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This article focuses on the changing nature of market competition and on responsible business conduct on the global stage. The article explores the concept of creative capitalism and seeks to address whether or not corporate social responsibility (CSR) is better realized under creative capitalism. This study is conceptual in nature. While it identifies the forces that facilitate and sustain creative capitalism and strengthen executives’ commitment to CSR, it proposes a model that can enhance the possibility of a thriving CSR under creative capitalism. The article advocates that under creative capitalism it is more likely to easily channel executives’ passion into broad and purposefully driven endeavors; thereby strengthening executives’ capacity for understanding how CSR creates value both for their organizations and for society.
In this study, we attempt to address problems associated with the current model of capitalism practiced in the United States and aggressively promoted to other nations. The problems, be they repeated economic crises, inequalities, and scandals, are well rooted in this prevailing capitalism system. This has induced several CEOs to look for a practical form of capitalism that creates value for shareholders, while adapting to societal demands and priorities, i.e., creative capitalism. The article highlights the major building blocks of creative capitalism and underscores the nature of competition and the necessity for CSR. The model that has been introduced provides a safeguard for enhancing corporations’ responses to social changes and ensuring a sense of responsibility in the marketplace.
The article, too, provides implications for managers and scholars. These implications are driven by the fact that there are several profound changes taking place in society and the business world. While both enablers and sustainers factoring in the building blocks recognize the dialectic relationship between corporations and societies, managers have to guide their companies to playing a significant role in making people’s lives better to safeguard the welfare of future generations. Likewise, scholars have to grasp the fact that both their role in society and their responsibility to their fields require active participation in recognizing emerging developments and providing theoretical reasoning that enable business people to understand and meet societal interests.