£8.67 – £16.73

From maximising shareholder value to creating sustainable prosperity

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School of Economic Science

11-13 Mandeville Place

London

W1U 3AJ

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After Milton Friedman famously proposed that the sole purpose of business enterprises should be to maximise shareholder value in an article in the New York Times in September 1970, this theory became a truism and a driving force for the following decades. Now it is coming under increasing question with even the Financial Times recently publishing an article by Stefan Stern suggesting that ‘too narrow a focus on shareholder value can lead to disaster’. Professor William Lazonick will set out his view that this theory, rather than being a theory of value creation, is actually an ideology of predatory value extraction with deeply political origins and a key driver of inequality. But what should replace it? Professor Lazonick proposes an alternative, The Theory of Innovative Enterprise. Joe Zammit-Lucia, an entrepreneur, investor, and commentator will provide a response followed by open discussion.

Following the event, you are invited to stay for discussion with a complimentary glass of wine provided.

William Lazonick is Professor of Economics at University of Massachusetts Lowell, and President of the Academic-Industry Research Network. Previously, Lazonick was Assistant and Associate Professor of Economics at Harvard University, Professor of Economics at Barnard College of Columbia University, and Distinguished Research Professor at INSEAD in France. He has affiliations with SOAS, University of London; University of Ljubljana; and Institut Mines-Télécom in Paris. Lazonick earned a B.Com. at the University of Toronto, M.Sc. at London School of Economics, and Ph.D. in Economics at Harvard University. He holds honorary doctorates from Uppsala University and the University of Ljubljana.

His research focuses on the social conditions of innovation and economic development in advanced and emerging economies. His book Sustainable Prosperity in the New Economy? Business Organization and High-Tech Employment in the United States (Upjohn Institute 2009) won the 2010 Schumpeter Prize. His article, “Innovative Business Models and Varieties of Capitalism,” won the Henrietta Larson Award from Harvard Business School for best article in Business History Review in 2010 (he had previously won this prize in 1983). He received the HBR McKinsey Award for outstanding article in Harvard Business Review in 2014 for “Profits Without Prosperity: Stock Buybacks Manipulate the Market and Leave Most Americans Worse Off”.

Joe Zammitt-Lucia is co-Founder and Trustee of Radix - the think tank for the radical centre where he has authored papers on corporate governance, multiple aspects of Brexit and monetary policy. His primary interest is in the relationship between contemporary culture, politics and business.

An entrepreneur, investor, leadership advisor and commentator, he is an investor and Non-Executive Director in entrepreneurial ventures and advises senior business and institutional leaders on leadership in contemporary culture.

He writes on business and politics for The Huffington Post (UK), Het Financieele Dagblad (Netherlands), Die Achse Des Guten (Germany), The Guardian (UK), The Times of Malta (Malta) and The Stanford Review of Social Innovation (USA). He is co-author with David Boyle of A Radical Politics for Business and The Death of Liberal Democracy?.

He is a member of the Dean’s Advisory Board at the College of Arts, Sciences and Education at Florida International University, has acted as Special Advisor to the Director General at the International Union for Conservation of Nature, and serves on the board of non-profit organisations. He is a Fellow of the Royal Society of Arts.

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School of Economic Science

11-13 Mandeville Place

London

W1U 3AJ

United Kingdom

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