- Age of Revolution
- Background, History, And The Beginning Of The Revolution
- The Fourth Industrial Revolution and Higher Education | SpringerLink
- Table of Contents
By early , Americans were ready to denounce any allegiance to the British crown Ward, In January of that same year, Thomas Paine published Common Sense, a brochure that strongly served to rally Americans to independence.
Age of Revolution
Paine's writing convinced many of his countrymen to disown the monarchy and replace it with a republic By this time, the movement toward revolution was rapidly gaining speed. By spring of that same year, all royal governors had been ousted and patriots replaced British authority in the colonies by makeshift governments. The Congress itself exercised sovereign powers Ward, The Articles of Confederation was the first document uniting the citizens of all thirteen colonies into one country. Under the Articles, the central government was very weak and the states held most power, but it was a beginning.
As a result of Shay's Rebellion, the Articles were disowned and the Federal Constitution was written in It is still the basic law of the United States of America.
Background, History, And The Beginning Of The Revolution
Many revolutions begin with the outbreak of violence, which is often a response to heightened repression or other extraordinary demands from government against their people. The American Revolution is an obvious example of this Rule , The violence took the form of the Revolutionary War and Congress became the leadership. American Revolution was the first anti-colonial, democratic revolution in history. Americans insisted on representation and when the British denied it, they fought their colonizers. Americans won and set up their own government, a republic. Thus, what was initially undertaken to secure for British Americans guarantees of local autonomy and individual rights equivalent to those enjoyed by Englishmen in the home islands, Firms with trillions under management have become too big to let the planet fail.
The demand for ESG investment options is so high that many asset management firms are rushing to pull together new offerings. Asset owners no longer have to be convinced that sustainable investing is important. A corollary to the mistaken belief that sustainable investing means sacrificing some financial return is the belief that fiduciary duty means focusing only on returns—thereby ignoring ESG factors that can affect them, particularly over time.
However, more recent legal opinions and regulatory guidelines make it clear that it is a violation of fiduciary duty not to consider such factors. Although adoption of this new understanding has been slow in the United States, other countries, such as Canada, the UK, and Sweden, are taking steps to redefine the fiduciary duty concept. It is one thing for the CEO or chief investment officer of a major investment firm to espouse sustainable investing and quite another for it to be practiced by the analysts and portfolio managers who make the day-to-day investment decisions.
Historically, the ESG group at investment firms was separate from portfolio managers and sector analysts on both the buy side and the sell side in much the same way that corporate social responsibility groups were historically separate from business units. Now senior leaders are making sure that ESG analysis is being integrated into the fundamental financial activities carried out by analysts and portfolio managers.
This has been an internal cultural evolution. This shift will change the way investors engage with companies—and the way corporate executives view sustainability. Tariq Fancy, the chief investment officer of sustainable investing at BlackRock, equates integrating ESG considerations into traditional financial analysis to an exercise in behavior change. Given the size of BlackRock, changing investor behavior across the organization will require time and hard work. Making the job of Fancy and other chief investment officers easier is the fact that the workforce is increasingly made up of Millennials, for whom ESG is central to any business analysis.
Shareholder activism is on the rise in financial markets—and ESG is increasingly becoming a focus of these interventions. But active managers who intend to hold a stock for a long time and passive managers who hold a stock forever have an incentive to see that companies address the material ESG issues that will improve their financial performance. One form of active engagement is proxy resolutions and proxy voting, an aspect of the active ownership strategy for sustainable investing.
The Fourth Industrial Revolution and Higher Education | SpringerLink
Leading topics for these resolutions include climate change and other environmental issues, human rights, human capital management, and diversity in the workforce and on corporate boards. Even some activist hedge funds are moving into sustainable investing. Since Ubben joined the AES board, the company has accelerated its transition from coal to renewable energy sources and has become the first publicly traded U.
As the company accelerates its carbon reduction goals, it is attracting European and Canadian ESG-oriented investors that had previously avoided it. In , it worked with companies on 1, issues related to the environment, ethics, governance, strategy, risk, and communications, making progress on about one-third of them. Despite the forces propelling ESG investing forward, there are still barriers to overcome. The biggest obstacle to investment is that most sustainability reporting by companies is aimed not at investors but at other stakeholders, such as NGOs, and is thus of little use to investors.
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To be sure, there are data vendors that scour through an assortment of source materials, including whatever reports or data they can get from companies, to provide some assessment of ESG performance. But this is a poor substitute for comprehensive ESG information reported directly by the company. However, no governments are thus far mandating the use of the standards.
And even when companies choose to adopt them, the reported numbers are rarely subject to a rigorous audit by a third party. While the world of ESG data still feels a bit like the Wild West, substantial progress in improving the quality and availability of information is being made through market forces, the efforts of NGOs, and, in some territories, regulation—such as an EU directive requiring all companies of a certain size to report nonfinancial information once a year.
Our research reveals five actions that companies can take to prepare for the new era of sustainable investing. It is essential that this statement come from the board since its role is to represent the intergenerational obligations of the corporation. Hermes EOS has launched an engagement campaign to encourage company boards to publish just such a statement. Investors, both active and passive and across asset classes, are seeking deeper levels of engagement with their portfolio companies.
It is a way of changing the orientation from short-term financial results to long-term value creation. Finally, companies should take charge of quarterly calls and not let them be driven by short-term sell-side analysts.
Table of Contents
A good start is to eliminate earnings guidance. Management can then use these calls to explain progress on ESG targets and how the targets are contributing to financial performance. This is already beginning to happen. After all, middle managers are the ones who commit resources for achieving strategic objectives.
Getting middle management more involved is the responsibility of the board and senior leaders.
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Americans now routinely live to be and some futurists see life lasting to This aging population, their care and quality of life, is another dimension to the issue of humanity in the 4IR. Genomic intervention might be used to address the issues of aging.
As we look to the future, I see the technology creating a more egalitarian society that allows individuals to capture value for their information, services and lastly production. This set of characteristics will support the growth of micro-entrepreneurship and the outsourcing of functions traditionally kept in-house by large companies. The low cost, low barrier to entry features of networks will create economic productivity centered on the individual, similar to the economy pre-industrial revolution. At that time power and wealth were concentrated in the monarchies and everyone else lived in a scarcity that required individual attention to economic well being.
Today, the only difference will be that the micro-entrepreneurship will be supported by technology rather than manual labor.
This growth in micro-entrepreneurship through platforms explains in part the success of companies like Amazon and Alibaba. Our strategic imperative was to make sure that the platform provided all the resources, or access to the resources, that an online business would need to succeed, and hence supported the evolution of the ecosystem.
The emphasis is mine and it highlights that the platform does not have to provide all resources directly. This approach provides additional flexibility for the platform to manage productivity, effectiveness and mix of services to maximize value creation and value capture for both the supplier micro-entrepreneurs and Alibaba. The success of such a model s is borne out by the market valuations in the Chapter on Financial Analysis. Amazon ranks as number four in market valuation in and Alibaba is number seven.
With some perspective provided by the trends presented, we can now turn to the industries most likely to be affected by the 4IR. The views expressed herein are my personal views and do not reflect the views of any organization or program with whom I am affiliated. Robert Hacker rhhfla. Tweet This. Those trends are: 1. The conflict between nature and man-made systems 2. The changing city in the context of its economic, social, political and environmental roles 3. The evolution of humanity 4. The emergence of platforms as the dominant business model.
Innovation 4ir Wef Entrepreneurship Future. Continue the discussion. Entrepreneurship in 8 Hours. Robert Hacker. The Power of Assumption in Entrepreneurship. Robert Hacker Jun Hackernoon Newsletter curates great stories by real tech professionals Get solid gold sent to your inbox. Every week! Pat Larsen Mar