Raj Sisodia -- Conscious Capitalism
Over the past two centuries, free-enterprise capitalism has delivered immense benefits to human civilization. The adjusted standard of living worldwide has increased by over 1,500 percent since 1800, while population increased more than 8,000 percent. Thanks to business activity, global trade and technological innovations, vastly more people are living longer and much more comfortable lives. Yet capitalism faces significant challenges today and its reputation is in severe decline. According to Raj, the key problem is with the ideology that capitalism gets good results through the self-interested choices of market participants and that success is due to the “survival of the fittest.” This ideology planted the seeds that led to an increasingly short-term focus for businesses and investors in recent decades. The idea that businesses should focus on long-term goals and on the overall welfare of customers, employees, communities as well as investors, has been increasingly diminished. The solution, which Raj and his colleagues have carefully laid out, is to rebuild a business culture based on enlightened “conscious capitalism.” Businesses designed and led on the basis of conscious capitalism understand that success is a function of healthy, mutually beneficial relationships in the business ecology, including customers, suppliers, investors, employees, unions, communities, regulators, government and, critically, the natural environment on which we all rely. Among the questions Raj will address: •What are the key features of conscious capitalism and how is it working? •How does a business operating under the principles of conscious capitalism deal with success and failure? •How does conscious capitalism get enforced and reinforced in the real world? •What would the world look like, in terms of well-being, relative inequality, poverty, health and personal fulfillment, under a fully conscious capitalist economy in a century? In a millennium? Join the conversation and be part of the solution.