Publishers Weekly
06/15/2020
Investors O’Leary and Valdmanis debut with a well-informed and idealistic call for a more ethical version of capitalism. The authors identify two competing visions for the American economy—a short-term profit-driven model in which corporations are beholden only to shareholders versus a stakeholder framework in which the concerns of customers, employees, and local communities are taken into account—and contend that the true measure of capitalism is its ability to lift people out of poverty. Distinguishing genuine corporate social responsibility from marketing initiatives, O’Leary and Valdmanis praise pharmacy chain CVS for banishing tobacco products from its stores in 2014—a move that cost the company billions in sales but aligned with its core values as a health-care business. The authors highlight the attempted 2019 takeover of newspaper publisher Gannett by hedge fund Alden Global Capital as an example of the threat unfettered capitalism poses to journalism, and advocate for people to use their votes, labor, and consumer choices to encourage conscientious behavior in corporations. Though the idea that Fortune 500 companies can be nudged to self-regulate will strike many readers as overly optimistic, O’Leary and Valdmanis offer an astute record of American capitalism’s best and worst qualities. Business owners and MBA students will value this helpful guide. Agent: Alice Martell, Martell Agency. (Aug.)
From the Publisher
A well-informed and idealistic call for a more ethical version of capitalism. . . . O’Leary and Valdmanis offer an astute record of American capitalism’s best and worst qualities.” — Publishers Weekly
“Thought-provoking and insightful, Accountable offers a pragmatic and original roadmap to transform capitalism into a system that’s more inclusive, sustainable, and just. More than ever before, this is the book our economy needs.” — Dr. Rajiv J. Shah, President of The Rockefeller Foundation
“If we don't contend with climate change, inequality, and the generational challenges tearing at our democracy, we will destroy our economy. Accountable offers a different vision. Unwilling to settle for easy answers or superficial changes, O'Leary and Valdmanis push us all to ask more of our economic system.” — United States Senator Michael F. Bennet
“If we want to save free market, enterprise economics and all the benefits it brings, we have to reform capitalism and the way corporations behave. The authors do a great job in explaining that this is not a wealth-bashing, negative agenda but a positive and exciting one. Business doing good is good business—and this book puts that beyond doubt.” — David Cameron, former Prime Minister of the United Kingdom
“Accountable takes a fresh look at a fundamental question of capitalism—whose interests should corporations serve. Its call for collective action by consumers, workers, and investors to reorient corporate behavior may foretell the next decade.” — Jonathan Levin, Dean of Stanford Graduate School of Business
“Accountable reminds us that today’s short-termism is as dangerous for corporations as it is for the world and uses a combination of great stories and thoughtful analysis to suggest that we must find a way to change the purpose of our corporations if we are to build a society that works for all of us. I enjoyed it enormously." — Rebecca M. Henderson, John & Natty McArthur University Professor at Harvard University
“Even most capitalists know that capitalism, as practiced in the United States in recent decades, has a lot to answer for. O’Leary and Valdmanis have given us thoughtful, well researched and compelling ways to rethink how to assure that prosperity and fairness are linked.” — Deval Patrick, Former Massachusetts Governor
“Accountable presents a fresh, balanced, highly readable and deeply informed case for how the pursuit of sustained financial success and the exercise of social responsibility to employees, consumers and society not only can—but must—go hand in hand if we are to have the world we seek in the future. I learned a lot.” — John Pepper, former Chairman and CEO of P&G
“Accountable is striking in its clarity and insights borne from the authors' experience as investors on the frontlines of capitalism's excesses and potential. The case studies of some of the best-known companies and investors don't pull punches while offering tangible examples of the changes in culture and rules of the game required for a new type of capitalism.” — Daniella Ballou-Aares, CEO and Co-Founder of the Leadership Now Project
“Solving our biggest social and environmental problems means reshaping the role that businesses play in our society. This informative book addresses the challenges we face in achieving this crucial transformation.” — Sir Ronald Cohen, Chair GSG (Global Steering Group for Impact Investment)
“In today’s reality, business represents a picture of dysfunctionality, of excesses benefitting the few, of gross injustice. Tomorrow’s business leaders have an obligation to create a different reality reflecting our better hopes and inspirations. Accountable takes you on that journey. It’s a wonderful trip.” — Peter Georgescu, Chairman Emeritus of Young & Rubicam
“For decades the dominant view has been that the purpose of companies is to make money for their shareholders. No more. Combining compelling examples and analytical insights, O’Leary and Valdmanis explain why the world is changing and provide a roadmap for how shareholders and citizens can and must transform the corporate landscape to save capitalism from itself.” — Oliver Hart, Harvard University, Nobel Laureate in Economics, 2016
“The issues posed could not be more topical or provocative. The coronavirus pandemic has catapulted capitalism into the future, where we need new and better answers to the crucial questions: “What matters most in our society? How should we organize work to support those priorities? And what’s a fair way to pay people for their contributions?” Accountable offers a fresh and compelling perspective on these questions.” — David Roux, founder of Silver Lake
“The authors have been at the forefront of thinking on how markets and business can better serve society for many years. Accountable captures not only the history that underpins modern-day corporate purpose, but its present and future. The central message—that capitalism can and must be part of the solution to society’s greatest challenges—has never been more important.” — Martin Whittaker, CEO of JUST Capital
Daniella Ballou-Aares
Accountable is striking in its clarity and insights borne from the authors' experience as investors on the frontlines of capitalism's excesses and potential. The case studies of some of the best-known companies and investors don't pull punches while offering tangible examples of the changes in culture and rules of the game required for a new type of capitalism.
Sir Ronald Cohen
Solving our biggest social and environmental problems means reshaping the role that businesses play in our society. This informative book addresses the challenges we face in achieving this crucial transformation.
Jonathan Levin
Accountable takes a fresh look at a fundamental question of capitalism—whose interests should corporations serve. Its call for collective action by consumers, workers, and investors to reorient corporate behavior may foretell the next decade.
United States Senator Michael F. Bennet
If we don't contend with climate change, inequality, and the generational challenges tearing at our democracy, we will destroy our economy. Accountable offers a different vision. Unwilling to settle for easy answers or superficial changes, O'Leary and Valdmanis push us all to ask more of our economic system.
Deval Patrick
Even most capitalists know that capitalism, as practiced in the United States in recent decades, has a lot to answer for. O’Leary and Valdmanis have given us thoughtful, well researched and compelling ways to rethink how to assure that prosperity and fairness are linked.
Rebecca M. Henderson
Accountable reminds us that today’s short-termism is as dangerous for corporations as it is for the world and uses a combination of great stories and thoughtful analysis to suggest that we must find a way to change the purpose of our corporations if we are to build a society that works for all of us. I enjoyed it enormously."
Dr. Rajiv J. Shah
Thought-provoking and insightful, Accountable offers a pragmatic and original roadmap to transform capitalism into a system that’s more inclusive, sustainable, and just. More than ever before, this is the book our economy needs.
John Pepper
Accountable presents a fresh, balanced, highly readable and deeply informed case for how the pursuit of sustained financial success and the exercise of social responsibility to employees, consumers and society not only can—but must—go hand in hand if we are to have the world we seek in the future. I learned a lot.
David Cameron
If we want to save free market, enterprise economics and all the benefits it brings, we have to reform capitalism and the way corporations behave. The authors do a great job in explaining that this is not a wealth-bashing, negative agenda but a positive and exciting one. Business doing good is good business—and this book puts that beyond doubt.
David Roux
The issues posed could not be more topical or provocative. The coronavirus pandemic has catapulted capitalism into the future, where we need new and better answers to the crucial questions: “What matters most in our society? How should we organize work to support those priorities? And what’s a fair way to pay people for their contributions?” Accountable offers a fresh and compelling perspective on these questions.
Oliver Hart
For decades the dominant view has been that the purpose of companies is to make money for their shareholders. No more. Combining compelling examples and analytical insights, O’Leary and Valdmanis explain why the world is changing and provide a roadmap for how shareholders and citizens can and must transform the corporate landscape to save capitalism from itself.
Peter Georgescu
In today’s reality, business represents a picture of dysfunctionality, of excesses benefitting the few, of gross injustice. Tomorrow’s business leaders have an obligation to create a different reality reflecting our better hopes and inspirations. Accountable takes you on that journey. It’s a wonderful trip.
Martin Whittaker
The authors have been at the forefront of thinking on how markets and business can better serve society for many years. Accountable captures not only the history that underpins modern-day corporate purpose, but its present and future. The central message—that capitalism can and must be part of the solution to society’s greatest challenges—has never been more important.
null United States Senator Michael F. Bennet
If we don't contend with climate change, inequality, and the generational challenges tearing at our democracy, we will destroy our economy. Accountable offers a different vision. Unwilling to settle for easy answers or superficial changes, O'Leary and Valdmanis push us all to ask more of our economic system.
Kirkus Reviews
2020-05-14
Insights about how to restructure American capitalism to better benefit society.
O’Leary, a former economic policy adviser and founder of Bain Capital’s social impact fund, and Valdmanis, the former managing director of that fund, join forces to evaluate an economy that is distressingly dominated by corporations “accountable to nothing but the bottom line.” Though the authors celebrate the prosperity achieved by a capitalistic economic system, they also note the downsides and present achievable methods to alter corporations’ “explicit amorality” in the interests of humanitarian efforts. After a short history of capitalism and the greed-based concept of fiduciary absolutism, the authors analyze the potential for corporations to channel their power toward more philanthropic and ethical consumer concerns. It won’t be easy. As they note, this purposeful restructuring will require a high level of commitment to employees, customers, and the communities they serve. Indeed, the corporate balancing act between profitability and humanitarianism has become one of the greatest challenges for corporate strategists. The authors also skillfully appraise the worthiness of divestment strategies and the rise of lucrative impact investing, which “straddles the worlds of philanthropy and private equity.” We meet a variety of enterprising CEOs, academics, investors, and business leaders—from startups to Fortune 500 companies—eager to share their blueprints for success. In the closing chapters, both persuasive and enthusiastic, O’Leary and Valdmanis outline three proposals for creating “corporations that reflect our values.” One of their case studies is Etsy, a company in which accountability is the lynchpin in an endeavor the authors describe as a journey to “build an economy that generates prosperity without peril.” An illuminating teaching tool for readers new to the nuances of the American economic climate, as well as seasoned economists eager for an update, this is a trenchant text on how capitalism has warped over time—and why it is time for a much-needed structural change.
A sharp, ethically sound endorsement for capitalist reformation.
