ABSTRACT
This chapter takes forward the ideas of the previous chapter by emphasizing, and reporting on, the notion of Nudge theory advocated by Professor Richard Thaler and how this affects behaviours. The chapter quotes the idea of the “conscious capitalism” movement in the USA and elsewhere, promoted by John Mackay and Raj Sisodia of Whole Foods Market. The chapter quotes at some length the ideas of Adam Smith on the need for “moral sentiment”, compassion and an Impartial Spectator—an imagined outside, objective viewpoint—which Smith described as “the great judge and arbiter of our conduct” and a “demi-god within the breast”. The chapter emphasises that, today, these notions may be driven by religious or secular influences. The author quotes the stories of Richard Hawthorne, a Nottingham businessman, who was awarded the MBE for his involvement in community relations, and Peter Neville Lewis, founder of Principled Consulting, who advocates the cardinal virtues of prudence, justice, temperance and fortitude. The chapter concludes that the ideas of Adam Smith are as relevant today as when he first articulated them.
