Jeff

I agree that email is a difficult forum to debate such topics. But I still enjoy the mental challenge this brings.  I think you make a good point by taking the idea of CC several steps further by bringing to mind what some believe as the greater collective good ( i.e. climate change, healthcare, etc).

Where I have a challenge is that not everyone agrees with an individual’s or even a company’s idea of the collective good.  I’m not gmaking any political or scientific statement here but one person’s climate change is another’s weather pattern.   John Mackey or Elon Musk May seek to use their companies as platforms for their perception of the greater good, but the bottom line is that many of their customers just want to buy healthy foods or buy cool cars that go 0-60 in 2 seconds.

I do think progress can be made in CC using baby steps.  Considering the interests of stakeholders and those closer to the individual is where I see real impact from CC.

I also appreciate your view of rethinking the model a bit because I do concede that capitalism has its flaws. However, I challenge anyone to show me a sustainable economic system that has created more wealth for more people than capitalism - whether conscious or not.

Jeff Browning
Managing Director
ORIX Mezzanine & Private Equity

(214) 237-2373 (o)
(972) 900-2145 (m)

On Dec 14, 2017, at 10:14 AM, Bede, Jeff <Jeff.Bede@orix.com<mailto:Jeff.Bede@orix.com>> wrote:

I was commenting more than disagreeing with you and Browning. Email is tough to discuss something this nuanced.  I just don’t think traditional capitalism (maximization of profit and loss) takes into account the impact on all stakeholders (it’s better with direct stakeholders like customers). That’s partly why climate change, or globalization, or entitlements, or unions, or free health care are such difficult issues.  Often profit and loss is in direct conflict with stakeholder impact – like outsourcing overseas or using robots instead of labor. Rethinking corporate missions is welcome in my book.

Jeffrey Bede  |  Group Head  |  ORIX Growth Capital |  10900 NE 4th Street, Suite 2300  |  Bellevue, WA 98004  |  t  |  425-440-2632     c  |  202-494-1776     e  |  jeff.bede@orix.com<mailto:jeff.bede@orix.com>  |  www.orix.com<http://www.orix.com/>  |  www.orix.com/capital-solution/growth-capital/<http://www.orix.com/orixgrowth>

From: ironlady@stagen.simplelists.com<mailto:ironlady@stagen.simplelists.com> [mailto:ironlady@stagen.simplelists.com] On Behalf Of Holt, Wade
Sent: Thursday, December 14, 2017 6:34 AM
To: ironlady@stagen.simplelists.com<mailto:ironlady@stagen.simplelists.com>
Subject: RE: capitalism vs. conscious capitalism

It is interesting to me that Jeff believes he and I disagree, when in fact I think we are in complete agreement.  My point is that a true capitalist should already be conscious of the impact on others when considering how to maximize his/her own personal gain over time.  That is just being smart, and is not at all in conflict with traditional capitalism.

Wade Holt  |  Managing Director  |  Special Assets  |  ORIX USA Corporation  |  1717 Main Street, Suite 1100  |  Dallas, TX 75201  |  t  |  214-237-2374      e  |  Wade.Holt@orix.com<mailto:Wade.Holt@orix.com>  |  www.orix.com<http://www.orix.com>

From: ironlady@stagen.simplelists.com<mailto:ironlady@stagen.simplelists.com> [mailto:ironlady@stagen.simplelists.com] On Behalf Of Griffin, Scott
Sent: Wednesday, December 13, 2017 5:17 PM
To: ironlady@stagen.simplelists.com<mailto:ironlady@stagen.simplelists.com>
Subject: RE: capitalism vs. conscious capitalism

I agree with Jeff here. To me conscious capitalism is the theory that being mindful of others’ interests is actually a path to maximizing your own interests, which is probably true in many circumstances, although I can imagine exceptions.

-Scott

From: ironlady@stagen.simplelists.com<mailto:ironlady@stagen.simplelists.com> [mailto:ironlady@stagen.simplelists.com] On Behalf Of Browning, Jeff
Sent: Tuesday, December 12, 2017 3:31 PM
To: ironlady@stagen.simplelists.com<mailto:ironlady@stagen.simplelists.com>
Subject: RE: capitalism vs. conscious capitalism

If one were to entertain the original meaning and intent of capitalism in an economic sense, it is about the individual and his/her freedom and right to pursue whatever economic means they choose (traditionally profit, private property, and capital accumulation).  The result of this endeavor of a collection of individuals is the free market.

I think the concept of conscious capitalism is an interesting one, and I would disagree with Wade on his view of the relative insignificance of the word “conscious”.  I think the way we use the term conscious capitalism incorporates a more collective view on capitalism.  Whereas pure capitalism focuses on the individual and his/her interest in profit, conscious capitalism (as I’ve understood it), asks the capitalist to consider and be mindful of others’ economic interests and purposes as well.  Not necessarily to the exclusion of the individual’s interest, but to seek to understand and appreciate the impact on other individuals while seeking profit.

In some ways, I view the concept of conscious capitalism as an extension of the individual perspective.  Whereas I can have a purpose to my life, and seek to maximize economic value for myself through whatever legal means I choose; similarly, a group can have a purpose to which each individual member subscribes to some degree and seek to maximize economic value to the group or organization and all stakeholders.  In fact, it could be argued that for the free market (again a collection of individuals seeking profit) to function at its optimal level, individuals should be mindful and conscious of other individuals’ endeavors and ways that they seek profit.

If I were an individual farmer that wants to grow my business (i.e. profit) and provide for my family (i.e. stakeholders), I require customers and suppliers for seed, equipment, water, etc.  I must treat my customers and suppliers fairly (and vice versa) in order to maximize my profit.  Thus, I should be mindful of their interests as well as my own.

Jeff Browning  |  Managing Director  |  ORIX Mezzanine & Private Equity
ORIX USA Corporation  |  1717 Main Street, Suite 1100  |  Dallas, TX 75201
t  |  214-237-2373     c  |  972-900-2145     e  |  jeff.browning@orix.com<mailto:jeff.browning@orix.com>
 www.orix.com<http://www.orix.com/>  |  www.orixmpe.com<https://urldefense.proofpoint.com/v2/url?u=http-3A__www.orixmpe.com_&d=DwMFAg&c=l6wIEjFZ2r6NRbgTeJOW4HMPY8FVASe8l9IlzHzRYYs&r=1-4p8ieMLkENFHpm-WLCdqiJNmCP0-dKDJ_DAEMza2c&m=H9l1gy0vWNFD2zhmRP3dJraLLmSD2tElCDMQtvemQxA&s=-a9EhuVYTFXssq-KxegEyO4azpX0xMhEA0IrUoFvZNY&e=>

ORIX Mezzanine & Private Equity expands alternatives for lower-mid to middle-market companies throughout North America by offering standalone equity investments, flexible mezzanine debt or a combination of the two strategies.  Investments are made from $10-30 million in a wide variety of businesses and geographic areas for buyouts, growth financings, recapitalizations, and special situations.

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From: ironlady@stagen.simplelists.com<mailto:ironlady@stagen.simplelists.com> [mailto:ironlady@stagen.simplelists.com] On Behalf Of Seth Braun
Sent: Monday, December 11, 2017 3:22 PM
To: ironlady@stagen.simplelists.com<mailto:ironlady@stagen.simplelists.com>
Subject: capitalism vs. conscious capitalism

Wade had posed this thought:
"Maybe I’m missing something, but to me conscious capitalism is the same as plain old capitalism…it just uses and extra word."

I’d love to hear what other people think about that juxtaposition?

Is Conscious Capitalism the same as Capitalism?

Do we need to bring attention to the idea of “being conscious,” as it relates to capitalism?

Seth

Seth Braun | Executive Coach
Seth.Braun@stagen.com<mailto:Seth.Braun@stagen.com> |  303.443.6543

Stagen | 3535 Travis  Street | Suite 100 | Dallas, TX 75204
p: 214.744.9255 | f: 214.744.0094 | www.stagen.com<https://urldefense.proofpoint.com/v2/url?u=http-3A__www.stagen.com_&d=DwMFAw&c=l6wIEjFZ2r6NRbgTeJOW4HMPY8FVASe8l9IlzHzRYYs&r=YNUhnMxB8iLYg4Iuhv7KPkfEL4rueiLKctoiRB1hRaM&m=fGLZ7D_2OyXNwUFKy5otMvO0qN624nh9LzXR3CDoLYw&s=MlJsivaKQwZqBY3to2iTVydkYnnkPAv2aacKvutX3zs&e=>

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