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Ways to Embrace a Kinder Economy
Patagonia is the new yardstick for ethical and social businesses (image from Fortune Magazine) Of late, I hear a common clarion call amongst leading thinkers for companies to pursue a more humane, ethical and sustainable business strategy. These proclamations allude to the fact that the current system of profit and GDP growth at all costs is broken, and that a more holistic and considered approach is needed. The first is renowned management guru Michael Porter, who urged companies to adopt shared values when crafting their business strategies. Porter cites that the capitalist system which much of the industrial age economy is built on has been the cause of much social, environmental and economic woes, with companies (and their leaders) prospering at the expense of the rest of humanity. To address this, companies should focus on the principle of shared value. This philosophy recognises societal needs, environmental needs, and other external costs beyond a company's walls. Its main idea is that businesses s
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