James Reed: all about business 52. Karma Capitalism: Why being a good business IS good business | James Reed, CBE
Socialism doesn’t work. Hyper-capitalism doesn’t work. Is this the answer?
What happens when the DNA of a corporation changes?
In this episode of 'All About Business', Alex interviews the usual host, James Reed, about his new book, 'Karma Capitalism.' The discussion revolves around the concept of Karma Capitalism, which James defines as a people-centric variant of capitalism where companies, known as Philanthropy Companies or 'Philcos,' allocate at least 10% of their shares to a charitable foundation.
James shares personal experiences, including a life-changing accident, that catalyzed his belief in businesses having a purpose beyond profit. He outlines the benefits of this business model, such as improved longevity, increased profitability, and enhanced corporate citizenship.
The conversation also touches on the challenges in current capitalism, the limitations of ESG, and the practical steps for companies to become Philanthropy Companies. James emphasises the potential for this philosophy to create a significant positive impact on business and society.
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Timecodes:
03:45 The wake-up fall story
12:01 The Big Give and philanthropy
17:14 The benefits of being a Philco
22:16 Legacy and longevity of Philcos
28:55 Examples of successful karma capitalism
31:15 How to transition to a Philco
34:59 The impact of Philco on business
47:15 Challenges and opportunities for family businesses
51:09 Final thoughts and reflections
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