Can Modern Capitalism Satisfy both Profit and Sustainability

We-first.

I got to attend a talk by Simon Mainwaring on We-First Capitalism, yesterday. It covered the topic of capitalism, sustainability and basically human responsibility. Simon talked about how his mindset got changed drastically, when he missed his fathers’ last calls because he was ‘busy’. It forced him to think about the important things in the world. Many times, situations force us to re-think what we spend our time and money caring about.

In the light of this, he mentioned that we need to redefine a number of widely used terms. Classical advertising tries to fabricate emotional connections between brands and consumers, but social media only broadcasts these connections which already exist. In essence, this technology is enabling us to remain human.

But being Human comes with a lot of responsibility. We have moved from the days of blissful ignorance to the point we can’t afford to take notice of things that we should humanly respond to. I personally think this message isn’t new, and Jesus even talked about it, when he said ‘Love your neighbour as you love yourself’

It doesn’t strip away self-interest. It is even because of self-interest we need to be aware that our actions affect others, which in the grand scheme of things also affect us. We need to have an expanded definition of self-interest, a broader and longer view.

Ban Ki Moon made a statement at a summit. “The world’s current economic model is an environmental “global suicide pact” that will result in disaster if it isn’t reformed” We need a new economic model. Prosperity or Profits should be about the well-being of all not the wealth of a privileged few. The future of profits is purpose.

Sustainability has to also be re-framed. We shouldn’t give a damn after taking our profits, but give a damn from the very start. The evolution of revolution is contribution. We need to emphasize a better world, over better gadgets or widgets. It should not be ‘the thing we did’ rather ‘the thing we are’ This is the same argument i push for UX. UX should not be a box that is ticked, it shouldn’t be a subset..but it should be in the soul of every company and our mindsets.

Right now, people everywhere are wondering ‘where is the trust’?

 Simon and We First have devised three pillars of We-First capitalism.

  • Private sector pillar of social change: Brand/Consumer partnerships. – Promoting creative collaboration.
  • Contributory consumption: Retail, Credit Cards, Online Virtual, Gaming. Inspire social activism
  • Cross-Sector Collaboration: Global Brand Initiative. Shareholders + Stakeholder

Some questions/discussions that came out of the talk revolved around

Building trust. How do we build and maintain the trust between ourselves and then corporations

The Role of Storytelling. Advertisers have much to do in bringing his message out to the public.

Where is innovation in all of this? For companies like Coke which drive social change and community collaborations, how is it rethinking its actual product. Soda is a cause of obesity, so perhaps corporations need to innovate around their current offerings.

The role of family in driving the change in behaviors. The onus falls on family in helping shape behaviors that we individuals take into the world at large. A learning process which starts with a whole different mindset will go a long way.

Personally, I can’t say I have never heard this kind of concepts and ideas before, but it is always great to have reminders and ways in which we can go about implementing these ideas. But to answer the question, ‘Can Modern Capitalism satisfy both profit and sustainability’…it’s not possible. There has to be a change as stated earlier. The way we currently operate will lead to our downfall as a specie. But my dears, all hope isn’t lost. Be  optimistic, WE can cause change!

To view the presentation it’s on Slide-share >> http://www.slideshare.net/smainwaring/rsa-we-first

To watch the We First Video, it’ on Youtube  >>>         http://www.youtube.com/watch?v=JZloSRGIzRc

To learn more about WE FIRST, go to >> http://wefirstbranding.com/

You can also buy Simon’s book.

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