Using the resources describing Conscious Capitalism and fair trade, how does fair trade support the philosophy and practices of Conscious Capitalism?
Using the resources describing Conscious Capitalism and fair trade, how does fair trade support the philosophy and practices of Conscious Capitalism? What are the challenges to implementation of fair trade in the developing world? What adjustments in product development would you have made in the simulation to overcome these challenges? How would these adjustments affect your global growth strategies?
Elizabeth Quiroz
Jan 26, 2024, 12:21 PM(edited)
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Hello Class and Professor,
Fair Trade and Conscious Capitalism
Fairtrade is a concept that supports the principles of conscious capitalism. It aims to ensure that all parties involved in a business transaction benefit equally and are treated fairly. Fairtrade also upholds ethical and environmental standards, taking into account both moral ideals and business values. In terms of conscious capitalism, businesses strive to achieve more than just profitability but also consider the market and its culture. Overall fair trade creates value for its community of farmers, workers, and corporations, as well as ensures that all farmers are treated fairly in all business-related matters 9Rice, 2022, para 9).
Challenges to the Implementation of Fair Trade
One of the challenges in implementing fair trade practices in the developing world is the difficulty in ensuring that workers receive fair wages and safe working conditions while also balancing the economic needs of the local community, “family farmers and farm workers are often impoverished by unfair volatile prices and working conditions,” (Fair World Project, n.d., pg. 3). Moreover, there are various issues related to the management of fair-trade labeling that might discourage conventional businesses. Additionally, mainstream processors generally do not consider fair-trade labeling compatible with their overall brand management strategy due to concerns that adopting a fair-trade sub-brand could potentially put their primary brands’ terms of trade in doubt. 9CSA, 2000, pg.32).
References:
CSA. (2000). Fair Trade: Overview, Impact, Challenges. http://www.csa- be.org/IMG/pdf_DFID_Fair_Trade_study.pdf
Fair World Project. (n.d.). Issues and Challenges in Fair Trade for a Better World. https://fairworldproject.org/wp-content/uploads/2012/08/FWP_publication_Issue4.pdf
Rice, R. (2022). Exploring the Three Pillars of Fair-Trade USA’s Theory of Change with Paul Rice- Virtual Gathering Recap. https://www.consciouscapitalism.org/video/three-pillars-to-fair-trade- usas-theory-of-change-with-paul-rice-virtual-gathering-recap
Thank you for reading,
Elizabeth Quiroz
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