Towards a more 'ethically correct' governance for economics sustainability

Publisher:
Springer
Publication Type:
Journal Article
Citation:
Journal of Business Ethics, 2013, 118 (3), pp. 655 - 666
Issue Date:
2013-01
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In this paper, we propose that economic sustainability is seen in terms of (inter-temporal and international) value creation. We claim that value appropriation (or capture), can become a constraint to economic sustainability. We propose that for sustainable value creation to be fostered, corporate governance needs to be aligned to public and supra-national governance. In order to achieve this, a hierarchically layered set of `agencies, needs to be diagnosed and the issue of incentive alignment addressed. Enlightened self-interest, pluralism and diversity, as well as a representative supra-national organisation for worldwide economic sustainability can serve as a new, more `ethically correct governance for economic sustainability, but not a panacea.
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