Profit with Honor : The New Stage of Market Capitalism

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.

In 1936, twenty-year-old Edward Weismiller became the youngest poet to win the prestigious Yale Series of Younger Poets prize. Today, more than sixty years later, he retains that distinction. Yale University Press here reintroduces Edward Weismiller - now the oldest living Younger Poet - with the publication of his latest book of poetry. Weismiller’s is "a talent that has kept faith with itself and its sources," says W. S. Merwin, current judge of the Younger Poets Series.

In Walking Toward the Sun, youthful lyricism has given way to plainness of speech - even spareness. These poems are honest and unflinching, always striking in their prosody. They will remind some readers of Yeats, for they convey nobility in the face of old age, infirmity, and disappointment. Weismiller sings powerfully about a world of loss, but he is never grim or despairing. The poet in old age remains hopeful, open to possibility, and always aware of beauty in the smallest places.

Contents 7 Preface: Short Books and Their Authors 9 Introduction: How to Profit from the Scandals 17 Part I. Framing the Problem 39 I. The Wrong Way to Stop the Scandals 39 II. Screwed Again 50 III. Unenlightened Self-Interest 61 IV. Yesterday’s versus Today’s Ethical Norms 73 V. Two Incomplete Visions 85 Part II. Moving toward a New Stage of Market Capitalism through Stewardship Ethics 99 VI. Unpacking Stewardship Ethics 99 VII. The Vision of Stewardship Ethics 120 VIII. What to Do about Shareholder Value 135 IX. Restoring Gatekeeper Integrity 150 X. Hummer versus Hybrid 162 Appendix 187 Notes 189 Bibliography 193 Index 197 Discusses recent corporate scandals and details how companies can reverse the climate of mistrust by simultaneously emphasizing profit making and the importance of the care that they give to employees, customers, and society. The author of "Uniting America" reveals how the recent scandals in corporate America can provide the incentive--and momentum--to develop a new ethic of stewardship in business.