Governing Value Creation: New Policy and Organizational Approaches for the Global Economy

The final chapter concludes the volume by combining the different agendas that other chapters have explored with some practical ideas for next steps forward. The starting point is to note a dual role of corporations within political economies: they are both market actors and simultaneously very strong political actors who shape governance regimes to favour the interests of firms. The limitations of existing, voluntaristic, market-based approaches to CSR are analysed and alternative ways to govern corporations are considered. As capital has become more global, corporations' influence on public policy has grown disproportionately to that of other interest groups. Thus, in light of the recent and ongoing global finanical crisis, a multi-faceted approach to reforming global governance is needed to better align corporate behaviour with long-term societal interests. New ways of organizing and governing the creation of economic value in today's global economy are suggested.