ILMA Compoundings - April 2020 - 30
ILMA ENGAGE
SPEAKER SPOTLIGHT
Rethinking Capitalism
By Rajendra Sisodia
In this era of socialism gaining traction, Raj
Sisodia explores the benefits of capitalism
and how businesses can operate in a way
that enhances quality of life for everyone.
H
ow can we make capitalism
work? Implicit in that question
are further questions: Work
for whom? Over what time frame? At
what costs? How do we define what it
means to "make capitalism work"?
In the broadest sense, the following
observations illustrate what might constitute a capitalism that truly works.
1
Capitalism has to be about
creating wealth for all who
are participants in the system
- whether they be owners, investors,
employees, customers, suppliers, community members or others who are
30
APRIL 2020
| COMPOUNDINGS | ILMA.ORG
impacted by the business enterprise. It
cannot just be about generating profits
and wealth for owners and treating all
other participants in the systems as
means to that one end.
2
The wealth that capitalism
creates cannot just be
financial wealth. It is a cliché to say
that we humans don't live by money
alone. Nobel laureate Muhammad
Yunus has a better way to express this
idea: "We act in business as though
money is the only game in town. But
there are other games in town." The
most meaningful thing we humans
can do is to have a positive impact
on the lives of others. The reality is
that businesses create but can also
destroy at least eight kinds of wealth
or well-being: financial, intellectual,
social, emotional, spiritual, cultural, physical and ecological. Most
businesses focus purely on creating
financial wealth - and often don't do
a very good job at that. Everything else
that happens as a consequence of how
the company conducts its business is
seen as a side effect - and, of course,
side effects, by universal consensus, are
generally understood to be negative.
The reality is that there is no such
thing as a side effect; we do things, and
there are effects. All the effects matter;
just because we put some of them in
fine print or say them very fast doesn't
make them less significant. We must
evolve to doing business in a way that
generates a spectrum of positive effects.
3
Do it for the long term. Five
or even 10 years is a far cry from
the quarterly rhythm of most public
companies. However, decisions must
be taken with an eye to their consequences over decades, generations,
even centuries. Most businesses operate
as though there is no future beyond
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ILMA Compoundings - April 2020
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ILMA Compoundings - April 2020 - Cover2
ILMA Compoundings - April 2020 - 1
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