The Envoy

In January 2012, the world’s leading economists, executives, academics, and politicians gathered in snowy Davos to discuss the future of global commerce. With most countries still reeling from the 2008 financial crisis and with populist, anti-capitalist movements like Occupy Wall Street gaining traction, that year’s meeting of the best and brightest was different. “Capitalism, in its current form, no longer fits the world around us,” proclaimed the forum’s chair, Klaus Schwab. It was a declaration that surprised many, as those gathered were typically well served by existing economic and political systems. But crises force people to stare at their own shortcomings and resolve to do better. Davos 2012 was a turning point, at least rhetorically.

Discussions about a greener, more inclusive, and stakeholder-focused mode of capitalism are now commonplace, even in the most affluent circles. Businesses and institutional investors take an increased interest in environmental...