Social Capitalism – the conscience of capitalism
Those who believe that capitalism can resolve many of the problems of the world are aware that it needs to be reformed into a more caring, compassionate and responsible system both for the sake of the common good and also for its ultimate survival. We need to encourage businesses and those who work within them to consider the ethical aspects of all their decisions both personal and commercial. Additionally, for employees to be happy and fulfilled in their job, companies must encourage their people to act in a caring, loving and compassionate way towards one another so helping to make the world a better place.
Social Capitalism – Towards a Better World
With the rapidly declining popularity of capitalism, especially amongst the millennials, the future for capitalism is looking bleak. The cry of “alternatives cannot be any worse” is becoming persuasive and with some justification! Some of the activities undertaken in the name of “neo-liberal capitalism” have been outrageous! At the other end of the spectrum, even relatively small things such as companies offering new customers a cheaper price than existing, loyal customers keeps chipping away at the image of capitalism!
Certainly, things need to change: We believe a more caring, responsible form of capitalism is the answer. In fact, Social Capitalism – capitalism with a social conscience. Whereas, we do not think this change of emphasis from essentially just the pursuit of profit towards a more responsible ethos, will resolve all the problems confronting society, we believe Social Capitalism will make a valuable contribution.
This website argues for a change in the law via a new Companies Act and also provides a template to help companies make the change.
We are advocating a fundamental shift in attitudes within business where all members of staff (from CEO’s to the new interns) accept their responsibility to ensure all their decision making contributes positively towards society and the environment as well as making an ethical profit. This is Triple Purpose.
A “Campaign for Triple Purpose Capitalism”
The Campaign for Triple Purpose Capitalism is focussed on encouraging companies and, most importantly, the individuals who work within them to consider what is right and wrong in their decision-making processes. It is our view that people will be happier, more motivated and more fulfilled in their job where they play a positive and responsible role in serving society by behaving in a caring, ethical and compassionate way towards each other, society in general and the environment. There is also evidence that ethical companies with a happy, fulfilled and motivated work-force are more profitable over time.
This is not a “business-bashing” idea – to the contrary! It is a pro-business idea – a belief that social capitalism can make a massive contribution to the well-being of our world. Some say that social capitalism is an oxymoron and we understand the point! However, with a change in the Companies Act (as suggested below) and the contribution that can be made by the millions of caring and compassionate people in business maybe we can make it work!
Without doubt, we need to change the prevailing culture to a more caring, progressive culture with the long-term sustainability of the business as the strategic objective. Many great companies already work in this way but we need responsible business to become the norm rather than the exception.
How will this be achieved?
By changing the Law
Going forward, the measurement of the “success” of a business should be measured by its contribution to society as well as its level of profit. We need to change the Companies Act 2006 to ensure the directors of companies have a legal responsibility towards society and the environment as well as making an ethical profit.
By changing the culture of companies from within
We also wish encourage companies, and those who work for them, to accept their responsibility to serve society and to protect the environment as well as making an ethical profit by including a Triple Purpose objective (to serve society, to protect the planet and to make an ethical profit) in their constitution.
Businesses need to accept they have broader responsibilities towards society and the environment. They need to accept they trade with the permission and trust of society. They need to accept that by using the infrastructure provided and paid for by society (such as the transport system, an educated work-force, the health service and a working, safe and civil environment) they have a duty to repay society.
The website will also argue that this Triple Purpose objective will create a happier, more motivated and fulfilled workforce. With employees having a wider purpose to their immediate job will improve job satisfaction, staff retention and productivity and lead to greater sustainability of the business.
We need to find “champions” and “ambassadors” in business prepared to argue the case for an ethical and compassionate business strategy within their organisation. They have much on their side! It is the morally right thing to do, it is the responsible thing to do and finally commercially, the sensible thing to do!
We accept, of course, that there are some companies where an ethical culture is engrained in the DNA of the company but unfortunately, there are many where it is not. This situation must change!
What are the objectives of the Campaign?
To change Company Law to state that a “director of a company acts in a way he considers, in good faith, would be most likely to promote the success of the company measured by its contribution to society and the environment as well as making an ethical return to shareholders”.
To encourage companies to become purposeful and responsible businesses and to promote this ethical ethos to their staff so it becomes engrained in the DNA of the business, their suppliers, customers and wider stakeholders
To encourage all employees to accept their personal responsibilities towards society and the environment and to encourage them to campaign for ethical values within their organisation.
To argue the case that Triple Purpose Companies will have a happier and more motivated workforce leading to a more sustainable and profitable business over time.
To convince employees and the general public that Social Capitalism can be a force for good in the world.
Become a “Champion” within your company
Whatever your position within the company, from a CEO to a new apprentice, if you believe in the principles of Triple Purpose talk to your colleagues and persuade them of the merits of working for a company that values strong, ethical principles. If you believe in these principles, why not become a Triple Purpose “Champion” or an “Ambassador” and argue for change within your company. Just think of the benefits to the business, to the staff and to the world – a happier, more motivated, creative and innovative workforce, a safer working environment and a more sustainable company environmentally, socially and financially. The principles of Triple Purpose empowers individuals to challenge decisions they do not consider ethical!
Making your business a Triple Purpose Company will be hard work and challenging but ultimately, very rewarding and in the process helping to make the world a better place!
Help change the world for the better
If the Campaign for Triple Purpose Capitalism is successful, and many companies embrace the concept, it will help to change the world. It will make the working lives of millions more enjoyable, interesting, challenging and rewarding. There will be more purpose in their business lives. Very importantly, it will create more sustainable jobs, careers and businesses.
What are the objectives of the Campaign?
We hope to convince companies that they will become more profitable and sustainable over time if they follow the principles of Triple Purpose. Additionally, we will argue the case that Triple Purpose Capitalism will be a greater force for good in the world.