Creating Shared Value: How to Reinvent Capitalism and Unleash a Wave of Innovation and Growth - Article Example

The paper "Creating Shared Value by References Michael Porter and Mark Kramer " is a brilliant example of an article on business. What the review tends to do Review of the article aims at presenting a succinct evaluation and understanding of the Porter and Kramer, 2011 article in relation to the contemporary relationship between business, economy, and society. The review would analyze a comprehensive understanding of the article, discuss findings, and critically judge it. In addition, the review would explain the vitality of the article; explore suggested areas for continued study while discussing the strengths and weaknesses of the article.

Kramer and Porter’s article about ways of reinventing capitalism and unleashing growth and innovation would be imperious in explaining the central significance of socio-economic relationships.  A brief overview of the article Kramer and Porter address the need for reinventing capitalism within the economy to focus on both economic and social progress. The authors intend to inform all the economic and societal stakeholders including companies, governments, non-governmental organizations, and the general community on the central role of observing innovation and growth based on the reinvention of capitalism.

Consequently, the article clearly addresses the urgent need for the creation of shared value within the inherent business society. Therefore, the central purpose of the article relates to unlocking the wave of business growth and innovation through the establishment of shared value between society and the economy. My reaction and evaluation of the article There exists brilliance in the intent of the article especially concerning addressing the interrelationship between business and the society.

The article is imperative in unveiling the immoral acts and irresponsibility of most business organizations especially concerning social responsibility and focus. Kramer and Porter’s article remains exceptional in instilling the relevance of economic stakeholders mainly in addressing the significance of shared value between the society and businesses. Background Information Placing the article in context The article published by Kramer and Porter, 2011 develops following the persistent irresponsibility of business society in addressing communal problems.

The authors observed the current state of the economy in which companies plays an insignificant role in addressing economic and societal disparities. The companies continue to gain profit by depleting societal resources as the community remains poorer. Consequently, the authors provide an amicable solution of shared value that would unleash growth and innovation in both the aforementioned sectors. Criteria for judging the article Summary Discussion of main points of the article The article addresses the need for shared gain and benefit between society and businesses.

The authors’ tries to provide conceivable strategies that would ensure both the society and business community mutually contribute to innovation and growth of the economy without bias. It is imperative for both the business community and the society including government agencies to employ shared value principles in fostering economic growth and innovation (Porter and Kramer, 2011). Consequently, the authors discuss the principles of shared value and its vitality in addressing the aforementioned disparity in the economy where business accumulate more profits and society suffocates in poverty.

In explaining the importance of shared value, the authors provide general roots of the principle, how an economy can create it, and its role in addressing the inherent problem. Most importantly, the article addresses the various roles of entrepreneurs as a business community, government, and non-governmental institutions in implementing shared value principle and making it a formidable practice within the economy. For the economy to realize efficiency in the creation of shared value principle there must exist education curricula reforms to incorporate shared value principle.

The curricula must not only address business and economic principles but also entail comprehensive difference between corporate social responsibility and shared value. The education reforms would assist in the creation of new business managers that values shared value principle in addressing societal and business disparities. Evaluation How the article achieves its goals The article achieves its objective by providing an amicable solution to an already defined problem within the contemporary context.

In addition, the authors of the article address all the stakeholders of the economy provokes them, and inform them of their interrelationship while providing the much-needed solution. Consequently, the presentation of the article instills the need for shared value in the realization of innovation and growth. The central lesson of the article There exist a significant interrelationship between the society and businesses especially in economic perspective. Creation of the shared value concept is indispensable in bridging the inherent mutual concerns of the sectors.

I have also gained an understanding of the existing influence of government, society, and businesses in a reinvention of capitalism within the economy. Strengths and Shortcomings of the article Strengths They have clearly introduced the problem, provided a solution, and explained how to apply the solution. Moreover, the authors of the article have included all the stakeholders involved in the realization of a reinvented capitalist economy that values innovation and growth. Shortcomings The article does not clearly define the influence of society and government in addressing shared governance.

Rather, the authors concentrate more on the inherent effects of business society to the community. It is conceivable to conclude that the article has elements of biases. Personal experience in relation to article The article has enlightened me on my fundamental role in ensuring business responsibility the society. I have also realized that the need to engage in lobbying for societal needs including companies responsibilities to members of the community. Conclusion In conclusion, the realization of shared value principle remains the responsibility of all stakeholders of the economy including the initiation of government policies that would address the widening disparity between society and businesses.

Further research should aim at finding the best strategies for introducing shared value concepts in education curricula within business schools. It would also be imperious for corporate society to train its associates on shared value importance and its relation to economic sustainability. It is essential to comprehend that the study would assist governments in reinventing its economy while focusing on innovation and growth.