Conscious Capitalism: How Millennials Are Shaping The New Economic Paradigm

Galactic Free Press's picture

To me, this sound very similar to the way capitalism was originally marketed to people, where the consumers would collectively have the power to decide which companies fail or succeed. So far it hasn't worked out that way, but I'm not going to fault people for trying to shift capitalism back towards that intention.

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Capitalism has become a dirty word in our culture, synonymous with cronyism and greed, not consciousness. Since the 2008 financial collapse in the US, we have been inundated with stories of poverty, injustice, corrupt banking institutions and companies that have lied, cheated and stolen to meet their bottom line, often scamming their employees and harming the environment while the bigwigs sit back and cash checks.

WHAT IS CONSCIOUS CAPITALISM?

In light of the corporate scandals over the past several years, it is refreshing to hear that the new paradigm of conscious capitalism has emerged. This is due in large part to the evolving spending power of Millennials, the generation of 95 million or-so Americans born between 1982 and 2004. Millennials are more health and socially conscious than other generations, meaning that we put a strong emphasis on healthy living and well-being, and our consumer trends reflect this.

Conscious capitalism refers to businesses that serve the interests of all major stakeholders—customers, employees, investors, communities, suppliers, and the environment. According to Whole Foods Founder and Co-CEO John Mackey, who has built his company’s success using a conscious model and recently co-authored the book Conscious Capitalism,  this is a model where business is “grounded in a higher sense of purpose to enhance its positive impact on the world.”

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