Abstract

Combining commercial success with philanthropy and social activism, ‘Quakernomics’ offers a compelling model for corporate social responsibility in the modern world. Mike King explores the ethical capitalism of Quaker enterprises from the eighteenth to the twentieth centuries, testing this theory against those of prominent economists. With a foreword by Sir Adrian Cadbury, this book proves that the Quaker practice of ‘total capitalism’ is not a historically remote nicety but an immediately relevant guide for today’s global economy.

‘Fascinating, highly relevant and opportune, this book is a powerful exploration of history showing how ethical behaviour has been – and can be – an effective route to wealth creation and growth.’ —Carlota Perez, author of ‘Technological Revolutions and Financial Capital’ and Centennial Professor at the London School of Economics

Mike King is an independent researcher and writer with wide-ranging expertise.

This book explores Quaker enterprises from 1700 to the twentieth century as examples of an ethical capitalism, and tests them against prominent economists and their concern for economic justice. King offers ‘Quakernomics’ as a model for corporate social responsibility in the modern world, exploring Quaker businesses which combine commercial success with philanthropy and social activism.

The volume offers an exploration of the theory and practice of Quaker enterprise through the centuries, set against the ideas of prominent economists such as Smith, Marx, Marshall, Schumpeter, the Austrian School, Keynes, Friedman, Krugman, Stiglitz and Sachs. It also analyses the role that Ayn Rand and Milton Friedman have had in leading to what King underlines as the largely unethical capitalism of today.

Covering the work of Quaker chocolatiers, iron masters and bankers, ‘Quakernomics’ presents a historical account of the Quakers’ practice of a ‘total capitalism’, which King argues we should regard not as an antiquated nicety but as an immediately relevant guide for today’s global economy.

‘“Quakernomics” presents a refreshing new way of thinking about economic activity, one which links the pursuit of profit with social justice.’ —David Vogel, Haas School of Business, University of California, Berkeley