Profit with Honor: The New Stage of Market Capitalism

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Yale University Press, Oct 1, 2008 - Business & Economics - 208 pages
This wise and optimistic book examines the rampant scandals that plague American corporations today and shows how companies can reverse the resulting climate of mistrust. By seizing the opportunity to address some of the nation’s—and the world’s—most serious problems, business can strengthen its reputation for integrity and service and advance to a new stage of ethical legitimacy. Daniel Yankelovich, a social scientist and an experienced member of the corporate boardroom, describes the toxic convergence of cultural and business trends that has led inexorably to corporate scandals. Yet he offers reassurance that opportunity exists for positive change. Creative business leaders can advance market capitalism to its next stage of evolution, building upon business norms that simultaneously emphasize the legitimacy of profit making and the importance of the care that companies give to employees, customers, and the larger society.The book asserts that American culture has abandoned its old tradition of enlightened self-interest, of “doing well by doing good.” A narrow legalism has taken over (“I didn’t break the law; therefore I didn’t do anything wrong”). Yankelovich argues that attempts to deal with such flawed ethical norms by means of more laws and regulations cannot succeed. He offers a series of case histories to show how and why stewardship ethics can strengthen individuals, corporations, the nation, and the world economy.

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Profit with honor: the new stage of market capitalism

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Social scientist Yankelovich (Uniting America) is a policy-minded pollster who has served on the boards such companies as CBS, ETS and US West. Here he takes stock of Enron, WorldCom, Tyco, Adelphia ... Read full review


How to Profit from the Scandals
Part I Framing the Problem
Part II Moving towarda New Stage of MarketCapitalism throughStewardship Ethics
Daniel Yankelovichs Directorships and Trusteeships

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About the author (2008)

Daniel Yankelovich was born in Boston, Massachusetts on December 29, 1924. During World War II, he served in the Army. He received a bachelor's degree in 1946 and a master's degree in 1950 from Harvard University. After two years in Paris studying at the Sorbonne, he returned without a doctorate and went to work for a market research firm. He spent six years learning the ropes. He was a pollster, author, and public opinion analyst who mirrored the perceptions of generations of Americans about politics, consumer products, and social changes. In 1958, he founded Daniel Yankelovich Inc. His studies of American youths became the basis for a 1969 CBS television news special entitled Generations Apart. The company became Yankelovich, Skelly and White in 1974. Even when Saatchi and Saatchi, the advertising agency, later bought the company, Yankelovich remained chairman until 1986. He went on to form a new firm, Daniel Yankelovich Group. He wrote several books including New Rules: Searching for Self-Fulfillment in a World Turned Upside Down, Coming to Public Judgment: Making Democracy Work in a Complex World, The Magic of Dialogue: Transforming Conflict Into Cooperation, and Profit with Honor: The New Shape of Market Capitalism. He and I. M. Destler edited a collection of essays entitled Beyond the Beltway: Engaging the Public in U.S. Foreign Policy. He died from kidney failure on September 22, 2017 at the age of 92.

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