Yun Family Foundation Announces the Publication of a New Book, Interdependent Capitalism: Redesigning the Social Contract through Inclusive Stakeholding

MENLO PARK, Calif., March 2, 2019 /PRNewswire/ -- Yun Family Foundation announces the publication of a new book, Interdependent Capitalism: Redesigning the Social Contract through Inclusive Stakeholding, authored by three members of the Yun family: Joon Yun, Jeremy Yun, and Conrad Yun. The book supports the Inclusive Stakeholding Initiative, an effort started by Yun Family Foundation to nurture social innovations that incorporate vested interest in the success of others as a way to promote the greater good. 

As part of the initiative, Yun Family Foundation in December announced the sponsorship of a $10,000 research paper prize on the research topic "Inclusive Stakeholding: Reimagining Incentives to Promote the Greater Good" in the Blockchain for Good section of the new journal Frontiers in Blockchain. Among the world's 20 largest peer-reviewed publishers in 2017, Frontiers ranks 4th most-cited.

Conrad Yun, Executive Director of Yun Family Foundation, commented, "In the prehistoric age, we all lived in kin tribes. Genetic alignment of interests deterred self-dealing and incentivized altruistic behaviors—something biologists call Hamilton's rule. Today, while the nuclear family persists, the roles once played by our extended kin are often played by strangers who don't have kin skin in the game. As a result, self-dealing has proliferated not only in our social, political, and economic institutions but also in neighborhoods and communities."

Jeremy Yun, Director of Yun Family Foundation, discussed the idea of a Hamilton's rule for economics in his TEDx talk. "Without mutually vested interest in each other's success, perverse incentives undermine our social contract everywhere," he added. "A government of checks and balances becomes a system of checks written to account balances of politicians. Socialism and capitalism both fail when behaviors are extractive."

Joon Yun, Principal of Yun Family Foundation and President of Palo Alto Investors, stated, "We need to develop social algorithms of inclusive stakeholding modeled after bioalgorithms of inclusive fitness. Of all the compelling possibilities, one stands above all: Interdependent Capitalism. We believe that rewiring human incentives around mutually vested interests in each others' success will be the key innovation in creating a better world. This book is about how we will write that story together."

Jeremy Yun, who is a guitarist in the social activism band WJM, proposed during a July 4th concert in San Francisco about a global holiday called Interdependence Day. "The Declaration of Independence was no doubt a monumental event," he added. "But how do we reconcile the celebration of independence with the reality that Britain is now a close ally in the emerging global village?"

Conrad Yun added, "Health insurers are not currently incentivized to invest in their clients' long term health. But imagine these companies having a vested interest, through smart contracts on the Blockchain, in the health savings of clients ten years down the road. Imagine designing smart contracts on the Blockchain that allow students to reward teachers throughout life as a way to create vested interests."

Jeremy Yun added, "People will realize that it's really about the appreciation—in both senses of the word—even if it's a 'token' amount. Instead of a world where history is written by the victors, imagine a world where history is made by helping each other win." 

Joon Yun added, "Whereas misalignment with competition is a race to the bottom line, alignment with competition is a race to the top. If we succeed, our transformative journey from the kin village to the global village will be complete. " 

For questions about Frontiers in Blockchain, the Research Topic, or the prize, please visit the journal website https://www.frontiersin.org/journals/blockchain. For questions about Yun Family Foundation or the Inclusive Stakeholding Initiative, or for interview requests, please contact Paula Page at [email protected] or (650) 279-3881 or www.paulapagepr.com.

SOURCE Yun Family Foundation