The Conscience Economy summary

How long does it take for a radical new invention to become a functional element of our daily lives? Sociologists have discovered that societies take around 40 years to wholeheartedly embrace a given innovation.

The revolutionary electric lightbulb was invented in 1880, yet it wasn’t until the 1920s that large public spaces were lit by tungsten bulbs. The world wide web was invented in 1990, but only 40 percent of the world’s population uses the internet today. Even so, it has already profoundly changed the way we live and interact.

Whether you’re browsing news websites or chatting online with friends from countries affected by natural disasters, it’s hard to ignore the fact that the environment is very fragile. Gone are the days when climate change was argued to be a myth.

Dried-up riverbeds, depleted reservoirs and rapidly melting icebergs simply can’t be denied. Nor can our role in these problems – today we know that each time we fly, we’re doing our bit to exacerbate global warming.

Culture is a complex thing. Our world consists of many different cultures, though the way they differ is often quite subtle. Consider the United States and the United Kingdom. Outwardly they may share several similar characteristics, including the same language.

But the ways in which they differ are crucial. In the United States, an ostensibly upbeat manager with a cheerleading attitude may be praised for his leadership skills; conversely, in a British context, people might consider the same behavior to be excessive or strange. Different generations also have their own cultures, as illustrated by the vast cultural differences between baby boomers and their children, or even the deeply differing experiences of Generations X and Y.

Connecting with other people and understanding their needs is shaping both our conscience and the way we spend our money.

Not convinced? Say you’ve got the choice to buy from one of two brands. The first is famous for its stylish design, while the other is an influential supporter of sustainable technology and has also won awards for its design. Which one would you go for? Now, imagine you’re one of these brands. Which one would you prefer to be?

Like it or not, companies are an integral part of society. We work in companies, we buy from companies and companies use our natural resources. As it happens, companies that focus on giving back to society are often those that consistently thrive.

The concept of corporate social responsibility (CSR) has actually been around for a long time. It has its roots in the industrial revolution, when it became clear that factories were forcing inhumane working conditions on their employees.

Conscience culture has changed a lot for today’s companies. But there’s one branch of business that’s facing a complete revolution: marketing.

Up until now, marketing was driven by manipulation. Customers had to be convinced to buy, and marketers used the 4 Ps to do this: designing an appealing product, placing it just right to attract as many customers as possible, naming the right price and promoting the product with catchy slogans or moving commercials.