I am currently enjoying a refreshing perspective on restructuring capitalist ideals for modern life. It suggests and illustrates philosophies and practices that both adapt to and anticipate the needs and consequences of a modern globalized economy and consumer culture.
In The New Capitalist Manifesto, Umair Haque talks about Constructive Capitalism; a disruptive and productive way for business to create what he calls “thick” value that sustains.
He talks about “socio-productivity”, which means creating markets and industries for those whom orthodox capitalism is unable to serve…creating “impossible” new markets…essentially giving all of “us” humans the power to play the game and improve our collective experience. He uses the example of Tata motors and their creation of the Nano: a super-low cost car for the poor living in ultra-urbanized emerging markets.
What IF we could use the power of human understanding, empathy and consumer insight to help make life more fulfilling for everyone? I have a wide-eyed vision that through practices like Consumer Anthropology, we can do just that.
Consumer Anthropology asserts there are several contextual spheres of influence involved in the creation, dissemination and evolution of consumer culture. Among those, at a minimum, are 3 C’s: Clients (organizations seeking to sell a product or idea), macro Culture (macro forces and people trends) and Consumers (attitudes, values, behaviors, etc.). Breakthrough innovation happens when at least these three spheres find synergy.
Imagine if every brand actively practiced this kind of holistic simultaneous understanding: of themselves, the world they live in, and their consumer. They would consistently be able to deliver not only better products and marketing, but would likely be inspired to do so using increasingly sustainable business practices.
They would find ways to serve the underserved in unique ways that both satisfied unmet consumer needs and shareholder value requirements. And most likely, shareholders and employees (who, as it turns out, are also humans and consumers) will feel a higher sense of purpose, knowing that they have the power, privilege and obligation to address the bigger needs of the world we all live in. And there the “thick” value cycle starts and continues.
Oh, the vision of a Utopian marketplace powered by good intentions. And here’s a secret you may not be party to just yet: I’ve learned it from years of participant observation in this business: it’s totally possible.