"To be sure, there have been a number of robber barons - perhaps 2% - to allow a continual perpetuating of the claim against capitalism," said Theodore Roosevelt Malloch, PhD. "But I ask you if this the norm, and does it negate the qualities that we and others around the world enjoy from capitalism?"
"Which is it? This is, as my friends in logic are keen to say, this is a key decision mechanism," said Malloch. "Is it possible that a key number of businesses can be constructed in a way that counters the narrative of anti-capitalism?"
Malloch said he was motivated to write Spiritual Enterprise by Sir John Templeton, his mentor, who comes from a town I lived in for a few years, Winchester, Tennessee. Templeton in his later years founded a research institute close by, on Sewanee Mountain, adjacent to the University of the South.
"I feel defenders of capitalism have missed the key concept of virtues," said Malloch, a"nd the concept of calling - a theological concept whose basis has been forgotten - of which we need to remind ourselves. Those who question the benefits of capitalism must also be shown examples where an ethical implementing of capitalism is wholly consistent with moral, ethical and spiritual reasoning."
Social capital is enhanced by interactions and relationships within society, according to Malloch, while spiritual capital is enhanced by a completely different relationship with a higher power.
"A business flush in spiritual capital will generate the virtues of faith, hope and love," said Malloch, listing several of the more than 60 examples of servant leadership from Chick-Fil-A and Herman-Miller to Interstate Battery and several public firms.
He also spoke of the differentiation of the hard virtues of perseverance and leadership, as well as the softer virtues of humility and compassion.
"These softer virtues exist," said Malloch, "in American business. My mentor, Sir John, taught me the virtue of gratitude, saying that it does not represent weakness, but rather lightness, openess and strength."
Additionally, the concept of primary and secondary virtues, as well ad Plato's heirarchy of virtues, are gaining merit within organizations - and even the lecture hall.
"The book, which sold 25,000 copies in its first version, is being translated into French and Chinese, as we speak," said Malloch. "Additional research has been done in the meantime, including cross-discipline work being done between Yale's school of business and its school of divinity, to look at 24 real case studies of the benefits of spiritual capital."
A second edition of the book will be forthcoming, after the release of Thrift in early Novmeber, which Malloch calls one of the forgotten virtues.
"The companies with spiritual capital have been around for a long period of time," said Malloch, noting that about 40% of the companies in the examples were privately held. "There may be more strength or ease to keep the founder's virtues within the company's long-term DNA in a private company, but I hope to use the additional research to explore leadership as a virtue as well."
Malloch posits that leadership is a a quality potentially contained in everyone in an organization, but stressed that a leader must equally be a "good listener and follower"to actively maintain leadership.
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