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In
an evolutionary age for business, the former chair and
CEO of
The Coca-Cola Company envisions a new model
for
business. It’s called “connected capitalism.”
Neville Isdell has a bone to pick with Milton Friedman. In a famous
essay for the New York Times magazine in 1970, Friedman argued that
business has no other responsibility than to make money. Isdell, former
chairman and CEO of The Coca-Cola Company, believes that approach no
longer works.
“The old ways of doing business and the old measures of business
success are inadequate for the world of the 21st century,” Isdell
recently told an audience at the Robinson College of Business, where he
is a member of the Business Hall of Fame. In a time where the rules of
capitalism are being rewritten, Isdell envisions a new model for
business to prosper, one he calls “connected capitalism.”
Connected capitalism is a way for business to reestablish links with
society and communities, and Isdell will return to the Robinson College
this fall to lead discussions about the
new approach with business leaders from around the world.
He sees connected capitalism as broader and deeper than traditional
philanthropy. It goes beyond supporting a good cause that may be the
pet project of the current CEO to supporting societal needs that connect to and have a direct impact on the
footprint and strategy of a particular business.
“Capitalism has always evolved,” Isdell says. “It moved from an
agrarian economy to the Industrial Revolution. In the last century, it
developed into a truly global trading system.
The philosophical underpinnings of open markets, free trade, and
allowing for creative ventures are still valid. However, capitalism is
evolving again.”
Continued on next page
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