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The co-author
of two Megatrends bestsellers predicts a convergence of social, economic and
spiritual trends in her new book, “Megatrends 2010: The Rise of Conscious
Capitalism”. KwC Trends ahead The major social trends identified by Patricia Aburdene in
her book "Megatrends 2010" (Hampton Roads) are: 1. The Power of Spirituality Trend-Watcher Sees Moral Transformation Of Capitalism By Jane Lampman, The Christian
Science Monitor, October 4, 2005 It's a turbulent time in the business world. Prestigious
firms are under scrutiny for their practices, and corporate high-fliers are
going to court and sometimes to jail. Yet it's also a time when people are
seeking new ways to incorporate spiritual practices and moral values into their
workaday lives. The focus on
spirituality has become so pervasive, says Patricia Aburdene, one of the
foremost trend trackers in the United States, that it stands as "today's
greatest megatrend." Its impact on personal lives is spreading into
institutions. And spirituality in business, she contends, is converging with
other socioeconomic trends to foster a moral transformation in capitalism. More
businesses, for instance, are taking seriously their responsibility to communities
as well as to shareholders. Some 70 million Americans are making choices in the
marketplace as "values-driven consumers." Many CEOs are repudiating
the corporate myth of "lean and mean" and the "profits at all
costs" path to prosperity. In a poll of 25,000 people in 23 countries by the Conference
Board, a marketplace research group, two-thirds said they want business to "expand beyond the traditional emphasis on
profits and contribute to broader social objectives." Ms. Aburdene has a track record in deciphering the signs of
significant long-term change. In the first "Megatrends" book more
than 20 years ago, she and John Naisbitt described the birth of the
"Information Economy," an idea scoffed at by many. In another
bestseller a decade later, they predicted a networked, technology-driven era in
business. Now in her new book, "Megatrends
2010," Aburdene shares stories of business in transition and marshals
facts and figures to show how transcendent values are beginning to reshape
capitalism. In a recent interview, she discussed the prospects for a sea
change in corporate life. Here are some excerpts: You speak of social, economic, and
spiritual trends converging to foster a moral transformation of capitalism.
Given the scandals of recent years, why is such a rosy outlook justified? Social transformation happens only when there is a
combination of economic necessity and new values. We are exactly at that point
now in society. The accounting scandals, the tech bubble, the market crash are compelling
capitalism to take a look at itself. But there must also be a positive sense of
new options, and those exist in the form of rising interest in spirituality in
business, the dynamic growth of socially responsible investing, shareholder
activism, and the power of values-driven consumers in the marketplace. Many people say they've felt a clash
between their personal values and those of the corporate world. How is that
changing? There are two manifestations. People no longer want that
spiritual part of themselves to be abandoned when they work and are searching
for meaning and morals in the workplace. And corporate leaders now recognize
that we live in a technologically based society where, in order to be
consistently innovative, a corporation has to draw on the creativity of its
employees. Even the old-fashioned
business types have to grudgingly agree that we find creativity, inspiration,
and innovation within, from that deep spiritual part of ourselves. What's the most significant evidence that
spirituality is a force in business today? First, the trend is developing in businesses all across the
country, not just in certain geographic areas. Second, many employees have long
been interested in the moral aspects of business, but when you see large numbers
of CEOs getting interested in spirituality, you can be sure its influence is
accelerating. And you have a diversity [in approach] - one CEO may start
conference calls with prayer, for instance, while another may engage in
meditation programs. What do you say to those who question the
practicality of spirituality in the business world? My answer is it's very practical. Look at the parade of
fallen corporate heroes who march across our TV screens. What was the reason
for their downfall? A lack of self-mastery in their leadership. The quickest
route to self-mastery is through personal, spiritual practice. This is what
many leaders are learning. Some people will say, well, it's good to
help people feel better about their work, but business exists to make a profit
and benefit shareholders. That's the old-fashioned definition of capitalism; economist
Milton Friedman wrote that the social responsibility of capitalism is to
increase shareholder profit. But we've since faced the worst economic crisis
since the Depression and begun to experience the consequences of a system that
honored profits at all costs. The result of such a philosophy was trillions of
dollars in shareholder value being lost. You've subtitled your book "The Rise
of Conscious Capitalism." Would you explain that? We've now become conscious of the uncalculated social,
economic, and environmental costs of that kind of "unconscious"
capitalism. And many are beginning to practice a form of "conscious
capitalism," which involves integrity and higher standards, and in which
companies are responsible not just to shareholders, but also to employees,
consumers, suppliers, and communities. Some call it "stakeholder
capitalism." Can such businesses remain competitive and
keep shareholders happy? Shareholders
might have cause to quibble if companies were losing money; in fact, the
opposite is true. Studies show that corporate finances flourish when social
responsibility and stakeholder concerns are taken into account. A 2005 study of public firms on
Fortune's list of the "100 Best Companies to Work for" examined how
well they rewarded shareholders: Between 1998 and 2004, they returned 176
percent, compared to only 39 percent for the Standard & Poor's 500. Another
study of 25 firms that excel in stakeholder relationships - by Towers Perrin -
showed they returned 43 percent in total shareholder value compared with 19
percent by S&P 500. There is a
reason for these results: A business is a whole, and systems work better when
all their organic parts are honored. Who's in the best position to bring this
moral transformation about? A theme in "Megatrends 2010" is that we the people
have the power as investors, employees, and consumers to heal capitalism. As a manager, for instance, you may not be the
CEO, but you have moral power in your division and can introduce small
initiatives. As an investor, you can move your IRA into a socially responsible
mutual fund. As a consumer, you can recognize your power to change capitalism
every day by every vote you take with your wallet or pocketbook. As an entrepreneur, it's within your power to shape the
values of a small business. Just yesterday I saw Starbucks' CEO on CNBC. His
firm is famous for offering health benefits to all, including part-time,
employees. They pointed out that Starbucks pays more on health insurance than
it does for coffee. This is a far cry from the idea in the 1987
film, "Wall Street," that the bedrock of capitalism is greed. We need to graduate from the ridiculous notion that greed is
some kind of elixir for capitalism - it's the downfall of capitalism.
Self-interest, maybe, but self-interest run amok does not serve anyone. The
core value of conscious capitalism is enlightened self-interest. As Jim Cramer
on CNBC says, "Bulls make money, bears
make money, pigs get slaughtered." http://www.csmonitor.com/2005/1003/p13s01-wmgn.html |
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