Editing Empowerment (section)

==In economics==
According to Robert Adams, there is a long tradition in the UK and the USA respectively to advance forms of self-help that have developed and contributed to more recent concepts of empowerment. For example, the free enterprise economic theories of [[Milton Friedman]] embraced self-help as a respectable contributor to the economy. Both the Republicans in the US and the Conservative government of [[Margaret Thatcher]] built on these theories. 'At the same time, the mutual aid aspects of the concept of self-help retained some currency with socialists and democrats.'<ref>Adams, Robert. ''Empowerment, participation and social work''. New York: Palgrave Macmillan, 2008, p.7-9</ref>

In [[economic development]], the empowerment approach focuses on mobilizing the [[self-help]] efforts of the poor, rather than providing them with [[social welfare]]. Economic empowerment is also the empowering of previously disadvantaged sections of the population, for example, in many previously colonized African countries.<ref>{{cite web |url=http://www.microempowering.org |title=Welcome to MicroEmpowering! |publisher=Microempowering.org |access-date=2012-08-24}}</ref>

===Consumer empowerment===
A [[consumer]] empowerment strategy was put in place in the United Kingdom by the 2010-2015 [[Coalition Government 2010-2015|coalition government]].<ref>{{Cite web|url=https://www.gov.uk/government/news/next-steps-making-midata-a-reality--2|title=Next steps making midata a reality – GOV.UK|website=gov.uk|language=en|access-date=27 April 2017}}</ref> The strategy, produced by the [[Department for Business, Innovation and Skills]] and the [[Behavioural Insights Team]] at the UK [[Cabinet Office]], sought to introduce voluntary measures and "nudges" which could help consumers "find and adopt the best choices for their circumstances and needs".<ref name=bc>Department for Business, Innovation & Skills, [https://assets.publishing.service.gov.uk/media/5a78c18e40f0b63247699ecb/12-1324-better-choices-better-deals-report-on-progress-on-the-consumer-empowerment-strategy.pdf Better Choices: Better Deals: Report on progress on the Consumer Empowerment Strategy], URN 12/1324, published December 2012, accessed 27 December 2023</ref> Activities promoted by the strategy included the ''midata'' programme under the direction of Professor [[Nigel Shadbolt]], annual [[credit card]] usage statements, collective purchasing schemes, and presentational work on [[Energy Performance Certificate (United Kingdom)|Energy Performance Certificates]], motor vehicle sales literature and [[food hygiene]] ratings, so that consumers can make better use of the information they contain.<ref name=bc />{{rp|Annex}}

===Customer empowerment===
Companies that empower their customers have the potential to create superior products at reduced costs and risks, provided that customers are willing and able to contribute valuable input in the [[new product development]] process.<ref>{{Cite journal |last1=Lilien |first1=Gary L. |last2=Morrison |first2=Pamela D. |last3=Searls |first3=Kathleen |last4=Sonnack |first4=Mary |last5=Hippel |first5=Eric von |date=August 2002 |title=Performance Assessment of the Lead User Idea-Generation Process for New Product Development |url=https://pubsonline.informs.org/doi/10.1287/mnsc.48.8.1042.171 |journal=Management Science |language=en |volume=48 |issue=8 |pages=1042–1059 |doi=10.1287/mnsc.48.8.1042.171 |issn=0025-1909}}</ref><ref>{{Cite journal |last1=Dahan |first1=Ely |last2=Hauser |first2=John R. |date=September 2002 |title=The virtual customer |url=https://onlinelibrary.wiley.com/doi/10.1111/1540-5885.1950332 |journal=Journal of Product Innovation Management |language=en |volume=19 |issue=5 |pages=332–353 |doi=10.1111/1540-5885.1950332 |issn=0737-6782}}</ref><ref>{{Cite journal |last1=Ogawa |first1=Susumu |last2=Piller |first2=Frank T. |date=2006-01-01 |title=Reducing the Risks of New Product Development |url=https://sloanreview.mit.edu/article/reducing-the-risks-of-new-product-development/ |journal=MIT Sloan Management Review |language=en-US}}</ref><ref>{{Cite journal |last1=Sawhney |first1=Mohanbir |last2=Verona |first2=Gianmario |last3=Prandelli |first3=Emanuela |date=November 2005 |title=Collaborating to create: The Internet as a platform for customer engagement in product innovation |url=http://journals.sagepub.com/doi/10.1002/dir.20046 |journal=Journal of Interactive Marketing |language=en |volume=19 |issue=4 |pages=4–17 |doi=10.1002/dir.20046 |issn=1094-9968}}</ref> Businesses that involve and empower customers in the process of creating new products can sometimes have a [[Competitive advantage|competitive edge]] over traditional firms that do not give their customers such involvement. This advantage is evident in the fact that consumers generally prefer the former.<ref>{{Cite journal |last1=Fuchs |first1=Christoph |last2=Schreier |first2=Martin |date=January 2011 |title=Customer Empowerment in New Product Development*: Customer Empowerment in New Product Development |url=https://onlinelibrary.wiley.com/doi/10.1111/j.1540-5885.2010.00778.x |journal=Journal of Product Innovation Management |language=en |volume=28 |issue=1 |pages=17–32 |doi=10.1111/j.1540-5885.2010.00778.x|hdl=1765/40039 |hdl-access=free }}</ref> When customers have the authority to choose which products are [[Market entry strategy|brought to market]], they exhibit increased [[demand]] for the chosen products, even when they are objectively of the same [[Quality (business)|quality]]. This apparently irrational [[phenomenon]] can be explained by the heightened sense of [[psychological ownership]] that consumers develop for the selected products. Two conditions limit this effect: (1) it diminishes when the joint [[decision-making]] outcome does not align with [[Consumer preferences|consumers' preferences]] and (2) when consumers lack [[confidence]] in their ability to make informed decisions.<ref>{{Cite journal |last1=Fuchs |first1=Christoph |last2=Prandelli |first2=Emanuela |last3=Schreier |first3=Martin |orig-date=2010 |title=The Psychological Effects of Empowerment Strategies on Consumers' Product Demand |url=https://doi.org/10.1509/jmkg.74.1.6 |journal=Journal of Marketing |date=2010 |volume=74 |issue=1 |pages=65–79 |doi=10.1509/jmkg.74.1.65}}</ref>

===Increasingly engaged corporate directors===
The [[World Pensions & Investments Forum|World Pensions Council (WPC)]] has argued that large [[institutional investor]]s such as [[pension fund]]s and [[Financial endowment|endowment]]s are exercising a greater influence on the process of adding and replacing corporate directors – as they are themselves steered to do so by their own board members (pension trustees).

This could eventually put more pressure on the [[CEO]]s of [[public company|publicly listed companies]], as “more than ever before, many [North American], UK and European Union [[trustee|pension trustees]] speak enthusiastically about flexing their [[fiduciary]] muscles for the UN’s [[Sustainable Development Goals]]”, and other [[Environmental, social and corporate governance|ESG-centric]] investment practices <ref name="pensions-expert1">{{cite news|last1=Firzli|first1=Nicolas|title=Greening, Governance and Growth in the Age of Popular Empowerment|url=http://www.pensions-expert.com/Special-Features/The-Cut/Greening-governance-and-growth-in-the-age-of-popular-empowerment|access-date=27 April 2018|work=FT Pensions Experts|publisher=Financial Times|date=3 April 2018}}</ref>