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Fostering Value & Virtue in Business & the Economy

Fostering Value & Virtue in Business & the Economy

About this Workstream

Globalisation and atomisation of markets and culture have detached businesses from those whom they seek to serve: their employees, consumers, communities and supply chains. Businesses have become governed by short-term economic value rather than by a longer term economic and social purpose. Shareholders no longer participate in discerning and implementing the core purpose of the enterprise that they have invested in. The separation between capital and labour has detached employees from a corporate ethos and a transformative financial and personal reward.

Businesses have quantified their engagement with society solely through financial transaction and a denuded form of corporate social responsibility. As a result, trust between businesses and society is at an all-time low, which is eroding a vital and mutually profitable relationship.

Businesses need to re-discover their corporate and social purpose, and to become a ‘force for good’ in society. They need to re-build trust and restore transparency, respect and honour in their governance and practice. They must meaningfully engage with their supply chains, shareholders, communities and employees, and invest in long-term goals rather than short-term gains. Moreover, being a good business doesn’t mean bad business: on the contrary, the very reverse holds true. For restoring purpose and value generates greater participation, engagement and respect from both employees and consumers, which in turn, tends to increase morale, hard work, collaboration and a genial spirit of competition that favours the sustaining of an expanded profitability. Indeed, greater trust and cooperation fosters more innovation and productivity growth on which thriving businesses ultimately depend. It is the solid firms, meeting human needs with some measure of respect for their humanity, which tend to prosper over the longer term.

Britain’s Global Future: the diplomatic impact of UK civil society
12th July 2017

ResPublica is launching its latest report on British soft power and the vital role of institutions in British foreign policy. It explores the unique position...

True North 2016: Realising the Northern Powerhouse
8th July 2016

On Friday 8th July, ResPublica’s inaugural North conference Finding True North hosted over 250 leaders from across the North at the beautiful Lowry Theatre, Salford....

In Professions We Trust
14th July 2015

ResPublica invites to you the launch of its latest report: In Professions We Trust: Fostering virtuous practitioners in teaching, law and medicine. This report will...

Virtue in Education: Character, Non-Cognitive Skills, and K-12 Education
4th June 2015

ResPublica’s Director, Phillip Blond, will be speaking to an education conference in New York, hosted by the Jubilee Foundation. The event will see a preview...

Virtuous Banking: Placing ethos and purpose at the heart of finance
29th July 2014

On Tuesday 29th July 2014 at the Financial Times, ResPublica will be launching its latest report: Virtuous Banking: Placing ethos and purpose at the heart...

ResPublica’s Holistic Mission report scheduled for debate in the House of Lords
29th October 2013

ResPublica is pleased to announce that its recent report, Holistic Mission: Social action and the Church of England, has been scheduled for debate in the...

The Future of the Press: Does hyperlocal deserve the hype?
12th February 2013

Local newspapers play an important social role in our communities, reporting on local issues which would otherwise go unnoticed by the national press and holding...