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Article
Publication date: 30 June 2021

Michel Dion

The purpose of this paper is to examine how much the basic tenets of conscious capitalism could favor organizational change and anticorruption strategies.

Abstract

Purpose

The purpose of this paper is to examine how much the basic tenets of conscious capitalism could favor organizational change and anticorruption strategies.

Design/methodology/approach

The paper questions the vagueness of the tenets and principles of conscious capitalism. It unveils the idealized worldview of conscious capitalism, as it is based on a “pseudo-humanistic and pseudo-holistic” philosophy. The paper analyzes various kinds of rationale for justifying anticorruption measures and explains how the conscious capitalism movement should assume the challenge to develop one or the other rationale.

Findings

The conscious capitalism movement does not have basic rationale for any self-justified discourse about anticorruption measures. The principles of conscious capitalism organizations can be coherent with a rationale of individual and organizational compliance. They could be suitable with a rationale of legal, industry and international compliance. We could expect that the principles of conscious capitalism allow radical changes in the organizational culture. However, the main principles of conscious capitalism are not explicitly related to any rationale for a corporate self-justified discourse about anticorruption measures.

Research limitations/implications

The three kinds of rationale for corporate self-justified discourse about anticorruption measures are not exhaustive. There can be other kinds of corporate rationale. Moreover, the conscious capitalism movement appeared in 2000s and is still evolving. So, we should never take for granted that the present ideals and principles of conscious capitalism will never be improved and deepened.

Originality/value

The paper explains how the conscious capitalism movement remains unable to present its rationale for justifying anticorruption measures. In doing so, it provides three kinds of rationale that conscious capitalism organizations could use to develop their corporate self-justified discourse about anticorruption policies, measures and programs.

Details

Journal of Financial Crime, vol. 28 no. 3
Type: Research Article
ISSN: 1359-0790

Keywords

Book part
Publication date: 30 October 2018

FR. Oswald A. J. Mascarenhas, S.J.

The typical corporation is based on free capital markets, and in general, on the free market capital system for all its factors of production, distribution, and consumption…

Abstract

Executive Summary

The typical corporation is based on free capital markets, and in general, on the free market capital system for all its factors of production, distribution, and consumption. Hence, this chapter studies the economic, legal, ethical, and moral goodness and promise of the Free Enterprise Capitalist System (FECS) as it exists and thrives in the open and free economies of the world. We will review several versions of FECS starting from Thomas Aquinas (1225–1274) views on private property, Thomas Hobbes’ (1588–1679), The Leviathan (1651), Adam Smith (Wealth of Nations, 1776), Max Weber (The Protestant Ethic and the Spirit of Capitalism, 1904/1958) to modern defenses of capitalism by David Bollier (Aiming Higher, 1997), Raghuram Rajan and Luigi Zingales (Saving Capitalism from Capitalists, 1998, 2004), C. K. Prahalad (2005) on Inclusive Capitalism, Nitesh Gor (The Dharma of Capitalism, 2012), and John Mackey and Raj Sisodia (Conscious Capitalism, 2014), to name a few. Based on these seminal authors and subsequent theoretical developments, this chapter seeks to defend, save, and uphold the goodness of the FECS along multiple viewpoints such as economics, management, law, ethics, morals, and executive spirituality.

Details

Corporate Ethics for Turbulent Markets
Type: Book
ISBN: 978-1-78756-187-8

Article
Publication date: 5 June 2009

Rajendra S. Sisodia

The purpose of this paper is to describe the concept of “Conscious Capitalism,” which refers to a new, more enlightened approach to business purpose and management.

1644

Abstract

Purpose

The purpose of this paper is to describe the concept of “Conscious Capitalism,” which refers to a new, more enlightened approach to business purpose and management.

Design/methodology/approach

The paper describes how the context for business has changed in fundamental ways in the past two decades, calling for a new approach to business that reflects rising levels of consciousness among customers and employees as well as multiple and deepening challenges facing the world today. It is imperative that business gets on the right side of society rather than continuing to add to societal burdens, as is too often the case. Conscious capitalism is not synonymous with corporate social responsibility (CSR); since society is recognized as an important, even the primary stakeholder, the core business itself must by definition be socially responsible. A conscious approach to business is based on the adoption of a higher purpose that transcends profits, a stakeholder rather than shareholder orientation, and conscious, service‐oriented leadership.

Findings

Businesses that adopt this approach not only create multiple types of long‐term wealth for society at large (including social, emotional, intellectual and even spiritual wealth); but they also dramatically outperform conventional firms on financial measures of performance. The world of conscious business is thus largely devoid of the trade‐offs that are commonly made and accepted as part of business‐as‐usual.

Practical implications

The paper concludes by recognizing that a conscious approach to business is highly compatible with the ancient wisdom found in Indian and other traditions.

Originality/value

This paper shows that there is the potential to enter a golden age of leadership thinking that blends the best of modern Western practice (geared towards efficiencies) and ancient Eastern wisdom (focused on effectiveness).

Details

Journal of Indian Business Research, vol. 1 no. 2/3
Type: Research Article
ISSN: 1755-4195

Keywords

Article
Publication date: 26 November 2019

Naceur Jabnoun

The purpose of this paper is to develop an excellence model that combines noble ends and noble means to achieve sustainable business excellence (SBE).

1227

Abstract

Purpose

The purpose of this paper is to develop an excellence model that combines noble ends and noble means to achieve sustainable business excellence (SBE).

Design/methodology/approach

The general framework of existing excellence models is used to develop the new model. Relevant literature on business excellence and current business and economic trends such as constructive capitalism, conscious capitalism, shared value, values-driven organizations and corporate governance are used to develop the basic concepts of the model. The criteria and the assessment method of the model are then developed based on the basic concepts.

Findings

This paper proposes a model for SBE. This model is aligned with conscious capitalism, constructive capitalism, shared value, values-driven organizations and corporate governance. The paper includes a comparison between this model and the most popular excellence models.

Research limitations/implications

This paper paves the way for more empirical and theoretical research on stakeholders’ business excellence models.

Practical implications

This model can be adopted by different national and international excellence awards. The adoption of this model can improve the benefits of shareholders, partners, customers, employees and the society at large. Implementing this model may be effective in transferring knowledge about conscious capitalism, values-driven organization and corporate governance to corporations worldwide.

Social implications

This may contribute to protecting the environment and reducing economic inequalities that have caused political and social instability.

Originality/value

Excellence models have been widely used with significant success all over the world. Although these models paid attention to customers and employees, they still reflect traditional capitalism that focuses on shareholders’ value. This model is aligned to new economic trends that foster sustainability and improve benefits of all stakeholders.

Details

Management Decision, vol. 58 no. 2
Type: Research Article
ISSN: 0025-1747

Keywords

Book part
Publication date: 4 March 2024

Oswald A. J. Mascarenhas, Munish Thakur and Payal Kumar

This chapter focuses on critical thinking as a new, powerful, and specialized tool and technique for understanding and analyzing the subtle operations of the free enterprise…

Abstract

Executive Summary

This chapter focuses on critical thinking as a new, powerful, and specialized tool and technique for understanding and analyzing the subtle operations of the free enterprise capitalist market system and its ethics and morality. Everything in the world of consumers and market enterprise systems are determined by our supply–demand system that in turn are determined by our presumed limitless production–distribution and consumption (LDPC) systems. From a critical thinking viewpoint, we study the free enterprise capitalist system (FECS) as a dynamic, interconnected organic system and not as a discrete or compartmentalized body of disaggregate parts. Systems thinking with critical thinking calls for a shift of our mindset from seeing just parts to seeing the whole reality in its structured dynamic unity; both mandate that we see ourselves as active participators or partners of FECS and not as mere cogs in its wheels or as mere factors of its production processes. Critical thinking seeks to identify the “structures” that underlie complex situations in FECS with those that bring about high- versus low-leveraged changes in various versions of capitalism. Specifically, this chapter applies critical thinking to FECS as defined by its founder, Adam Smith, in 1776 to its fundamental and structural assumptions, and as supported or critiqued by serious scholars such as Karl Marx, Maynard Keynes, C. K. Prahalad and Allen Hammond (inclusive capitalism), John Mackey and Rajendra Sisodia (conscious capitalism), and others.

Details

A Primer on Critical Thinking and Business Ethics
Type: Book
ISBN: 978-1-83753-312-1

Book part
Publication date: 14 May 2018

Archie B. Carroll and Jill A. Brown

The purpose of this chapter is to introduce and provide an overview of the topic of corporate social responsibility (CSR). The approach is to present an introduction to the…

Abstract

The purpose of this chapter is to introduce and provide an overview of the topic of corporate social responsibility (CSR). The approach is to present an introduction to the importance of the topic and a review of the concept’s evolution and development which includes an exploration of the topic’s meaning and competing and complementary frameworks which are related. Among these related concepts are the following: business ethics, stakeholder management, sustainability, corporate citizenship, creating shared value, conscious capitalism, and purpose-driven business. These concepts are frequently used interchangeably with CSR, and they have more in common than differences. At their core, each embraces value, balance, and accountability. The chapter also explores a number of key research avenues that are quite contemporary. Among these, the following topics are addressed: political CSR; the CSP–CFP relationship and business case for CSR; upstream/downstream CSR; CSR in emerging economies, corporate social activism, and corporate social irresponsibility. In the final analysis, it is argued that the topic of CSR continues to be on an upward and sustainable trajectory in both conceptual development and practice.

Book part
Publication date: 14 September 2020

Virginia Munro

To determine the new responsibility and new form of CSR required in an evolving ecosystem, this chapter covers the historical evolution of CSR including the various additional…

Abstract

To determine the new responsibility and new form of CSR required in an evolving ecosystem, this chapter covers the historical evolution of CSR including the various additional labels CSR has attracted, and its many surrogate, complementary, and alternative terms and themes. Some parties still view CSR as just a form of Philanthropy; however, current definitions for CSR involve many components, which have adapted over time. The new CSR definition provided by the European Commission in 2011, for example, mirrors some of the changes created by the inclusion of the sustainable development goals (SDGs) in 2015. The creation of shared and integrated value and the ongoing development of the social enterprise industry are further developments, alongside the growing trend toward B-Corp registration, the increasing emphasis on ‘business-for-purpose’ and the rise of the ‘be the change’ movement. This chapter discusses this journey and reveals how CSR has followed a cycle of social movements through several industrial revolutions. As we head toward the Fourth Industrial Revolution and usher in the new era for Globalization 4.0, this requires new business models, new labels, and new adaptations of CSR. These concepts are introduced in this chapter and developed further in later chapters.

Details

CSR for Purpose, Shared Value and Deep Transformation
Type: Book
ISBN: 978-1-80043-035-8

Article
Publication date: 25 January 2022

Jaroslava Kubátová and Ondřej Kročil

The purpose of this paper is to propose a conscious leadership competency framework to be used in business training as well as in managerial study programs.

1607

Abstract

Purpose

The purpose of this paper is to propose a conscious leadership competency framework to be used in business training as well as in managerial study programs.

Design/methodology/approach

First, using literature review, the current state of knowledge in conscious leadership competency frameworks was examined. Subsequently, a framework analysis on a specific topical book was conducted to find competencies that determine a conscious leader. The output of this analysis was compared with a comprehensive leadership competency framework to propose a conscious leadership competency framework. This conscious leadership competency framework was then verified in interviews with conscious leaders.

Findings

Until now, a conscious leadership competency framework has not been proposed. Yet, there are competencies specific to conscious leaders that are not included in existing leadership competency frameworks. A new conscious leadership competency framework including possible ways of how to train and develop the conscious leadership competencies is suggested for future discussion.

Research limitations/implications

Research limitations are discussed in this paper. More research in this area and further development of the conscious leadership competency framework are suggested.

Practical implications

The proposed conscious leadership competency framework can be further discussed and developed, therefore becoming an effective tool for companies as well as educational institutions.

Social implications

More consciousness in leadership will help tackle many current societal challenges.

Originality/value

To the best of the authors’ knowledge, the proposed conscious leadership competency framework is the first of its kind.

Details

Industrial and Commercial Training, vol. 54 no. 2
Type: Research Article
ISSN: 0019-7858

Keywords

Content available
Book part
Publication date: 10 April 2019

Howard Thomas and Yuwa Hedrick-Wong

Abstract

Details

Inclusive Growth
Type: Book
ISBN: 978-1-78973-780-6

Content available
Book part
Publication date: 1 March 2021

Matthew W. Ragas and Ron Culp

Abstract

Details

Business Acumen for Strategic Communicators: A Primer
Type: Book
ISBN: 978-1-83867-662-9

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