Attached. Please let me know if you have any questions or need revisions.Running head: CONSCIOUS CAPITALISM AND MARKET EXPANSIONConscious Capitalism and Market ExpansionStudent Name:Professors Name:Institution:Date1CONSCIOUS CAPITALISM AND MARKET EXPANSION2Conscious Capitalism and Market ExpansionConscious CapitalismConscious capitalism is the idea that political, and business enterprises can operate insocially responsible ways. The philosophy of conscious capitalism provides that businessenterprises can play an active role in addressing the social, and environmental problems in society(Begnini et al, 2019). It is based on the principles of stakeholder integration, higher purpose,conscious leadership, and conscious capture. The principle of stakeholder integration requires anorganization to take care of the interests of all its stakeholders. Besides customers, andshareholders, the entire community should be involved in the creation of value (Begnini et al,2019). The principle of higher purpose requires business entities to extend their purpose beyondprofit maximizations (Begnini et al, 2019). Beyond economic goals, for example, an organizationcan also choose environmental preservation as its purpose.The principle of conscious leadership seeks to generate value for each stakeholder of abusiness organization. Conscious leadership inspires the stakeholders, and harmonizes theirinterests so that they can engage collectively in pursuing the higher purpose (Begnini et al, 2019).The principle of conscious culture provides that business organizations should adopt values, andpractices that promote engagement among stakeholders, and with the high purposes (Begnini et al,2019). Therefore, conscious culture creates a climate of trust that allows all stakeholders to cometogether so that they can create positive externalities for the communities.Government as a BusinessThe government can be viewed as a business enterprise. Viewing the government as abusiness enterprise involves considering citizens as ‘customers’, and providing them withCONSCIOUS CAPITALISM AND MARKET EXPANSION3satisfactory services without engaging them in management. A study by Fredrickson & Smith(2003) revealed that it is possible to run a government like a private entity by shrinking it,devolving decision-making authority to low-level managers, and adopting the rationality of costbenefit economics for decision making. The main advantage of viewing government as a businessentity is that it promotes efficiency. As noted by Box (1999), shrinking the government ensuresthat fewer resources …
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