John Mackey, CEO of Whole Foods, co-authored the book, Conscious Capitalism. It\

Question

John Mackey, CEO of Whole Foods, co-authored the book, Conscious Capitalism. It's not only a great term but an interesting way to frame the conversation that we are having this week. In a Forbes article entitled The New Management Paradigm &John Mackey's Whole Foods, (Links to an external site.) the author gives an interesting overview of the books as well as a shared narrative to help us articulate the direction that we see successful businesses taking in order to be both responsible as well as profitable. Please read the article and then comment on it through the lens of this week's other readings and conversations. Does it resonate with you? If it doesn't why not? Can we count on conscious capitalism and social entrepreneurs to do the right thing because there is money involved or is government regulation and legislation necessary? Are the ideas of Milton Friedman dated? What are some practical applications of this week's content?

Explanation / Answer

Yes Conscious Capitalism definitely resonates. It establishes that Organizations’ aim is wealth maximization of stakeholders, instead of profit maximization only.

Conscious Capitalism movement has challenged the way of doing business.Business leaders are presently thinking in a different way.Conscious capitalism is dependent on four principles 1.Higher Purpose 2.Stakeholder Orientation 3.Conscious Leadership 4.Conscious Culture.This is the most successful form of capitalism.Leaders think to give their best to the society while making sustainable profit thus elevating human life.

Milton Fried is still relevant.He has a huge contribution in monetarism.He said that Government should playpivotal role in money supply to keep inflation in check.

Presently companies that are practicing conscious capitalism are WFM,Tata Group,The Container Store,Panera Bread etc.

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