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Chapter from: "Conscious Capitalism, With a New Preface by the Authors: Liberating the Heroic Spirit of Business"
Published by: Harvard Business Publishing
Originally published in: 2021
Version: 7 January 2014

Abstract

In 'Conscious Capitalism', Whole Foods Market cofounder John Mackey and professor and Conscious Capitalism, Inc cofounder Rajendra Sisodia argue that business and capitalism are both inherently good. Some of today's best-known and most successful companies are used to illustrate this; they are creating value for all stakeholders. This book delves into the four tenets of Conscious Capitalism: higher purpose, stakeholder integration, conscious leadership, and conscious culture and management. It also offers suggestions on how to start conscious businesses and move existing businesses toward becoming more conscious. Part 2, comprising chapters 5 through 12, explores how conscious businesses think about each major and secondary stakeholder and how they can leverage the interdependent relationships that exist among stakeholders. Chapter 9 looks at the community as a stakeholder and how businesses have a social responsibility because of that. Business philanthropy is not stealing from investors; it's good business and works for the long-term benefit of investors and other stakeholders. The idea of businesses as local and global citizens is discussed, and the example of the Tata Group is given. Examples of Whole Foods Market's philanthropy work are also explored; this work is good for investors and other stakeholders because it creates good publicity, greater goodwill within the community, and higher morale among workers, resulting in higher sales, profits, and market capitalization. The natural relationship between conscious businesses and nonprofits is also discussed.

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Abstract

In 'Conscious Capitalism', Whole Foods Market cofounder John Mackey and professor and Conscious Capitalism, Inc cofounder Rajendra Sisodia argue that business and capitalism are both inherently good. Some of today's best-known and most successful companies are used to illustrate this; they are creating value for all stakeholders. This book delves into the four tenets of Conscious Capitalism: higher purpose, stakeholder integration, conscious leadership, and conscious culture and management. It also offers suggestions on how to start conscious businesses and move existing businesses toward becoming more conscious. Part 2, comprising chapters 5 through 12, explores how conscious businesses think about each major and secondary stakeholder and how they can leverage the interdependent relationships that exist among stakeholders. Chapter 9 looks at the community as a stakeholder and how businesses have a social responsibility because of that. Business philanthropy is not stealing from investors; it's good business and works for the long-term benefit of investors and other stakeholders. The idea of businesses as local and global citizens is discussed, and the example of the Tata Group is given. Examples of Whole Foods Market's philanthropy work are also explored; this work is good for investors and other stakeholders because it creates good publicity, greater goodwill within the community, and higher morale among workers, resulting in higher sales, profits, and market capitalization. The natural relationship between conscious businesses and nonprofits is also discussed.

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