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A rich concept of wealth creation beyond profit maximization and adding value
Enderle, Georges
Enderle, Georges
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Abstract
The purpose of this paper is to take a fresh look at the concept of wealth creation that is urgently needed, given the huge gap between the global importance of wealth creation and the attention paid it. It is argued that its notion we encounter is often very simple (as in “making money”) or extremely vague (as in “adding value”). In the first part the need for a fresh look is highlighted by pointing to three concerns about globalization and the roles and responsibilities of corporations. In the second part a rich concept of wealth creation is developed that includes physical, financial, human, and social capital, encompasses private and public wealth, accounts for its production and distribution, recognizes its material and spiritual side, and places wealth in the time horizon of sustainability. Moreover, creating (wealth) as “making something new and better” is distinguished from possessing and acquiring, and different motivations required for wealth creation are explored. The third part discusses several challenges of this rich concept for the understanding of business ethics.
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Preprint
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2008
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With permission of the license/copyright holder