Conscious Capitalism: An Emerging Economic Philosophy for Higher Purpose in Business

Abstract

An enhanced economic philosophy, conscious capitalism, is ascending in the United States and gaining traction in helping corporations redefine their approach to business. This article analyzes and evaluates conscious capitalism, integrates it with biblical economics and the social justice faith tradition, and explores its relationship to business education. Business education researchers have the opportunity to integrate conscious capitalism ideas into business curriculum to give students ideas that broaden their understanding of an enhanced model of capitalism and the ways capitalism can do good. Additionally, there is opportunity for Christian business professors to integrate the social justice themes of mishpat, hesed, and shalom into business and economics curriculum and teach about stakeholder integration, higher purpose and values, leadership, culture, and management. Conscious capitalism is not perfectly aligned with a Christian worldview, nor has it sought to be, and as it emerges, more research can help confirm its efficacy.