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. I 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 Sign up to your 7 day trial for Reed.ai NOW Be part of the million job giveaway HERE Check out PhilCo’s website: Check out BigGive’s website: Buy ‘Karma Capitalism’ book: Follow James Reed on LinkedIn: All About Business is brought to you by Reed Global. Learn more at Reed.com This podcast was co-produced by Reed Global and Flamingo Media. If you’d like to create a chart-topping podcast to elevate your brand, visit Flamingo-media.co.uk