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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/
Overall, fair trade is a great way to make sure that countries work together and help one another focus on developing and moving forward. Not all fair trade is fair, but most of the options given to people who want to see fair trade are better than what they would receive if they were not part of any particular fair trade agreements. People who are interested in fair trade and
moral problem of fair trade. There exists a dilemma here, with respect to the role of corporate actors within our society -- do they serve to increase profits only, or are they bound by a different morality? The role of business in society has to be understood in the context that a business is not an entity capable of action, no matter what the purpose of its formation was.
Fair Trade Live Up to Its Ethical Objectives? The aim of this paper is to analyze the relevance of fair trade to the world today and whether it practices meets the ethical issue. The study will analyze its impacts both negative and positive to the developing countries and whether it has been a success for the developed economies. I wish to state that my discussion in this study considers fair
Peer Discussion Like many people, I have purchased Fair Trade coffee at Starbucks, and also clothing that advertises itself as Fair Trade. Fair Trade purchases do make consumers feel better about the sourcing of goods like coffee and textiles which may be of problematic origin. I agree that conscious capitalism is what many of us are aiming for, which enables us to use our purchasing power by obtaining goods from
Significance of the Study This study is significant because it sheds light on a very important contributor to local and international trade. Trade fairs have a long history in providing a meeting place for buyers and sellers. They are an important channel of communication for B2B buyers and sellers. This is a significant area for study because there are limited channels of communication between B2B buyers and sellers. The previous sections