Seminar at IIMK stresses on ‘capitalism with a conscience’
Kochi, June 20 As part of its endeavour to achieve excellence in management education, IIM Kozhikode has started the “Thought Leadership Seminar Series,” under which the institution would invite leading thinkers and renowned personalities and academicians to share their thoughts on emerging challenges and opportunities in management.
Speaking at the first seminar under this series, Prof Rajendra Sisodia said that in a fast changing market only good alignment of all stakeholder interest, not just of that of shareholders, would emerge a viable business model.
Prof Sisodia, who is Professor of Marketing at Bentley College, University of Bentley, Massachusetts, US, has been at the forefront of a movement towards ‘capitalism with a conscience’. He pointed out how a higher sense of business purpose and holistic stakeholder orientation would put organisations at the forefront of traditional performance indicators and would enable them to consistently outperform the market and market expectations.
Among the Indian business houses, he cited the case of Tata, which traditionally had a better focus on stakeholder and society interests. This had enabled the group to grow and diversify and become one of the biggest business houses in the country. By emphasising on ‘conscious capitalism’ India can avoid the huge costs and troubles that the developed countries had encountered as a result of their development process. It would help it to steer clear of the Western blueprint for development. It could also bring about development with a conscience, which would be more universal and egalitarian.
Today, even the West is taking ‘Karma Capital’ very seriously, Prof Sisodia said. Concluding the session, Dr Debashis Chatterjee, Director of IIM-K, emphasised the importance of the new concept in today’s world where India is becoming one of the important global economic players.