{"id":318,"date":"2023-03-07T13:37:12","date_gmt":"2023-03-07T13:37:12","guid":{"rendered":"https:\/\/iqeq.com\/cw\/insights\/iq-eq-crossroads-what-does-conscious-capitalism-today-owe-17th-century-japan\/"},"modified":"2024-08-16T13:12:12","modified_gmt":"2024-08-16T13:12:12","slug":"iq-eq-crossroads-what-does-conscious-capitalism-today-owe-17th-century-japan","status":"publish","type":"post","link":"https:\/\/iqeq.com\/cw\/insights\/iq-eq-crossroads-what-does-conscious-capitalism-today-owe-17th-century-japan\/","title":{"rendered":"IQ-EQ Crossroads: What does conscious capitalism today owe to 17th Century Japan?"},"content":{"rendered":"
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By Alison Duffy, Group Head of Marketing & Communications<\/em><\/p>\n

I\u2019ve been giving conscious capitalism a lot of thought recently, not least because it was the theme of our\u00a0recent IQ-EQ Crossroads event<\/a>, which took place at the iconic Gherkin building in London. I must admit however that the link between the theme and 17th century Japan was not one I connected the dots on before the event. Our co-hosts for the event,\u00a0Nomura<\/a>, made a really interesting link between the historic Japanese phrase \u2018Sanpo Yoshi\u2019 and how it feeds into and remains relevant in the conscious world today. Allow me to share this nugget with you.<\/strong><\/p>\n

The 2019 Edelman Trust Barometer survey found that 56% of people worldwide believed that capitalism does more harm than good. Yet recently, \u201cethical\u201d brands such as Patagonia, whose founder has shared his fortune to help solve the climate emergency, proves that conscious capitalism can \u2013 and does \u2013 exist. But where does the idea of \u2018conscious capitalism\u2019 come from and what does it look like now?<\/p>\n

The modern phrase \u2018conscious capitalism\u2019 was coined by Whole Foods\u2019 owner John Mackey, and marketing professor Raj Sisodia. However, the idea has been in existence for hundreds of years.<\/p>\n

The phrase \u2018Sanpo Yoshi\u2019, from the Omi Shonin merchants in the Edo period of Japan, is seen by many as the beginning of modern corporate social responsibility. The saying translates as \u2018three way satisfaction\u2019 where any trade must be considered beneficial for the buyer, the seller, and the greater community.\u00a0 The Omi Shonin merchants were highly successful during this period, dominating trade in every part of the country, and to their credit felt a responsibility to give back to the communities that had helped them succeed, which led them to finance the building of bridges and schools, among other social benefits.<\/p>\n

The modern idea of \u2018conscious capitalism\u2019 is based on these philosophies: that companies should operate ethically whilst pursuing profits. It resembles corporate social responsibility, but differs from our traditional understanding of the term. By focusing on self-awareness within the company leadership, businesses can understand how their practices may affect other stakeholders. It is guided by four key principles:<\/p>\n