Fast Future by Burstein David D

Author:Burstein, David D. [Burstein, David D.]
Language: eng
Format: azw3
ISBN: 9780807044704
Publisher: Beacon Press
Published: 2013-02-11T16:00:00+00:00

NEW MODELS FOR NEW TIMES

The financial crisis, with its extreme and economic consequences, as well as the personal, political, and moral questions it triggered, accounts for part of the movement by Millennials away from a focus on traditional business and financial jobs, but it is just one of several factors. Given the desire among many Millennials to “make a difference,” some have come to see business in a new light. Michael Fertik, the founder and CEO of ReputationDefender, a company that aims to help people and businesses manage and alter their representation on the Internet, described the new conceptualization of capitalism in the Millennials’ minds: “The Lehman cataclysm and the Great Recession have already made their imprint on the entry-level workforce. There’s been a turnaround in the culture of the graduating classes.” The Millennials, he adds, “tend to view capitalism as imperfect but damn good, and their trust in merit-based systems and their first- and second-hand observations of successful entrepreneurship reinforce their basic belief in the intelligence of the market and the moral success of capitalist rewards for hard work and good insights.”35 Millennials have envisioned new models that emphasize business as a path to social change, or at least as a way to create positive, meaningful changes in the world as a byproduct of for-profit business. Partly as a result of Millennial values and influences in the society as a whole, there are three distinct new trends in how business and social values are being combined and integrated: more “traditional” companies are incorporating social good and social values into their mission. Young companies are incorporating social values into their business and embracing the “second bottom line” of social impact. And newly formed companies, often founded and run by Millennials, are imbuing social values into their products and purpose from day one. These three trends make up core components of the Millennial approach to business, which we can describe as twenty-first-century capitalism. It’s not a rejection of capitalism as we’ve traditionally known it, but neither is it complete acceptance. Rather, it is the Millennial Generation’s pragmatic, idealistic response to the realities and resources of our world, the unavoidable impressions and experiences of capitalism we have experienced in our lifetimes, and our own hopes and desires for change.

Business involvement in philanthropic efforts has a history that dates back to the Rockefeller and Carnegie families in modern times and even back to the Medicis half a millennium ago. For decades it has been common for businesses to donate to community needs, sponsor charity events, and contribute directly to causes from cancer research to building schools. In the late 1970s, “cause marketing” began to take shape. One of the earliest such efforts was a partnership between Marriott’s Great America amusement park in California and the March of Dimes, a not-for-profit working to improve infant and maternal health.36 The partnership generated publicity for the amusement park, which was opening at the time, and raised money for the March of Dimes. The term “cause marketing”

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