Economics and business need a more spiritual foundation to solve their ethical, social and ecological problems. Spirituality as an inner experience of deep interconnectedness with all living beings opens a space of distance from the pressures of the market and the routines of business as usual. This distance seems to be a necessary condition for developing innovative ethical ideas and practices. It restores intrinsic motivation and provides a long-term horizon. Unfortunately, spirituality is not yet a mainstream concept in the business world. In economics and business, the instrumental and utilitarian rationality is still the dominant perspective, whereas spirituality is anchored in a deeper, non-instrumental and non-utilitarian experience of life. Economics and business can be renewed and transformed into a progressive social institution if it enriches itself by taking spirituality seriously at the core of its activities.