What is Ethical Capitalism?
Ethical capitalism is a form of capitalism that aims to address the social and moral issues that are exacerbated by traditional capitalism. The traditional form of capitalism has translated to workers being urged to increase their work output with the promise that an increase in their output will lead to greater return on their investment (read: better pay) – a covert contract if you will. However, the wealth inequality gap continuously increasing [1] has shown that when given the opportunity to “trickle down the wealth”, that portion of the covert contract isn’t upheld, leaving workers burned out and disgruntled from the over-performance. Ethical capitalism is my answer to the rampant greed and lack of morals that I have observed and experienced in traditional capitalism. While I still wish to be appropriately compensated for my services, profit comes secondary to providing impeccable service.
As a man of Christian faith, I wish to weave ethical capitalism into my businesses to combat the spirit of greed. Greed is one of the seven deadly sins and I’ve observed how it contributes to the degradation of humanity as well as experienced first-hand how it can slight the very employees that help to make the company great. For example, I’ve worked in organizations where employee benefits were stripped away, “slow boiling a frog” style, for no other reason than profit growth that only flows to the top of the pyramid. I do not wish to trade employee satisfaction for increased profit margins, as I am a firm believer that a corporation is a culmination of their people and a great leader is one who takes care and consideration to those who help build the empire. “Train people well enough so they can leave. Treat them well enough so they don’t want to” – Sir Richard Branson
Lastly, as an entrepreneur I choose to support ethical capitalism with my actions by not creating my businesses or non-profits with the sole purpose of enriching myself – my top priority is impact. My goal is to ensure that my company mission is being met and upheld prior to my concerns of profit and I will not accept work if I cannot be sure that I can deliver a polished product that I am proud to put my name behind. For this to be achieved, I must create products and services that meet demand while not sacrificing quality for the sake of profit. This is not to say that I do not wish to turn a profit, but I shall let the free market decide whether my ideas sink or swim by prioritizing quality output.