Fair Trade and Conscious Capitalism
How does fair trade support the philosophy and practices of conscious capitalism?
Conscious capitalism is a business philosophy founded by the co-CEO of Whole Foods Market Inc., John Mackey, which calls for balancing between virtue and profits in conducting business (North Eastern University, 2021). The philosophy of conscious capitalism is that businesses should pursue profits in an ethical manner that protects social and environmental values, and serves the interests of all stakeholders (North Eastern University, 2021). Conscious capitalism thus emphasizes the notion of doing well by doing good, and recognizing the interests of all primary stakeholders, including those that cannot speak for themselves. Fair trade, on the other hand, is a global trading partnership that pursues equity in international trade by protecting the rights and interests of marginalized workers and producers, particularly in less developed economies (North Eastern University, 2021).
The fair trade movement supports the philosophy of conscious capitalism by giving certifications to businesses that create benefit for the land on which they are grown and the producers who make them. By pushing for the protection of the environment and the rights of marginalized stakeholders through, for instance, minimum supplier prices; fair trade demonstrates the core guiding principles of the conscious capitalism...
…to fair trade and what does not (Hira & Ferrie, 2006). The second challenge is that there is uneven awareness about fair trade in developing countries, which limits the concepts application (Hira & Ferrie, 2006). Due to uneven awareness, the few fair trade organizations that exist are forced to engage and trade with non-certified, and at times, unethical organizations, in which case they negate their purpose of ethically protecting all stakeholders. The third challenge is that it is not clear how fair trade contributes to economic development in developing countries given that certification limits itself to commodity goods only and the number of fair trade organizations or…
References
Hira, A., & Ferrie, J. (2006). Fair Trade: Three Key Challenges for Reaching the Mainstream. Journal of Business Ethics, 63(2), 107-118.
North Eastern University (2021). What is Conscious Capitalism and how does it differ from Corporate Social Responsibility? North Eastern University. Retrieved from https://onlinebusiness.northeastern.edu/blog/what-is-conscious-capitalism-and-how-does-it-differ-from-corporate-social-responsibility/
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