Theodore Roosevelt Malloch, Research Professor, Yale University; CEO, The Roosevelt Group; and author of Doing Virtuous Business, is a champion of spiritual capitalism.

Having delivered the CK Prahalad Memorial Lecture at the IIMK conclave, he notes that the conference attracted some of the most important practitioners engaged in this area of work and research from around the world.

The theme, according to Malloch, addresses an issue of critical importance in today's time. And while it places emphasis on corporate governance and related issues, it also gives it an Indian connotation.

“The idea is to allow a more energised flow in the business cycle,” explains Malloch, on the theme. Is there enough emphasis on virtuous capitalism in B-schools, the preparation ground for the managers of tomorrow? “It's not enough. That is one of the areas where I am spending more time these days. In India and Asia, I think there is a little more awareness. In Europe or America, it's very much a ‘hit and miss'. Depending on which college you're speaking to — and which professor — you will find a stronger tradition of this subject in some and absolutely none in others,” adds Malloch. For the first time in the history of Yale University, a subject titled ‘Business and Virtue' is being taught. Prof Malloch, the person handling it, notes that it is a step in the right direction.

“The idea of spiritual capital and virtuous business is creating interest and demand along the curve — among students and researchers, and also within different organisations and associations. We see it gaining importance among the most innovative corporations. They realise we could draw upon spiritual traditions to determine the future of capitalism, and hence future of the world itself,” Malloch says.

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