Last modified: 2011-09-08
Abstract
Recent economic crisis has resulted in decline of consumers and investors’ confidence and slow down in the global market. The initial mode of the pure capitalistic system with focus on profit maximizations has been blamed for most of the misconducts in the market. Therefore, an alternative version of the pure capitalistic system has emerged to utilize the positive aspects of the capitalistic system with emphasis on the business and its stakeholders. This paper argues that capitalistic system has to be modified to become suitable with the environment of the 21st century. The alternative of ‘conscious capitalism’ and stakeholders’ approach are discussed. Much of the paper discusses pros and cons of the existing market system and its alternative of conscious capitalism. A central goal of this paper is to give you an overall understanding of the conscious capitalism and culture of the capitalism in today’s’ market system as an alternatives to the existing profit maximization approach.