The New Capitalism. Chimera or Emergent Reality? Conference on Sustainability as Moral Responsibility and 28th Annual Conference and Global Dialogue

Transcription

1 The New Capitalism Chimera or Emergent Reality? The Caux Round Table presents Conference on Sustainability as Moral Responsibility and 28th Annual Conference and Global Dialogue Bangkok,Thailand October 10th - 12th, 2013

2 Event The 28th Caux Round Table Global Dialogue will respond intellectually to the changes in global capitalism over the last 15 years. The thesis put for discussion is that there is a New Capitalism emerging which rejects the premises of financial fundamentalism as it has reflected Social Darwinist ego-centrism. In the early years of the 21st Century traditional free market capitalism is in disrepute. Trust in business is low. Claims for entitlement outstrip the capacity of economies to finance government programs, encouraging demands for higher taxes on business income and wealthy property owners. Business does not have the moral high ground in public debates and cultural dispositions. But, a new form of capitalism is emerging that deserves more respect and appreciation. Its various modalities, spokespersons, and standards are diffuse and uncoordinated. Is it a real change in capitalism or just window-dressing hung here and there to please certain constituencies? The turning point towards a New Capitalism was the meltdown of credit markets in the fall of 2008, exposing financial fundamentalism to be both intellectually shallow in its theories of efficient markets and rational pricing and socially deficient in that it led to a great recession instead of enhanced wealth creation. The scale of New Capitalism activity and practices is dramatically more comprehensive than ever before: The OECD has issued guidelines for multinational enterprises and corporate governance and has sponsored the Busan Declaration on support for economic development; the European Union has adopted policies promoting corporate social responsibility; The International Standards Organization has promulgated ISO 26000; the Financial Standards Board has standards of high conduct for financial intermediation; the National Association of Corporate Directors has issued 10 principles of good corporate governance and the World Bank promotes good corporate governance as well; there are industry codes of ethical practice such as SA 8000 for factories, the Kimberly Process for diamonds, the Wolfsburg Principles for banks, the responsible care initiative of the chemical industry, the electronic industry code of conduct, the coffee industry code of conduct, a code for extractive industries, the jewelry industry code of conduct; many companies have adopted their own codes of conduct or values statements; the Global Reporting Initiative provides formats for reporting both financial and non-financial company information; civil society has evolved advocacy organizations: convention of Independent Financial Advisors, Business for Social Responsibility, Net Impact, CSR Europe, CSR Asia, European Association for Business and Society, Global Witness, Global Financial Integrity, Social Accountability International, International Society for Business, Ethics and Economics, among others; Rotary International has its 4 way test for ethical business practices; and wisdom traditions provide platforms for ethical analysis of markets and enterprise with Encyclicals of the Roman Catholic Church, Thailand s Sufficiency Economy ideals, Nepal s advocacy of Gross National Happiness, and Hans Kung s work on global ethics as examples. Subsequently, numerous similar initiatives have taken hold, making for a movement in new ways to make business-decisions: The United Nations has sponsored the Global Compact consistent with the Preamble to the Charter and the Universal Declaration of Human Rights and related principles of responsible investment and business education. It has sponsored the Millennium Goals, the Monterrey Consensus on economic development, and the Rio+20 recommendations for ecological sustainability of economic activities. Special Rapporteur John Ruggie has issued a statement on business and human rights; and an international convention has been adopted to eliminate corruption as a business practice. The Caux Round Table s 2013 Global Dialogue will center on and assess this emerging new capitalism. The role of the Caux Round Table is to provide capitalism with moral dignity, including the application of moral standards that transcend self-interest and serve a common good. The global vision of a moral capitalism was first set forth in the Caux Round Table 1994 Principles for responsible business. What the Caux Round Table started as an outlier with its 1994 Principles for Business has become a norm for free market capitalism. But, can the New Capitalism deliver with respect to climate change? Can it generate the wealth and growth needed to provide employment for hundreds of millions, especially youth? Can it sustain profits as costs for environmental sustainability and providing higher quality goods and services continue to rise? The Old Capitalism thrived in producing to scale so that prices to consumers dropped and dropped, raising living standards for everyone with market access, even the poor. Consider the effect of this kind of capitalism in places such as garment factories in Bangladesh. Taking advantage of meeting in Bangkok, the Global Dialogue will discuss the New Capitalism partially through the lens of Thai Buddhist values as suggested by His Majesty King Bumiphol Adulyadej as the Sufficiency Economy. Leading thinkers and business executives will join the dialogue to contribute from a Thai perspective. Buddhism as long noted by the Caux Round Table presents a sophisticated approach to sustainability, risk management, and corporate social responsibility. The Global Dialogue will also review and revise a Bangkok Declaration on the New Capitalism for subsequent presentation to the United Nations. The Caux Round Table s 28th Global Dialogue will go on record with comments and recommendations on many aspects of the New Capitalism. We invite you to assist in this endeavor.

3 Organizers CAUX ROUND TABLE Established in Caux, Switzerland, in 1986 and headquartered in St. Paul, USA, the Caux Round Table is an international network of business, academic and professional leaders working to promote a moral capitalism. The Caux Round Table s vision is for a free, fair and prosperous global society built on the twin pillars of moral capitalism and responsible government. The Caux Round Table works to promote and advance this vision through multiple methods of thought leadership and advocacy. The Caux Round Table has developed Principles for Responsible Business, Principles for Governments, Principles for NGOs, and Principles for Ownership of Wealth. These principles represent a path to sustainable and socially responsible prosperity and the Caux Round Table regularly and actively advocates for their implementation. The Caux Round Table s Arcturus Corporate Responsibility Assessment Survey provides companies with a 360-degree self-assessment of their corporate responsibility and sustainability performance. It enables companies to identify and prioritize environmental, social and governance risks and opportunities to enhance long-term business profitability and value. As a thought leader, the Caux Round Table regularly produces white papers and publishes a monthly newsletter, Pegasus, highlighting significant topics at the global intersection of business ethics and social responsibility. Caux Round Table leaders offer presentations at academic, governmental, and non-profit institutions around the world, while in St. Paul, the Caux Round Table regularly convenes round table conversations to delve into and debate topics of current relevance pertaining to ethics, government, and business. More in-depth, Moral Capitalism, written by Global Executive Director Steve Young, argues against the brute form of capitalism that has become commonplace, laying out a route to a moral capitalism that can be both profitable and socially responsible. Through all these means and more, the Caux Round Table promotes moral capitalism for a better world. THAI CHAMBER OF COMMERCE AND BOARD OF TRADE The Thai Chamber of Commerce acts as a central organization that collects opinions and recommendations related to economic solutions and development for the government and related authorities. In the area of provincial economic development, the chamber has disseminated driving philosophies and aided local businessmen in establishing provincial chambers in all provinces. These provincial chambers act as core private sector facilitators, coordinating with the governmental sector to encourage local development. The Thai Chamber of Commerce has also established a Border Trading Committee to promote trade and collaboration with neighboring countries and to overcome any obstacles that arise. On a broader international scale, the Thai Chamber of Commerce is a representative of the Thai private sector in facilitating and cooperating with governmental and private institutions in foreign countries. In addition, the chamber has also established trade representatives with the goal of expanding commerce and investment channels aboard. In the area of education, the Thai Chamber of Commerce established the College of Commerce in 1940 and the institution is now recognized as a leading private educational institute, having changed its status to University of the Thai Chamber of Commerce in The strategic priorities of the Thai Chamber of Commerce in preparing Thailand for entry into the ASEAN Economic Community are: standardization, safety, security, and sustainability. The Thai Chamber incorporates ethical principles from Theravada Buddhism into its engagement with Sufficiency Economy Principles.

4 Venue ROYAL THAI NAVY CONVENTION HALL CHAO PRAYA RIVER, BANGKOK The Global Dialogue will be held at the Royal Thai Navy Convention Hall Chomcholatee Room on the Chao Praya River in Bangkok, Thailand, across from the Grand Palace. This is the first time the Global Dialogue has been held in Thailand. Please see the accompanying photographs of the venue. Lunches will be provided at the Chomcholatee Room. Special arrangements will be made for dinners. Global Dialogue participants are requested to stay at the Pathumwan Princess Hotel (featured below) as arranged by the Global Dialogue Organizers to facilitate transportation to and from the Convention Hall. The Pathumwan Princess Hotel is within walking distance of Bangkok Convention Centre at Central World, where the Conference on Sustainability will be held on October 10th, to which all Global Dialogue participants will be invited. (Images from & Royal Thai Navy Convention Hall Pathumwan Princess Hotel Room in the Pathumwan Princess Hotel

5 Agenda October 10th Conference on Sustainability as Moral Responsibility Bangkok Convention Centre at Central World Co-hosted by the Caux Round Table, Thai Chamber of Commerce, and Thailand Development Research Institute (Global Dialogue participants can attend at no charge.) Agenda (tentative): An Assessment and Update of Global Sustainable Development Efforts -Speaker: Professor Jeffrey Sachs, Columbia University (to be confirmed) The Role of the Business Sector in Sustainable Development -Speaker: Professor Gayle Avery, Macquarie Graduate School of Management Values and Ethics...Finding Justice for Social Development -Speaker: Professor Michael Sandel, Harvard University Area-Based Community Development and Income Disparity -Speaker: M.R. Disnadda Diskul, Secretary General, Mae Fah Luang Foundation Closing Session: Bangkok Resolution on Sustainable Capitalism -Speaker: Steve Young, Global Executive Director, Caux Round Table Dinner (to be determined) October 11th Caux Round Table Global Dialogue Royal Thai Navy Convention Hall: Chomcholatee Room Opening Session: Welcome, Anand Panyarachun, Chair, Siam Commercial Bank and Former Prime Minister, Thailand Session 1: The New Capitalism: Chimera or Reality? Coffee Break Session 2: Bangkok Declaration: Implementation Lunch Session 3: Sufficiency Economy: A Buddhist path to corporate social responsibility Coffee Break Session 4: The dark side of the New Capitalism: Where are the jobs? Cocktails Dinner: river cruise October 12th Session 5: Reform of Financial Intermediation: What s Done? What s left to be done? Coffee Break Session 6: Water and social responsibility Lunch Session 7: Regional trends: The EU, East Asia and North America Coffee break Closing session: Summary of discussions Review of concerns and proposed policy recommendations Closing Dinner

6 Information GLOBAL DIALOGUE CONFERENCE FEE Participants from Europe and the Americas USD $ per person Participants from Africa, Asia, Australia, and the Middle East USD $ per person This includes the Conference on Sustainability on October 10th, facilities, meals, coffee and tea breaks, and all materials. Accommodations are not included. Early Registration Discount Those who register before August 1st, 2013, will receive 10% off. Spouse s Program There will tentatively be a 2 day spouse s program during the Global Dialogue, should there be enough interest. The expected fee will be USD $200 per person. If you would be interested in a spouse s program, please contact Jessica Fiala at jessica@cauxroundtable.net TO REGISTER FOR THE GLOBAL DIALOGUE Online jed@cauxroundtable.net (complete and return registration form by attachment) By Fax (complete and return registration form) By Mail Caux Round Table 6 West Fifth Street, #300M Saint Paul, MN 55102, USA (complete and return registration form) REGISTRATION DEADLINE September 10th, 2013 QUESTIONS ACCOMMODATION Global Dialogue participants are highly encouraged to stay at the Pathumwan Princess Hotel. A block of rooms has been set aside at a discounted rate for attendees. To book your accommodations, visit: Ms. Nudee Wongrattanaphaisan Assistant Sales Manager Pathumwan Princess Hotel 444 MBK Center, Phayathai Road Wangmai, Pathumwan, Bangkok Thailand Phone: +66 (0) Fax: +66 (0) nudee.wr@dusit.com Website: Participants are responsible for making their own room reservations. Transportation will be provided from the hotel to the Thai Royal Navy Conference Hall during the Global Dialogue. PAYMENT OPTIONS To pay by credit card for the conference, please go to and click on the Global Dialogue registration link. To pay by check or international money order (payable to Caux Round Table ) for the conference, please submit along with completed registration form to: Caux Round Table 6 West Fifth Street, #300M Saint Paul, MN 55102, USA For wire transfer and other payment options, please contact Jed Ipsen at jed@cauxroundtable.net. CANCELLATION POLICY Cancellation must be submitted in writing or by to the Caux Round Table office by September 26th, After this date, a processing and handling fee of USD $ (USD $ for early registrants) per single participant is non-refundable. Please contact Jed Ipsen via jed@cauxroundtable.net Or by phone:

7 Registration Form Please Register As: ( ) Participants from Europe and the Americas before August 1st, 2013: USD $ (early registration discount of 10% off conference fee) ( ) Participants from Europe and the Americas after August 1st, 2013: USD $ ( ) Participants from Africa, Asia, Australia, and the Middle East before August 1st, 2013: USD $ (early registration discount of 10% off conference fee) ( ) Participants from Africa, Asia, Australia, and the Middle East after August 1st, 2013: USD $ (Note: differences in price are due to travel distance to Bangkok, Thailand.) Name Title/Organization Address City State Country Postal Code Phone Fax Arrival Date Departure Date ( ) Check or money order (payable to Caux Round Table) ( ) Wire Transfer Contact Jed at: or jed@cauxroundtable.net ( ) MasterCard ( ) Visa ( ) American Express Card Number Expiration Date Security Code Billing Zip Code Card Holder Name Card Holder Signature To register, please complete this form in its entirety and submit via , fax, or mail, to: Caux Round Table 6 West Fifth Street, #300M Saint Paul, Minnesota 55102, USA Phone Fax jed@cauxroundtable.net ACCOMMODATION Global Dialogue participants are highly encouraged to stay at the Pathumwan Princess Hotel. A block of rooms has been set aside at a discounted rate for attendees. To book your accommodations, please visit: Ms. Nudee Wongrattanaphaisan Assistant Sales Manager Pathumwan Princess Hotel 444 MBK Center, Phayathai Road Wangmai, Pathumwan, Bangkok Thailand Phone: +66 (0) Fax: +66 (0) nudee.wr@dusit.com Website: Participants are responsible for making their own room reservations. Transportation will be provided from the hotel to the Thai Royal Navy Conference Hall, the site of the Global Dialogue, during the conference.