With many Bahamians continuing to worry about the global economic crisis, robust and transparent decision making has become critical, given the potential loss of trust in the capitalist economic system. This is even more pronounced among the unemployed and those suffering financial hardships.
"The Dharma of Capitalism" is a plea for ethical behavior in business and challenges the 1980s-style ethos that "greed is good". Nitesh Gor argues that "doing the right thing" is more than a noble idea and can be both practical and profitable. This is based upon his experience and findings in developing the Dow Jones Dharma index, a global stock market index benchmarking companies that meet high standards of ethical behavior.
The author suggests we should look to blend the best from East and Western styles of business as outlined in the "The Dharma of Capitalism". Here Gor presents a model of righteousness, correct action, behaviors codes and ethics to redefine business practice. This is underpinned by the three Modes of Dharma, providing tangible guidelines for making good decisions and includes:
1. Mode of Goodness.
2. Mode of Passion.
3. Mode of Ignorance.
Gor is concerned about the failure of western businesses to take a long-term view and asks what have we learned from the collapse of Wall Street institutions like Lehman Brothers, the failure of the AOL Time Warner merger and questionable ethical standards within the banking industry. He claims that capitalism has been discredited and business and political leaders must attempt to win back the "soul of capitalism" by good works and ethical behavior.
"The Dharma of Capitalism" builds on the idea that corporations can simultaneously create value and social justice. Gor suggests that there is a higher purpose to business than simply profit, and believes that it is time for organizations to change by adopting the Dharma. He adds that by using its three Modes, widespread benefits can be realized including a happier and more committed workforce, greater profits, reduced staff turnover and improved communication.
Although I doubt the "The Dharma of Capitalism" provides the answer to world peace, economic abundance or will appeal to committed capitalists who see their key goal as maximizing shareholder dividend, it does provide an alternative way forward at a time when many would argue that capitalism needs to change and evolve.
The Dharma of Capitalism by Nitesh Gor
Published by Kogan Page and available from www.Amazon.com
With many Bahamians continuing to worry about the global economic crisis, robust and transparent decision making has become critical, given the potential loss of trust in the capitalist economic system. This is even more pronounced among the unemployed and those suffering financial hardships.
"The Dharma of Capitalism" is a plea for ethical behavior in business and challenges the 1980s-style ethos that "greed is good". Nitesh Gor argues that "doing the right thing" is more than a noble idea and can be both practical and profitable. This is based upon his experience and findings in developing the Dow Jones Dharma index, a global stock market index benchmarking companies that meet high standards of ethical behavior.
The author suggests we should look to blend the best from East and Western styles of business as outlined in the "The Dharma of Capitalism". Here Gor presents a model of righteousness, correct action, behaviors codes and ethics to redefine business practice. This is underpinned by the three Modes of Dharma, providing tangible guidelines for making good decisions and includes:
1. Mode of Goodness.
2. Mode of Passion.
3. Mode of Ignorance.
Gor is concerned about the failure of western businesses to take a long-term view and asks what have we learned from the collapse of Wall Street institutions like Lehman Brothers, the failure of the AOL Time Warner merger and questionable ethical standards within the banking industry. He claims that capitalism has been discredited and business and political leaders must attempt to win back the "soul of capitalism" by good works and ethical behavior.
"The Dharma of Capitalism" builds on the idea that corporations can simultaneously create value and social justice. Gor suggests that there is a higher purpose to business than simply profit, and believes that it is time for organizations to change by adopting the Dharma. He adds that by using its three Modes, widespread benefits can be realized including a happier and more committed workforce, greater profits, reduced staff turnover and improved communication.
Although I doubt the "The Dharma of Capitalism" provides the answer to world peace, economic abundance or will appeal to committed capitalists who see their key goal as maximizing shareholder dividend, it does provide an alternative way forward at a time when many would argue that capitalism needs to change and evolve.
The Dharma of Capitalism by Nitesh Gor
Published by Kogan Page and available from www.Amazon.com
Keith Appleton JP, BA (Hons), N.Dip.M, MInstLM has extensive experience within a managerial and strategic leadership role. His academic background and membership in the UK Institute of Leadership & Management underpins this and he can be contacted at KeithAppleton@Hotmail.co.uk.
n JP, BA (Hons), N.Dip.M, MInstLM has extensive experience within a managerial and strategic leadership role. His academic background and membership in the UK Institute of Leadership & Management underpins this and he can be contacted at KeithAppleton@Hotmail.co.uk.
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