Mackey: Businesses Must Have a Conscience
CHICAGO — The key to changing negative attitudes about capitalism is by engaging in “conscious capitalism,” or when business is conducted in a way that combines profitability with honesty and integrity.
That was part of the message John Mackey, co-chief executive officer of Whole Foods Market, delivered in a keynote presentation at the Private Label Manufacturers Association’s annual trade show here Monday.
“We need to engage in business in more conscious ways,” said Mackey, author of the book “Passion and Purpose. The Power of Conscious Capitalism.”
One aspect of conscious capitalism is that businesses must have a higher purpose other than making money. This could include helping the community, environment or improving people’s health and wellness.
Another part is when a business creates value for all of its stakeholders. Whole Foods’ core values, for instance, include providing high-quality natural and organic products; satisfying its customers and supporting team member happiness and excellence.
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