Capitalism is a system of economics based on the private ownership of capital and production inputs for profit. (Investopedia) Adam Smith describes capitalism is based on self-interest. Capitalism is not central planning but supply and demand in the market economy, which is characterized by competition between producers.
2. How does the pursuit of one’s self-interest (“greed”) serve the common good?
Self-interest is a behavior in the way that is most personally beneficial. On the other hand, common good is the benefit of all people or in a group. Adam Smith says that it is possible to achieve the best economic benefit for all, although individuals tend to act in their own self-interest. One of the advantages of capitalism is that it allows …show more content…
What is “conscious capitalism” and how does Whole Foods CEO John Mackey contrast it with more traditional definitions of capitalism?
In opinion of John Mackey, capitalism and business are not only based on only self-interest but the complexity of human nature. He believes that “free enterprise capitalism” is the most powerful system for social cooperation and human progress ever conceived. However, he concerns that people may portray capitalism and business as selfish, greedy, and exploitative.
Conscious Capitalism is a way of thinking about capitalism and business that reflects how we can do better to create positive impact in the capitalistic world. There are four principals of conscious capitalism: higher purposes, stakeholder orientation, conscious leadership, and conscious culture. A higher purpose is to recognize that every business has a purpose that includes, but is more than, making money. Higher purpose energize stakeholders. Stakeholder Orientation encourages that a business needs to create value with and for its various stakeholders. Stakeholders’ satisfaction leads to a success in business. Conscious Leaders understand and embrace the higher purpose of business and focus on creating value for the interests of the stakeholders. (http://www.consciouscapitalism.org ) They recognize and cultivate conscious culture. Conscious culture is the ethos based on the values, principles, practices that support purposes, stakeholders, and …show more content…
What are the obstacles to serving the common good?
There are four obstacles to serving the common good come: lack of rule of law, corruption, tendencies towards greed, poor stewardship of resources. However, the most significant for a business leader is the split between faith and daily business practice. This leads us to devotion to worldly success and materialism.
3. Describe the 3 stages of faith-based “servant-leadership”.
There are three stages of faith-based “servant-leadership”: seeing, judging, and acting. The three aspects are closely related each.
The faith-based servant leaders need to see the challenges and opportunities in their work, and both good and evil in the world of business, including four major “signs of the times” impacting business: globalisation, communications technologies, financialisation, cultural changes. The servant leaders need to judge them according to ethical principles, and to act as leaders who serve God. “Business leaders can put aspiration into practice when they pursue their vocation, motivated by much more than financial success.” (The Vocation of the Business Leader)
The Man Who Remade Asia
1. What is the “Asian Model” of Lee Kuan
2. How does the pursuit of one’s self-interest (“greed”) serve the common good?
Self-interest is a behavior in the way that is most personally beneficial. On the other hand, common good is the benefit of all people or in a group. Adam Smith says that it is possible to achieve the best economic benefit for all, although individuals tend to act in their own self-interest. One of the advantages of capitalism is that it allows …show more content…
What is “conscious capitalism” and how does Whole Foods CEO John Mackey contrast it with more traditional definitions of capitalism?
In opinion of John Mackey, capitalism and business are not only based on only self-interest but the complexity of human nature. He believes that “free enterprise capitalism” is the most powerful system for social cooperation and human progress ever conceived. However, he concerns that people may portray capitalism and business as selfish, greedy, and exploitative.
Conscious Capitalism is a way of thinking about capitalism and business that reflects how we can do better to create positive impact in the capitalistic world. There are four principals of conscious capitalism: higher purposes, stakeholder orientation, conscious leadership, and conscious culture. A higher purpose is to recognize that every business has a purpose that includes, but is more than, making money. Higher purpose energize stakeholders. Stakeholder Orientation encourages that a business needs to create value with and for its various stakeholders. Stakeholders’ satisfaction leads to a success in business. Conscious Leaders understand and embrace the higher purpose of business and focus on creating value for the interests of the stakeholders. (http://www.consciouscapitalism.org ) They recognize and cultivate conscious culture. Conscious culture is the ethos based on the values, principles, practices that support purposes, stakeholders, and …show more content…
What are the obstacles to serving the common good?
There are four obstacles to serving the common good come: lack of rule of law, corruption, tendencies towards greed, poor stewardship of resources. However, the most significant for a business leader is the split between faith and daily business practice. This leads us to devotion to worldly success and materialism.
3. Describe the 3 stages of faith-based “servant-leadership”.
There are three stages of faith-based “servant-leadership”: seeing, judging, and acting. The three aspects are closely related each.
The faith-based servant leaders need to see the challenges and opportunities in their work, and both good and evil in the world of business, including four major “signs of the times” impacting business: globalisation, communications technologies, financialisation, cultural changes. The servant leaders need to judge them according to ethical principles, and to act as leaders who serve God. “Business leaders can put aspiration into practice when they pursue their vocation, motivated by much more than financial success.” (The Vocation of the Business Leader)
The Man Who Remade Asia
1. What is the “Asian Model” of Lee Kuan