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The significance of Corporate Social Responsibility
Arguments for and against the concept of corporate social responsibility
Arguments for and against the concept of corporate social responsibility
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The terms “conscious” and “capitalism” are seldom used together; however, John Mackey, the Co-CEO of Whole Foods Market, has started a movement known as Conscious Capitalism that has the power to change the way businesses operate. For years, many vilify businesses due to their reputation of merciless methods of earning profits. In fact, the Merriam Webster dictionary defines capitalism as, “an economic and political system in which a country’s trade and industry are controlled by private owners for profit”. Mackey introduces a new concept and meaning for businesses in his book Conscious Capitalism: Liberating the Heroic Spirit of Business stating that there is a higher purpose for companies than generating profit. Higher purpose, conscious leadership, conscious culture, and stakeholder orientation are the four key tenants of practice to becoming a conscious capitalist company. After attending the trips on the Dallas Study Tour, I was able to witness how various companies operated and how their cultures were aligned with conscious capitalism.
Higher Purpose
The core values of a company are what drive and inspire those associated with the brand. Their purpose is a statement and reason for existence to make a difference in the world. Operating a business should be more than just earning profits. In fact, profit is not the sole purpose of a company; rather, it is creating value and improving the lives of those involved in the organization.
Mary Kay was founded on having a higher purpose to allow women everywhere to find their own personal and financial success. Their belief is that any woman can build their own business that will benefit their lives free of any restrictions. The company gives women the potential to become independ...
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Conclusion
The Conscious Capitalist movement has had a great impact on how businesses operate. Companies such as The Container Store and Mackey’s Whole Foods are proven the success of organizations with a higher purpose. There are 95 million Millennials in America, the majority of which are actively involved in social media. They are strong proponents of businesses incorporating social responsibility and are willing to spend more with companies that support a greater cause (Horovitz, 2013). For too long, capitalism has gained a negative reputation. To gain the trust of the American society, organizations must rethink the way they manage their businesses. Conscious Capitalism is here to stay and will only continue to grow because of its proven financial success, consumer encouragement, and because it is simply the right way organizations should operate.
In this life it is essential to base your work around your beliefs and to feel passionate about what you do. Then spreading your passion for your work onto others is how you grow as an individual and as a company. Which is what I felt after reading the #1 core value.
Evan, William M. and Edward R. Freeman. “A Stakeholder Theory of The Modern Corporation: Kantian Capitalism.” Advanced College Essay: Business and Its Publics. Ed. Pat C. Hoy II and Denice Martone. New York: McGraw-Hill, 2002. 329-38.
There are several core values I appreciate most. The first one that stood out is an adventure, which is defined as “new and challenging opportunities, excitement, risk”. For some people, adventure always represents tough challenges and high risk with low return. They prefer a stable job because they can earn guaranteed wages without
The richest of humanity see the most of improvements, and the poorest of humanity see the least of these improvements. Through capitalism the world has changed tremendously in a short amount of time. A host of new technology has been innovated, especially in the last 100 years. Humanity as a whole is much better off than it was before. As an example, most of us are able to take an airplane to travel from one country to another in one day or have fairly easy access to advanced health care. In a word, like Bill Gates said in his article “How to Fix Capitalism”, “Capitalism has improved the lives of billions of people- something that’s easy to forget”(Gates). But, it is not getting better fast enough, and it is not getting better for everyone. A multitude of people live on less than a dollar a day and it can be extremely hard for a person in such a situation to drag themselves out of poverty without help from others. Capitalism has the ability to harness self-interest in a helpful and sustainable way but only on beh...
Many people believe that capitalism has made a positive impact on the world, making it a better place to live in. Bill Gates, the founder of Microsoft, in his article, “Making capitalism more creative” supports this belief. He emphasizes how capitalism has transformed this world and how it would make life better off in the future. Gates also stresses on how governments and different companies can involve new people in the capitalist setup to decrease economic disparity. However, capitalism is not as beneficial as Gates puts it. It has a dark side with respect to economic inequality, government involvement, new markets and social responsibility.
...ng this simplistic definition of capitalism which means that there will be “winners” and “losers” to this relationship. The focus upon the “bottom line” leaves little to no room for the consideration of social consequences such as unemployment and poverty. The disconnection that capitalism creates enables itself to flourish thus limiting the potential to achieve socio-economic justice. Fundamentally changing the way capitalism operates requires a political shift in power dynamics. Consumers who do play a role in how the economy is structured are needed to be brought back to consciousness by demanding justice.
Core competencies are a collection of competencies that crosses divisional boundaries, which allow a business to be competitive in a marketplace. This is something that the corporation that the business can do exceptionally well. A core competency should allow companies to expand into a new end markets including providing a significant benefit to customers. This should be hard for competitors to replicate the products and services.
Capitalism is officially defined as “an economic system in which trade, industry and the means of production are controlled by private owners with the goal of making profits in a market economy” or better put by Michael Moore a “system of taking and giving, mostly taking”. I analyzed “Capitalism: A Love Story” by the documentary filmmaker Michael Moore to form a better understanding of the term “capitalism” and how it has affected those associated with it. Capitalism is perpetuated as a social structure that has given us the highest standard of living in the world. It was introduced as an economic system of “free enterprise” that would allow us the freedom to choose our own path in life dependant on where we choose to work through either being able to make a profit, just get by, or just outright fail. Free enterprise essentially is a set of words that mean survival of the fittest.
Firstly, I will begin by identifying my core values. These values can be put into two separate groups. Firstly, there are instrumental values: courageousness, intellectualism, and helpfulness. When considering the myriad of ideals, many others were eliminated
In this book, Jim Collins also challenges the notion that "people are your most important asset" and postulates, instead, that "the right people are." Despite the author's emphasis on finding the right people, there's no evidence that a company has to have concern for its employees as a core value for it to be great. There are a number of inherently great companies that didn't have this. I don't think Walt Disney cared about his people. He cared about films, and Disneyland, and smiles of kids. On the other side, with Hewlett-Packard and IBM, you had the antithesis of Walt Disney. When you look at corporate history, what matters is not what core values you have but that you have core value, and that you believe them. As another example, take David Maxwell's bus ride. When he became CEO of Fannie Mae in 1981, the company was losing $1 million every business day, with $56 billion worth of mortgage loans under water. The board desperately wanted to know what Maxwell was going to do to rescue the company. Maxwell responded to the "what" question the same way that all good-to-great leaders do: He told them, "That's the wrong first question.
The core domination of capitalism lies with the domination over the capitalist himself. The purpose of capital is to accumulate as much wealth as possible. To do so, different task have to be divided to increase production. Capitalism is driven by a circuit which consists of having money, exchanging it for a commodity, and then selling that product once again but for a greater quantity of money, or M-C-M’. Capital changes itself both into money and commodities, while at the same time differentiates itself from its original value by creating surplus value and expanding spontaneously (334). In order for a capitalist to be successful he must never stop this cycle, he must always keep growing his capital. The “final result of every separate circuit […] forms of itself the starting point of a new circuit” (333). This idea creates in the capitalist a mentality of competition, a drive to always find new ways to increase productivity and lower cost in order to increa...
The concept of social innovation has metamorphosed the way companies do business. No longer do companies only consider the short-term shareholder value, but now firms consider the social and physical environments in which they operate. It, therefore, goes without saying that this is only achievable through proper accountability. The advent of social media has given the power back to the consumers, and this has brought about change necessitating the companies to also value their customers—if not more—as they do their
Capitalism, a French word, capitalisme, meaning “the conditions of the rich”, is an economic system, way of life, and economic market structure. The meaning alone invokes a sense of worldly wealth and prosperity. Capitalism is more accurately labeled as aggregates of private owners with the goal of making profits in a market economy; it is a citizen driven society and business world with the strongest, most populous, most resource rich, and we...
My core values will outline all of the decisions that I will come across in my personal life, as well in my career. Being true to my core vales will bring out my true character and keep me motivated. Understanding and living my core values will open the door to more inspiration in my life. Finally living up to my core values allows me, to get more of the right things done and enjoy the journey more.