Community?  Session 8: Reflections and conclusions Closing Dinner