Summary
Jerry Baker introduces Professor Michael Porter from Harvard Business School to discuss the concept of creating shared value in society, which goes beyond traditional corporate social responsibility. They explore the three buckets approach in creating shared value within companies, focusing on product, supply chain, and business ecosystem. The video compares traditional CSR practices with shared value procurement, emphasizing improving supplier incomes and sustainability. Additionally, it discusses the role of financial institutions, government policies, and ethical practices in promoting shared value in the economy.
Introduction
Jerry Baker, the deputy editor-in-chief of the Wall Street Journal, introduces Professor Michael Porter of the Harvard Business School.
Corporate Social Responsibility
Discussion on the concept of corporate social responsibility and creating shared value in society.
Rethinking CSR
Comparison of traditional corporate social responsibility with the idea of creating shared value and reengineering business models.
Business-Specific Practices
Exploration of how different companies can practice corporate social responsibility uniquely.
Three Buckets Approach
Explanation of the three buckets approach in creating shared value within companies, focusing on product, supply chain, and business ecosystem.
Procurement Comparison
Comparison of traditional CSR procurement practices with shared value procurement focusing on improving supplier incomes and sustainability.
Financial Institutions Example
Discussion on how financial institutions can approach creating shared value and the importance of ethical practices.
Government and Economy
Exploration of the role of government and policies in promoting shared value practices in the economy.
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