{"id":115003,"date":"2023-10-13T14:16:00","date_gmt":"2023-10-13T18:16:00","guid":{"rendered":"https:\/\/www.shortform.com\/blog\/?p=115003"},"modified":"2023-10-17T09:33:59","modified_gmt":"2023-10-17T13:33:59","slug":"why-is-conscious-capitalism-important","status":"publish","type":"post","link":"https:\/\/www.shortform.com\/blog\/why-is-conscious-capitalism-important\/","title":{"rendered":"Why Is Conscious Capitalism Important? To Please Everyone"},"content":{"rendered":"\n

Why is conscious capitalism<\/a> important? How does conscious capitalism benefit businesses and society?<\/p>\n\n\n\n

In Conscious Capitalism<\/em>, John Mackey and Rajendra Sisodia discuss how conscious capitalism benefits all interested parties in businesses. They further explain why each party is important to business to emphasize why this economic system is so crucial.<\/p>\n\n\n\n

Keep reading to learn how conscious capitalism takes everyone into account.<\/p>\n\n\n\n\n\n\n\n

Why Everyone <\/strong>Must <\/em><\/strong>Win<\/strong><\/h2>\n\n\n\n

Why is conscious capitalism important? Mackey and Sisodia argue that the everyone-wins approach inherent in conscious capitalism is necessary because every interested party is vital to a business\u2019s success<\/strong>\u2014you can\u2019t run a business without customers or employees, for example\u2014which means that satisfying them all makes businesses more sustainable and <\/em>more profitable. <\/strong><\/p>\n\n\n\n

The authors explain that often, businesses value satisfying one interested party over all others\u2014for example, they might unfairly mark up product prices because they prioritize investors\u2019 profits over customer satisfaction. When that happens, other interested parties suffer and, in the long run, become unhappy with the business. If one interested party pulls out because they\u2019re unhappy, the business will suffer or even fail. On the other hand, if all interested parties are satisfied by your business, your business will be more profitable in the long run\u2014the authors say that according to market evidence, conscious companies outperform other kinds of businesses.<\/p>\n\n\n\n

Stakeholder Capitalism Versus Shareholder Capitalism: Priorities and Profits<\/strong>

The notion that all interested parties should benefit from a business\u2019s existence is controversial. Shareholder capitalism (defined earlier as a form of capitalism that gives shareholders primacy over other interested parties) was popularized by the economist Milton Friedman<\/a> in Capitalism and Freedom<\/em><\/a> and has reigned supreme since the 1970s<\/a>. Friedman argued that \u201csocially responsible\u201d company initiatives detract from shareholders\u2019 profits and threaten economic freedom<\/a> (as well as political freedom, since he saw these as inextricably tied<\/a>).

According to Friedman\u2019s view, any form of capitalism that doesn\u2019t prioritize shareholder profits is a less <\/em>sustainable and profitable way of doing business. But while stakeholder capitalism and shareholder capitalism are usually represented as conflicting ideas, experts note that there may be some overlap between Friedman\u2019s version of capitalism and versions like conscious capitalism: Friedman acknowledged that the most profitable way to do business is by meeting stakeholders\u2019 needs<\/a>\u2014not<\/em> by exploiting any other stakeholder for shareholders\u2019 financial gain. He explained that if a company doesn\u2019t meet its stakeholders needs, it might lose out on profits and shortchange stakeholders. This is similar to what Mackey and Sisodia are arguing for here.

Data suggest it\u2019s true that companies that meet stakeholders\u2019 needs are more profitable in the long run<\/a>. For example, a 2022 report found that both shareholder-oriented and stakeholder-oriented companies perform well in the short term, but stakeholder-oriented companies generate greater profits and more growth over longer periods.<\/a> Experts explain, though, that it\u2019s not always possible to maximize shareholder profit and <\/em>meet the needs of other stakeholders at the same time\u2014and that when companies base their stakeholder-oriented actions on the potential that they\u2019ll generate profits for shareholders, other stakeholders may suffer<\/a>.<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n

Who Is \u201cEveryone\u201d?<\/strong><\/h2>\n\n\n\n

The authors describe each interested party and how they\u2019re essential to your business:<\/p>\n\n\n\n

Investors<\/em><\/strong> <\/em>invest in your business because they trust that they\u2019ll eventually profit from doing so. Since they\u2019re trusting you to turn their money into more money, Mackey and Sisodia say that you have a responsibility to ensure that your investors profit. <\/p>\n\n\n\n

(Shortform note: Experts explain that there are several types of investors<\/a>. These include personal investors<\/em> (people who invest their own money in hopes of turning a profit), institutional investors<\/em> (business entities that pool other people\u2019s money to be invested in more substantial assets), angel investors <\/em>(who put money into new, high-risk business ventures to get them started), and venture capitalists (<\/em>who invest money into promising businesses to help them expand and then sell their stocks when they become more valuable). In exchange for your investors\u2019 trust and money, experts note that you have a fiduciary duty<\/em><\/a>\u2014a legal <\/em>obligation\u2014to handle their money responsibly by demonstrating care, loyalty, obedience, and honesty.)<\/p>\n\n\n\n

Suppliers<\/a><\/em><\/strong> <\/em>are integral to a company\u2019s success, since you couldn\u2019t provide a good or service for your customers without first purchasing a supplier\u2019s goods or services. Because of this, you have a responsibility to ensure that your suppliers benefit from doing business with you. If you do, they\u2019ll be more devoted to ensuring that you get the best goods and services at the best price. If you don\u2019t, Mackey and Sisodia warn that they may stop doing business with you\u2014or charge you exorbitant prices, which will undercut your investors\u2019 profits.<\/p>\n\n\n\n

(Shortform note: Experts note that the Covid-19 pandemic radically transformed the relationship between suppliers and buyers<\/a>. The pandemic caused unprecedented supply chain issues, as supply and demand shocks occurred and manufacturing, labor, and shipping factors were all simultaneously affected. As a result, businesses became more willing to be transparent and strategize with suppliers to overcome supply chain disruptions<\/a>.)<\/p>\n\n\n\n

Employees<\/em><\/strong> <\/em>create or provide the goods or services your customers purchase\u2014as such, they\u2019re integral to your business\u2019s success. Mackey and Sisodia say that in return for their contributions, you have a responsibility to ensure that employees find their work inherently rewarding.<\/p>\n\n\n\n

(Shortform note: Some employees have qualities that make them more essential to your business\u2019s success<\/a> than others; these include an eagerness to go above and beyond minimal expectations, stellar communication skills, and enthusiasm for work. Employees\u2019 enthusiasm for work increases when the work is inherently rewarding<\/a>, as Mackey and Sisodia suggest\u2014to make your employees\u2019 jobs more rewarding, encourage them to look for and share meaningful moments<\/a>, recognize their contributions, and make them feel like they belong at your workplace.)<\/p>\n\n\n\n

Customers<\/em><\/strong> are the most important interested party because without them, your business wouldn\u2019t make money or have any reason to exist. Since customers are so integral to your business\u2019s success, you have a responsibility to offer a product or service that truly improves their lives\u2014like healthy food, beautiful and long-lasting clothing, or safe and efficient transportation. The authors argue that customers can tell the difference between helpful and exploitative goods and services, and that when customers are happy with what a business offers them, they offer feedback to help the company improve and <\/em>advertise their products\/services via word of mouth<\/a>.<\/p>\n\n\n\n

(Shortform note: Most businesses have a target market<\/a>\u2014a group of customers who share certain traits that make them more likely to buy your goods or services. You likely can\u2019t meet everyone\u2019s needs, so you tailor your business to your target market\u2014for example, Whole Foods tends to be pricier than other grocery stores<\/a>, so its target market is higher-earning individuals<\/a>. As a result, Whole Foods tends to open new locations in wealthier areas<\/a>, while dollar stores dominate in low-income markets<\/a> due to their relative affordability. Experts say that in addition to garnering feedback and word-of-mouth advertising<\/a>, treating your target market well helps you keep repeat customers<\/a>\u2014which is cheaper and easier to sustain than acquiring new customers.)<\/p>\n\n\n\n

Your company can\u2019t function if society<\/em><\/strong> <\/em>(which includes the general public, the media, the government, and other entities like activists and unions) disapproves of it\u2014ultimately, your profits will suffer and you\u2019ll be forced out of business. Since society\u2019s approval is essential to your company\u2019s sustainability, Mackey and Sisodia argue that you have a responsibility to ensure that your business makes society healthier. <\/p>\n\n\n\n

(Shortform note: The need for societal approval of a business is known as the \u201csocial license to operate<\/a>.\u201d To have a social license to operate, a business must meet three standards: It must follow the laws and sociocultural conventions of the society it\u2019s operating in, communicate honestly and keep its promises, and gain and maintain society\u2019s trust. Because American values are becoming increasingly polarized<\/a>, it can be difficult for companies to please every <\/em>segment of society\u2014for example, companies that try to address social issues, like LGBT acceptance, have faced backlash<\/a>.)<\/p>\n\n\n\n

Finally, we all depend on a healthy environment<\/em><\/strong> <\/em>for continued life\u2014so Mackey and Sisodia argue that it\u2019s counterproductive for your company to harm the environment and that you have a responsibility to make your business environmentally friendly. <\/p>\n\n\n\n

(Shortform note: Experts note that businesses started concerning themselves with environmental issues during the third wave of environmentalism<\/em><\/a> in the 1990s\u2014 when businesses followed the advice of green organizations to reduce their negative environmental impacts. The third wave was preceded by the second and first waves of environmentalism, whose aims were to conserve land and minimize pollution. In the late 2010s, society entered a fourth wave of environmentalism, which is focused on creating new <\/em>technologies and strategies to solve existing environmental problems.)<\/p>\n","protected":false},"excerpt":{"rendered":"

Why is conscious capitalism important? How does conscious capitalism benefit businesses and society? In Conscious Capitalism, John Mackey and Rajendra Sisodia discuss how conscious capitalism benefits all interested parties in businesses. They further explain why each party is important to business to emphasize why this economic system is so crucial. Keep reading to learn how conscious capitalism takes everyone into account.<\/p>\n","protected":false},"author":14,"featured_media":3364,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[45,81,24],"tags":[1288],"class_list":["post-115003","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business","category-economics","category-society","tag-conscious-capitalism","","tg-column-two"],"yoast_head":"\nWhy Is Conscious Capitalism Important? 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