STEWARDSHIP-BASED ECONOMICS

“This is a brilliant book that really makes its readers think about the structure of human societies. It describes the new economic order that must emerge if the human species is to survive, and is destined to become a landmark publication in its field.”

“Like the academic entrepreneur that Raymond Kao is, this book is bold and innovative. In it Kao challenges the traditional tenets of economic thinking. It is grand stuff and certainly not a ‘me-too’ text that trots out the accepted body of wisdom. Rather it challenges accepted paradigms, provokes thought and stimulates the reader to think creatively about how we can deal with the economic challenges of the 21st century.”

“This book offers a much needed fresh approach regarding the relationship between natural resources limits, the economy and social well-being. It reminds us that decisions should be primarily based on the common good and care for the community of life, rather than on greediness and self-interest alone. The author helps us see the need for a profound change of values and attitude towards our use of resources. It is a must read for anyone concerned with the current status of our world and for those who dare to believe that a new economic system is possible.”

“A thought-provoking, broadly based and far reaching ‘journey’ indeed; truly worthy of, and as such quite characteristic for, Raymond Kao's erudite as well as critical approach toward ‘classical’ economics generally and the role of business, in particular. Thus, the far ranging topics being addressed in this stimulating volume, altogether challenging orthodox economic thinking and related concepts such as unbridled private ownership over resources, greed- or merely profit-driven pursuit of business combined with obsolete notions of capital and reckless accumulation irregardless of implied ‘diseconomies’. Instead and in today's global perspective Kao, in his book, pleads for a radical rethinking of established orthodoxies requiring no less than a new awareness or consciousness of responsibility for which he coins the term ‘stewardship’. Awareness of stewardship in economic behavior and the conduct of business calling for social responsibility to assure common welfare based on sustained and sustainable value creation as our ‘Life Support System’ and as a ‘Candle of Hope’ for the future.”

“This is a well-written and very interesting book which makes a strong case for substituting stewardship-based economics for the current ownership-based economics. Raymond Kao clearly states how the classic doctrine of ownership, individual rights of private property ownership, and our market economy, succeeds in wealth accumulation for the rich at the expense of the poor, the environment and our children's children. On the other hand, stewardship-based economics is about life and living. Each individual has the right to live and share the earth's resources. Decisions are made to allocate resources sensibly for both self-interest and the interest of fellow human beings for long-term sustainability, for the future of humanity. He provides a model, Social Equity, Inc, which would correct our current methods of wealth distribution, thereby relieving poverty and helping the environment. It appears to be a far more ethical approach for businesses of the future and, for that reason, I believe it is a textbook that could very well be required reading for all business undergraduates.”

“I find Stewardship-Based Economics to be a very inspiring and philosophical reading as it provides today's economists and business executives a Sensible Alternative to a Humanitarian Solution for the over-emphasized Ownership driven Materialistic Market Economy today … It is a pleasant surprise that finally a book about humanity that recognizes both the need for people to have stewardship of their work in the market economy while doing it with caring about other people and Nature. This book recognizes that ownership economics is important in developing our economy but that the process of solely ownership market development may ultimately be destroying the relationship we have with each other and with the natural environment we live in … By aiming at the heart of the market economy, the ownership, the authors make a strong case for developing economy in a new way with stewardship that can benefit majority of the people instead of few selected ones, renew more resources instead of using up most resources yet sustainable. It tells economists and business executives how to factor in costs of their economic impact, how to develop a stewardship based economics, which is very important in today's society where rational people are more and more concerned about how a harmonic society can be operated and how their products and services are created. At the same time, this is a detailed guide to the stewardship-based economics principles that does not forget the basics of entrepreneurship in the context of capitalism and globalization … I believe it successfully blends the principles of humanism and wealth generation: Develop economics with stewardship for people and guided sustainable use of the natural resources meant for all while not removing the profit motive which inspires and motivates so many. This would be an excellent textbook for many of today's modern advanced economics and MBA programs.”

“This work, prepared by respected social researcher Dr Raymond Kao, examines economics from a stewardship-based perspective that logically, but passionately, presents the case that individuals and society are the purpose, means and beneficiaries of rational economics … Today's gargantuan problems, coupled with proposed solutions, dealing with the environment, overpopulation, ageing, resource allocations, the IT revolution and education are sensibly reviewed from the angle of social research to show that suitable decisions can be arrived at based on a moral, altruistic and social living outlook but, importantly, underpinned by sound economics … Dr Kao not only provides a notable piece of scholarship that provides good reading, it is also founded on practical commonsense. On this you have my word!”

“This book is a timely reminder and can be used as a guide for the Chinese government. For the past two years, the Chinese have begun to put effort into conserving the environment. The economic growth rate in China has grown exponentially in the past decade, sometimes pitifully at the price of the environment. Fortunately, these embarrassing environmental issues have now been placed at the top of the government's to-do list; sustainability and quality of GDP growth are top priorities, more important than even the country's growth rate. The closures of thousands of high-pollution and high-energy consumption plants are evident testimonies to the effort … This book is imbued with humanism and great mercy for humans and the world, and the author's courage to speak for the common good in such a selfish and cold world is extremely touching, akin to the way he teaches entrepreneurism in my MBA program.”

“… Kao … demonstrates how ownership-based economics does not provide solutions but instead perpetuates the ills that exist. Drawing from current events, his personal experiences and anecdotes, Kao expertly leads the readers through the elements of his thesis — that economics should be stewardship-based, where individuals and corporations undertake the responsibility to allocate resources balancing between self-interest and the interests of society…”

“Library shelves groan under the weight of mighty tomes ‘Economics’ in their titles. Why yet another? What does this one have to offer? This book fills that yawning gulf between the science of economics, and the people whom it serves. This is economics with a human face, addressing the interplay between man's acquisitive nature and his responsibility to society and to the Earth itself.
Professor Kao expounds this philosophy in a vast range of contexts — indeed, almost the entire spectrum of human endeavour, either directly or by implication — all of which bear on the condition of man and ‘his’ world. People, goods and commodities, land, air and water, resources, organizations and government and their interdependence all feature prominently in this worldview. The book is an unusual and original slant on economics, and in fact is not really a treatise on economics at all. It's not just about the mechanical, soulless details of the functioning of an economic system in some abstract context, but about intelligent use without exploitation, of resources and people, i.e. optimizing the balance between use and responsibility — responsible stewardship.”