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Rev. Gest. Soc. Ambient. | Miami | v.19.n.3 | p.1-16 | e011602 | 2025.
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RGSA – Revista de Gestão Social e Ambiental
ISSN: 1981-982X
Submission date: 12/10/2024
Acceptance date: 2/10/2025
DOI: https://doi.org/10.24857/rgsa.v19n3-044
Organization: Interinstitutional Scientific Committee
Chief Editor: Ana Carolina Messias de Souza Ferreira da Costa
Assessment: Double Blind Review pelo SEER/OJS
CONSCIOUS CAPITALISM: A NEW ERA FOR BUSINESS?
Cleberson Anchieta Taborda
1
Lisa Helena Smidt
2
Rosane Maria Seibert
3
ABSTRACT
Objective: This study aims to analyze the advances in the concept of Capitalism towards Conscious Capitalism,
highlighting its main pillars and the benefits for organizations and society.
Theoretical Framework: The Conscious Capitalism model reflects a paradigm shift, where success is measured
not only by economic-financial results, but also by the positive impact generated on society and the environment.
Over the years, this approach has gained support, with several organizations adopting sustainable and responsible
practices. The movement is seen as a natural capitalism evolution in response to contemporary global challenges,
such as social inequality and the organizations in society role, promoting a more inclusive, sustainable and ethical
capitalism model.
Method: The research is based on a bibliographical review of works that provide a theoretical basis for
understanding the topic. The four fundamental Conscious Capitalism pillars were analyzed: greater purpose,
stakeholder integration, conscious leadership and conscious culture, evaluating their implications for the business
environment and society.
Results and Discussions: The results indicate that the conscious practices adoption can not only increase the
organizations competitiveness, but also generate value for all shareholders involved.
Originality/Value: The study is original and has value because it reinforces the need to align organizational
interests with social and environmental impacts, promoting a business model capable of balancing profit and social
responsibility, driving a fairer and more sustainable future.
Keywords: Conscious Capitalism, Sustainable Practices, Social Responsibility, Socio-Environmental Impact,
Organizational Competitiveness.
CAPITALISMO CONSCIENTE: UMA NOVA ERA PARA OS NEGÓCIOS?
RESUMO
Objetivo: Esse estudo tem como objetivo analisar os avanços do conceito de Capitalismo para o Capitalismo
Consciente, destacando seus pilares principais e os benefícios para as organizações e a sociedade.
Referencial teórico: O modelo de Capitalismo Consciente reflete uma mudança de paradigma, onde o sucesso
passa a ser medido não apenas pelos resultados econômico-financeiros, mas também pelo impacto positivo gerado
na sociedade e no meio ambiente. Ao longo dos anos, essa abordagem tem ganhado adesão, com diversas
organizações adotando práticas sustentáveis e responsáveis. O movimento é visto como uma evolução natural do
capitalismo em resposta aos desafios globais contemporâneos, como a desigualdade social e o papel das
organizações na sociedade, promovendo um modelo mais inclusivo, sustentável e ético de capitalismo.
1
Universidade Regional integrada do Alto Uruguai e das Missões (URI), Santo Ângelo, RS, Brasil.
E-mail: clebersontaborda@gmail.com
2
Universidade Regional integrada do Alto Uruguai e das Missões (URI), Santo Ângelo, RS, Brasil.
E-mail: lhs090175@gmail.com
3
Universidade Regional integrada do Alto Uruguai e das Missões (URI), Santo Ângelo, RS, Brasil.
E-mail: rseibert@san.uri.br
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Método: A pesquisa se baseia em revisão bibliográfica em obras que fornecem uma base teórica para a
compreensão do tema. Foram analisados os quatro pilares fundamentais do Capitalismo Consciente: propósito
maior, integração de stakeholders, liderança consciente e cultura consciente, avaliando suas implicações para o
ambiente organizacional e a sociedade.
Resultados e discussões: Os resultados indicam que a adoção de práticas conscientes pode não apenas aumentar
a competitividade das organizações, mas também gerar valor para todos os stakeholders envolvidos.
Originalidade/Valor: O estudo é original e tem valor por reforçar a necessidade de alinhar os interesses
organizacionais com os impactos sociais e ambientais, promovendo um modelo de negócio capaz de equilibrar
lucro e responsabilidade social, impulsionando um futuro mais justo e sustentável.
Palavras-Chave: Capitalismo Consciente, Práticas Sustentáveis, Responsabilidade Social, Impactos
Socioambientais, Competitividade Organizacional.
CAPITALISMO CONSCIENTE: ¿UNA NUEVA ERA PARA LOS NEGOCIOS?
RESUMEN
Objetivo: Este estudio tiene como objetivo analizar los avances en el concepto de Capitalismo hacia el Capitalismo
Consciente, destacando sus principales pilares y los beneficios para las organizaciones y la sociedad.
Marco teórico: El modelo de Capitalismo Consciente refleja un cambio de paradigma, donde el éxito se mide no
sólo por los resultados económicos y financieros, sino también por el impacto positivo generado en la sociedad y
el medio ambiente. Con el paso de los años, este enfoque ha ganado fuerza y varias organizaciones han adoptado
prácticas sostenibles y responsables. El movimiento es visto como una evolución natural del capitalismo en
respuesta a los desafíos globales contemporáneos, como la desigualdad social y el papel de las organizaciones en
la sociedad, promoviendo un modelo de capitalismo más inclusivo, sostenible y ético.
Método: La investigación se basa en una revisión bibliográfica de trabajos que aportan una base teórica para la
comprensión del tema. Se analizaron los cuatro pilares fundamentales del Capitalismo Consciente: mayor
propósito, integración de los stakeholders, liderazgo consciente y cultura consciente, evaluando sus implicaciones
en el entorno organizacional y la sociedad.
Resultados y discusiones: Los resultados indican que la adopción de prácticas conscientes no sólo puede
incrementar la competitividad de las organizaciones, sino también generar valor para todos los stakeholders
involucrados.
Originalidad/Valor: El estudio es original y tiene valor porque refuerza la necesidad de alinear los intereses
organizacionales con los impactos sociales y ambientales, promoviendo un modelo de negocio capaz de equilibrar
la rentabilidad y la responsabilidad social, impulsando un futuro más justo y sostenible.
Palabras clave: Capitalismo Consciente, Prácticas Sostenibles, Responsabilidad Social, Impactos
Socioambientales, Competitividad Organizacional.
RGSA adota a Licença de Atribuição CC BY do Creative Commons (https://creativecommons.org/licenses/by/4.0/).
1 INITIAL CONSIDERATIONS
Capitalism, as the dominant economic system, has its roots deep in the history of
humanity, reflecting an evolution that spanned centuries of social, political and technological
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changes. Its origins date back to the transition from the feudal economy to the market economy
at the end of the Middle Ages. This system is characterized by private ownership of the means
of production, the pursuit of profit and the interaction of supply and demand in markets.
However, it was during the transition to the Modern Age, with the Renaissance and the
Commercial Revolution of the 15th and 16th centuries, that the foundations of capitalism began
to solidify. This period marked the beginning of mercantilism, characterized by the expansion
of international trade, the emergence of a merchant class and the accumulation of capital,
essential factors for the formation of traditional capitalism, where profit and investment became
fundamental drivers of social development (Dobb, 1981; Miceli, 2013).
Adam Smith, often considered the father of modern capitalism, was one of the first to
articulate the principles of the capitalist system in his influential 1776 work “The Wealth of
Nations” (translated into Portuguese in 1983). Smith introduced the concept of the “invisible
hand,” suggesting that individual interests in the pursuit of profit could unintentionally promote
the general welfare of society. This idea of a self-regulating market became a central pillar of
capitalism, advocating economic freedom and minimal government intervention as ways to
drive economic growth (Coggiola, 2017; Smith, 1983).
Historically, the roots of capitalism can be traced back to the rise of city-states and
markets in medieval Europe. With the collapse of feudalism, a new class of merchants and
bankers emerged, seeking new ways to accumulate wealth outside of traditional agrarian
structures. The introduction of practices such as currency, credit, and commercial contracts
were precursors to what would become a complex, globalized market economy. During the
18th century, the Industrial Revolution catalyzed the development of capitalism, transforming
agrarian economies into industrial, urbanized economies. The introduction of new technologies,
such as the steam engine and the power loom, and the creation of factories, allowed
unprecedented mass production, increasing efficiency and production capacity. This period was
marked by the rise of industrial capitalism, which led to the accumulation of wealth by factory
owners and the emergence of a new urban working class. However, it also highlighted profound
social inequalities, precarious working conditions and the exploitation of workers, aspects that
would become central to criticisms of capitalism (Dobb, 1981; Goggiola, 2017; Miceli, 2013).
Authors such as Karl Marx and Friedrich Engels, who wrote The Communist Manifesto
in 1848 (translated into Portuguese in 1997), criticized capitalism for its exploitative nature and
its tendency to concentrate wealth in the hands of a few. They argued that capitalism, by
focusing exclusively on profit, inevitably created a class divide between the owners of the
means of production and the wage workers, perpetuating inequality and social conflict. This
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Marxist critique of traditional capitalism highlighted the system's failures to provide equity and
economic justice, issues that continue to be debated today.
Throughout the 19th and early 20th centuries, capitalism continued to evolve, adapting
to global changes, including colonialism, economic crises, and world wars. The Great
Depression of 1929 was a turning point, leading economists such as John Maynard Keynes to
argue for the need for more active government intervention in the economy to stabilize markets
and ensure employment. This idea influenced the implementation of economic policies that
sought to correct shortcomings of laissez-faire capitalism, but without abandoning the
fundamental principles of the system (Coggiola, 2017; Miceli, 2013). Authors such as Joseph
Schumpeter highlighted capitalism's ability to reinvent itself through the process of "creative
destruction," where innovations continually replace obsolete technologies and business models
(Parolin, Volpato, 2008; Schumpeter, 1961; 1982).
Today, capitalism faces new challenges and criticisms, especially regarding issues of
sustainability, inequality and socio-environmental impact. However, its historical roots
continue to influence the structure and functioning of contemporary economies. By
understanding its roots, one can assess the role of capitalism in the world today and the future
directions it may take. The history of capitalism is therefore marked by constant adaptation and
redefinition, responding to the criticisms and challenges of each era. From its mercantile roots
to industrial capitalism and beyond, the system continues to shape the modern world, driving
economic growth but also facing criticisms about its social and environmental consequences.
Given this context, the present study aims to analyze the Conscious Capitalism
movement and its impacts on the organizational environment, considering its roots and its
implications for the future of business.
2 METHODOLOGICAL PROCEDURES
To develop this article, bibliographic research was used. This type of research is
conceived by several authors, including Lakatos and Marconi (2017) and Gil (2022).
Bibliographic research aims to improve and update knowledge, through scientific investigation
of previously published works.
For Andrade (2010), bibliographic research is a fundamental skill for all academic
activities and mandatory for exploratory research. According to Macedo (1994, p. 13),
bibliographic research: “is the first step in any type of scientific research, with the aim of
reviewing the existing literature and not duplicating the topic of study or experimentation”.
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Thus, for Lakatos and Marconi (2017, p. 183): “bibliographic research is not a mere repetition
of what has already been said or written about a certain subject, but allows the examination of
a topic from a new perspective or approach, reaching innovative conclusions”.
The study is based on a bibliographic review composed of the main authors in the field.
For data collection, relevant books and academic articles that deal with Capitalism and
Conscious Capitalism were used. The sources were selected from scientific databases and
specialized libraries, aiming to obtain updated and relevant information for the theoretical
foundation.
Data analysis was performed using the qualitative technique of content analysis, a
method that, according to Bardin (2011), allows the identification of patterns and thematic
categories in texts, enabling a deeper understanding of the concepts discussed. Content analysis
basically consisted of three fundamental stages: pre-analysis – with skimming and preparation
of the material; exploration of the material – with coding and categorization of the contents;
and interpretation of the results – through inference and controlled interpretation of the contents
and keywords, such as evolution of capitalism; capitalism; conscious capitalism; and
fundamental pillars of conscious capitalism. In this case, the four fundamental pillars of
Conscious Capitalism were analyzed: greater purpose, stakeholder integration, conscious
leadership and conscious culture, and their implications for organizations and society.
Furthermore, the research sought to verify how these pillars have been implemented in
different organizational contexts and the challenges faced in practice, thus offering a critical
view of the opportunities and obstacles of adopting this model. In this way, the methodology
used allowed not only to review existing knowledge, but also to analyze the benefits and
challenges for implementing the principles and pillars of Conscious Capitalism in the
environment of organizations and society, as a new era for the business of organizations.
3 CONSCIOUS CAPITALISM: A NEW ERA FOR BUSINESS
At the beginning of the article, the question that we sought to answer for the
development of the theme arose. After all, is Conscious Capitalism a new era for business ? To
this end, it was necessary to briefly understand the historical evolution of capitalism and the
theoretical premises that underpin conscious capitalism.
For John Mackey and Raj Sisodia (2018), the concept of Conscious Capitalism emerged
as a response to the growing criticism of traditional capitalism, which often prioritizes profit
over social and environmental impacts. This movement proposes a more ethical and responsible
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approach, where organizations are not only drivers of profit, but also agents of positive change
in society. Conscious Capitalism argues that organizations can thrive while promoting the well-
being of people, communities, and the environment, creating value for all stakeholders and not
just shareholders.
3.1 THEORETICAL PREMISES FOR CONSCIOUS CAPITALISM
The idea that organizations' responsibilities go beyond financial returns began a long
time ago. In 1953, Bowen argued that organizations should pursue social goals and values
beyond the interests of their owners. Davis (1960; 1967) wrote that social responsibilities and
the economic success of organizations are intertwined. Shocker and Sethi (1973) asserted that
social responsibility should consider the interests of groups other than those with direct
economic ties to organizations. Sethi (1975), Dierkes and Preston (1977), and Jones (1980)
included environmental responsibility as a category of social responsibility, necessary for
organizational sustainability and legitimacy in the society in which they operate.
Carroll (1979; 1999) stated that the responsibilities of organizations are hierarchical and
can be categorized into four groups: first, it needs to survive, so it is responsible for economic
results; then, to remain in the market and in society, it needs to comply with legislation and;
then, respect moral values; finally, organizations have social and philanthropic responsibilities
to the society in which they operate. Gray, Kouhy and Lavers (1995) and Hackston and Milne
(1996) included stakeholders as being the responsibility of organizations, and Mitchell, Agle
and Wood (1997) understood that organizations cannot meet all the interests of all stakeholders,
and must meet the interests of priority stakeholders first. John Elkington (1998) introduced the
concept of "triple bottom line", which suggests that organizations should focus not only on
profit, but also on people and the planet. In other words, sustainability needs to encompass three
pillars: economic, social and environmental.
In contrast, in the same period, Levitt (1958) expressed the dangers of social
responsibility, because he understood that managers of organizations are businessmen above
all, and, therefore, their concerns should be with economic and financial results only. Friedman
(1970) stated that the responsibility of managers is economic. He defended the idea that the
social responsibility of organizations is to increase their profits within the rules of the game
(Friedman, 1970). The negative image of capitalism and business, accused of exploiting
workers, promoting inequality, destroying the environment and that the sole objective of
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organizations is to maximize profits, has become so rooted that it has contributed to damaging
the reputation and legitimacy of business and capitalism (Mackey; Sisodia, 2018).
However, the negative view of capitalism has been challenged in recent decades, as
consumers, investors and society in general have begun to demand greater responsibility from
organizations, in line with the ideas that support conscious capitalism. Consumers have shown
themselves to be concerned about ethical, environmental and social issues. They turn to
organizations that satisfy their desires and needs related to societal and collective values
(Forléo, 2016).
3.2 CONSCIOUS CAPITALISM
Public distrust of business and stakeholders’ disconnection from organizations reflected
the need for more value and ethics in business, making organizations capable of giving up their
own interests and maximizing profits in favor of collective results (Forléo, 2016; Sisodia, 2009).
Thus, Sisodia (2009) introduced the perspective of Conscious Capitalism, highlighting that the
purpose pursued by organizations is to improve people’s lives by generating value for all
stakeholders (Sisodia, 2009; Mackey; Sisodia, 2018). In other words, Conscious Capitalism
emerges as a new socioeconomic paradigm of social innovation that involves sectors of the
economy and society, with an orientation towards the common good (García, 2011; Sisodia,
2009).
Thus, the term Conscious Capitalism was popularized by John Mackey, co-founder of
Whole Foods Market, and Raj Sisodia, a renowned university professor, in the book "Conscious
Capitalism: The Heroic Spirit of Business" ([Original work from 2012] Mackey; Sisodia, 2018)
. They argue that organizations can be a force for good by aligning high purposes with conscious
business practices. This model of capitalism, according to John Mackey and Raj Sisodia (2018),
reflects a paradigm shift, where success is measured not only by economic and financial results,
but also by the positive impact on society and the environment. Over the past few years, this
approach has gained support, with several organizations adopting sustainable and responsible
practices, and the movement is seen as a natural evolution of capitalism in response to
contemporary global challenges, such as social inequality and the climate crisis.
According to Mackey and Sisodia (2018), conscious organizations have four main
pillars: greater purpose, stakeholder integration, conscious leadership, and conscious culture
and management. In other words, to put conscious capitalism into practice, there must be trust,
optimism, cooperation, participation, and ethics, and, on the other hand, less fear and inertia.
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This means adopting a greater purpose that transcends profit maximization, assuming a
stakeholder orientation, observing the organization's impacts and relationships with the world
and its various audiences, and employing conscious service-oriented leadership. This conscious
approach reveals a deep understanding of the reason for companies' existence and the way in
which they can generate more value for all stakeholders (Chaves, 2014; Forléo, 2016; García,
2011; Mackey; Sisodia, 2018; Sisodia, 2009).
3.2.1 Greater purpose
According to Mackey and Sisodia (2018), the first pillar of conscious capitalism is the
greater purpose. Instead of focusing exclusively on profit, conscious organizations define a
reason for being that transcends economic and financial results. It means that businesses should
be run with a higher purpose in mind, and not just maximizing profits; it is the company's reason
for existing.
This purpose must be inspiring and guide all of the organization’s decisions. The
purpose must be something that has meaning for employees, customers, and society as a whole,
and must be able to inspire, motivate, and engage people, providing a sense of purpose and
belonging. Having a higher purpose, as well as shared core values, helps the organization to
create stakeholder engagement and increase levels of both motivation and performance, as well
as ethical commitment (Mackey; Sisodia, 2018, Sisodia, 2011).
It must be relevant in the long term, resisting changes in the market and society, and
must be aligned with the values of the company and its employees. Examples of a higher
purpose: " Building a more sustainable world ", " Improving people's quality of life ", "
Empowering communities ", " Promoting inclusion " (Mackey; Sisodia, 2018; Forléo, 2016).
3.2.2 Stakeholder integration
Mackey and Sisodia (2018) argue that the second pillar of conscious capitalism is the
integration of stakeholders, who are the individuals and organizations impacted by the actions
of a given company. Conscious organizations recognize that success depends on the
collaboration of all interest groups, which include not only shareholders, but also customers,
employees, suppliers, communities, and the environment. Organizations must establish an open
and transparent dialogue with all stakeholders, listening to their needs and expectations, as well
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as involving them in the co-creation of value, seeking solutions that benefit everyone, and must
also build long-term relationships with stakeholders, based on trust and mutual respect.
For Forléo (2016), the second pillar of conscious capitalism describes the recognition
of the importance of each stakeholder in the organization, the alignment of interests between
them, the operation for the benefit of all interested parties and the optimization of value for
society, since everyone is connected and interdependent.
3.2.3 Conscious leadership
The third pillar of conscious capitalism is conscious leadership (Mackey; Sisodia, 2018)
. Leaders of conscious organizations are inspiring and visionary, capable of communicating the
company's purpose and mobilizing employees. They invest in their own personal and
professional development, constantly seeking to improve their skills and knowledge. Conscious
leaders have a long-term vision for the company, aligned with the greater purpose, and seek to
act with integrity and transparency, inspiring trust in employees. These conscious leaders
demonstrate empathy for employees and stakeholders, seeking to understand their needs and
expectations.
This pillar indicates that conscious leaders are motivated and driven by the opportunity
to serve the company's purpose rather than by power or money. These leaders have high levels
of analytical, emotional and systems intelligence and they act as mentors, motivating,
developing and inspiring people (Forléo, 2016; Mackey; Sisodia, 2018, Sisodia, 2011).
3.2.4 Conscious culture
The fourth pillar of conscious capitalism is conscious culture. Mackey and Sisodia
(2018) state that conscious organizations cultivate a strong organizational culture based on
values such as integrity, transparency, collaboration, and sustainability. This culture promotes
the empowerment of employees, who feel motivated to contribute and evolve towards the
success of the company. The company's values are clear and shared by all employees, and they
are encouraged to make decisions and contribute to the company's success. Conscious culture
values continuous learning and adaptation to change.
This pillar explains that conscious cultures develop from other principles and often share
characteristics such as trust, responsibility, transparency, integrity, care, learning and
empowerment. The management of conscious organizations is compatible with their culture
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and is based on decentralization, autonomy and collaboration (Forléo, 2016; Mackey; Sisodia,
2018; Sisodia, 2011).
3.3 THE BENEFITS OF CONSCIOUS CAPITALISM
The four pillars of conscious capitalism – higher purpose, stakeholder engagement,
conscious leadership and conscious culture – provide a framework for organisations looking to
build a more sustainable and prosperous future. By adopting this approach, organisations can
create value for all stakeholders and contribute to building a better world.
According to Porter and Kramer (2011), "Although the transition to Conscious
Capitalism may present challenges, the benefits outweigh the costs in the long run."
Organizations can create shared value that concerns the interconnection between social and
economic progress. The concept of creating shared value can be defined as the adoption by the
organization of operational policies and practices that improve its competitiveness, while
simultaneously promoting advances in the economic and social conditions of the communities
in which it operates. For the authors, there are three ways for a company to create economic
value by creating social value: 1) Recreating products and markets; 2) Redefining productivity
in the value chain; and 3) Setting up sectoral clusters to support the organization. Each of these
forms is part of a virtuous circle of shared value capable of redefining the boundaries of
capitalism (Porter; Kramer, 2011).
Likewise, Gulati (2022) states that a greater purpose offers several benefits to
organizations, such as: 1) Attracting and retaining talent: employees seek organizations that
share their values and offer a greater purpose; 2) Increased engagement: a clear and inspiring
purpose increases employee engagement, who feel more motivated to contribute to the
company's success; 3) Strengthening the brand: a well-defined purpose strengthens the
company's brand, increasing its visibility and reputation; and 4) Decision-making: the purpose
serves as a guide for decision-making, helping the company choose the best paths to follow.
In addition, the concepts defended by Freeman (1984) and Porter and Kramer (2011)
state that stakeholder integration offers several benefits to organizations, such as: 1) Improved
reputation: by considering the interests of all stakeholders, companies build a more positive
reputation; 2) Innovation: collaboration with different stakeholders can generate new ideas and
innovative solutions; and 3) Resilience: companies that have strong relationships with their
stakeholders are more resilient to crises.
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The idea of conscious leadership, advocated by Mackey and Sisodia (2018), is essential
to create a strong organizational culture aligned with the values of conscious capitalism.
Conscious leaders are able to inspire their employees and build a more positive and productive
work environment. A conscious culture is essential to the implementation of conscious
capitalism. It creates a more positive and productive work environment, where employees feel
more engaged and motivated.
Kim et al . (2016) and Pippin and Weber (2016) include the creation of “B”
organizations, or organizations designed to create benefits for all stakeholders, as a benefit of
conscious capitalism. “B” organizations (or Benefit Corporations ) are a type of business that
aims to balance purpose and profit. The fundamental idea is that these organizations should be
direct agents in solving social and environmental problems in the communities in which they
operate.
Another benefit is the creation of social businesses or impact businesses, which are
organizations that seek the hybrid goal of generating social impact by offering products and
services that improve the conditions of the most vulnerable population, combined with financial
returns. In practice, impact businesses emerged as an attempt to make capitalism more
inclusive, as a different way of thinking about the role of organizations, with better-defined
purposes (Barki, 2013; 2015).
3.4 THE CHALLENGES OF IMPLEMENTING CONSCIOUS CAPITALISM
The implementation of Conscious Capitalism is not without its challenges. The main
obstacles include organizations’ resistance to change, the need to balance the interests of
different stakeholders, and the difficulty in measuring the impact of conscious practices.
Furthermore, the idea of organizations being prepared to adapt and evolve continuously can be
a complex and time-consuming process (Mackey; Sisodia, 2018; Sisodia; Henry; Eckschmidt,
2018).
By overcoming these challenges, conscious capitalism presents several opportunities for
the future. Mackey and Sisodia (2018) highlight the expansion and scalability of the model,
which can be applied to different sectors and regions. Education and awareness about the
principles of conscious capitalism are essential for its wider adoption, helping to develop
leaders and entrepreneurs who understand and value these principles. In addition, collaboration
between all sectors of the economy and society can facilitate the implementation of conscious
practices and create an environment more favorable to the principles of conscious capitalism.
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In addition to the challenges, Sisodia, Henry, and Eckschmidt (2018) warn leaders who
seek to create conscious companies just because they can make more money that they will likely
not succeed. Adopting a conscious capitalism approach cannot compensate for having a poor
business model and an underdeveloped strategy.
While the journey of Conscious Capitalism is challenging, the potential to create a
lasting positive impact is significant. For Mackey and Sisodia (2018), Conscious Capitalism
has the potential to redefine the role of organizations in society, promoting a more just and
sustainable economy. Therefore, Conscious Capitalism can be a new era for business.
4 FINAL CONSIDERATIONS
This article aimed to analyze the advances in the concept of Capitalism towards
Conscious Capitalism, highlighting its main pillars and the benefits for organizations and
society . To this end, capitalism was approached with a brief account from its mercantile roots
to industrial capitalism, arriving at the theoretical premises, concepts and practices of Conscious
Capitalism, as outlined by Mackey and Sisodia (2018), founders of the movement. The
fundamental pillars discussed include greater purpose, stakeholder integration, conscious
leadership and conscious culture. Interdependent elements that, when adopted holistically, can
transform organizations into positive forces in the business world.
The article emphasized that careful and strategic implementation of Conscious
Capitalism principles can result in significant long-term benefits for the economy and society,
such as increased stakeholder satisfaction, improved reputation, and lasting positive impact. It
also emphasized that conscious leaders and entrepreneurs are crucial to managing conflicts and
finding innovative solutions that benefit all stakeholders, creating a more just, sustainable, and
prosperous world.
On the other hand, he highlighted that the transition to this conscious model can be
challenging and requires a firm commitment to change and a clear vision of the organization's
greater purpose, and can be a complex and time-consuming process given the difficulty of
adaptation and constant and continuous evolution of organizations .
In short, Conscious Capitalism is not just a passing trend, but a fundamental shift in the
way business is conducted, with the potential to transform the economy and society in profound
and lasting ways. Or, Conscious Capitalism is not just a trend; it is a necessity for the survival
and prosperity of organizations in the 21st century (Mackey; Sisodia, 2018).
Conscious Capitalism: A New era for Business?
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13
Finally, as Sisodia, Henry and Eckschmidt (2018, p. 13) state, “Conscious Capitalism is
not just about enabling business to reach its potential. It is a way for us to continue to thrive and
bring the benefits of longevity, modernity and our extraordinary human potential to the billions
on this planet who are yet to be born or who continue to struggle for life.”
Although the study addressed fundamental aspects of Conscious Capitalism, its
limitations lie in its exclusively theoretical analysis. Future research could benefit from
empirical studies that investigate the practical implementation of the pillars of Conscious
Capitalism in different sectors of the economy and society in different regions of Brazil and the
world. This article contributes to the advancement of knowledge in the area of conscious
capitalism, addressing the theoretical and practical advances of capitalism until the introduction
of conscious capitalism and its importance as a new era for business.
Conscious Capitalism: A New era for Business?
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14
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