Capitalism beyond the individual
When Co-Founder Joseph Amarante, a graduate student with a degree in business management, first discovered the concept of Conscious Capitalism, he found it to be a perfect fit for what he was looking for. He said that, in addition to complimenting what he was researching and studying, he found the philosophy behind the movement to be trendsetting in the current cultural landscape.
He said that the organization transforms the embodied values of traditional business interaction into a good, ethical and noble effort.
Conscious Capitalism strives to instill the idea that, contrary to what cynics may be thinking about capitalism nowadays, instead of “me”, the focus is on “we.” Co-Founder of the club, Bryan Sapione, a senior business marketing major, added that to supplement this idea, one of the organization’s main principles is to serve a higher purpose.
“It involves more than just regular dealings of business where everyone is out to make money,” said Sapione, who also said that serving a higher purpose means performing business roles that do not solely satisfy one person or entity.
Stakeholder orientation, rather than shareholder orientation, is the second definitive principal of Conscious Capitalism. Amarante said that, in keeping up with the theme that capitalism need not place all its value on monetary gain, businesses would take into account the voices of customers, workers and suppliers.
“You have conscious culture, which is just trying to create the best culture. The most accountable, transparent organizations,” said Amarante. “Kind of like a fun place for employees, a place they take pride in.”
CEO of Whole Foods John Mackey created this movement so his employees could enjoy a wide range of innovative benefits. Amarante said that this functions as a part of the organization’s emphasis on social responsibility, which includes not only comfortable wages for workers but also addressing environmental issues that have been impacted by corporate industries.
“It’s something that will really help you give back in a way or promote a better ecosystem or take into the account the rippling effects of what business can do to a company or industry,” said Sapione.
Amarante said he sees more business models genuinely adapting to the idea that owners and organizations should be mindful of the feedback they receive from their customers. He said he sees that consumers are more aware of where products come from, prices, the treatment of workers and the social impact of company decisions.
Both men said they are enthusiastic to implement more of this philosophy into the school of business, and those who aren’t specifically business majors are also encouraged to partake in the conscious movement.
Sapione said that they are looking to plan an annual event sometime in the Spring of 2020 in conjunction with the other organizations from the School of Business. The event would serve as an introduction to the Conscious Capitalism movement as well as a networking event.
They said they are looking forward to learning more about the movement in detail and about the movement in a conference trip next week in Arizona.