Christopher Marquis, Sinyi Professor of Chinese Management at Cambridge, discusses how businesses privatize profits and socialize costs. They explore the societal impact of corporations shifting environmental and social costs. The conversation delves into the challenges of operating in the US-China business landscape amidst rising tensions and the need for companies to be held accountable for their actions.
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Quick takeaways
Businesses must be accountable for societal costs and promote regenerative models for sustainable practices.
US-China tension prompts reevaluation of Chinese exposure and supply chain diversification to mitigate risks.
Deep dives
Specialized Insurance Solutions at The Hartford
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Western Engagement with China's Business and Politics
The tension between the US and China reflects a shift in US policy towards China, prompting a tough stance due to significant national security concerns. Despite global companies maintaining business ties with China, there is a growing emphasis on reevaluating Chinese exposure and diversifying supply chains to mitigate long-term risks. China's economic challenges and uncertainties indicate potential shifts in business strategies away from overreliance on the Chinese market.
Regeneration and Accountability in Business Practices
Addressing social and environmental costs in business, the concept of regeneration aims to create positive impacts rather than just mitigating harm. Christopher Mark Chris highlights the importance of businesses being accountable for the societal costs they impose and the need for systemic changes in economic policies and market practices. By promoting regenerative business models, companies can align profit motives with sustainable practices and social responsibility, fostering a more holistic approach to corporate accountability.