Integrating business-society dichotomy through spiritual lens

Abstract

Responsibility of businesses towards society has been defined narrowly as ‘the business of business is business’ and in an all-inclusive way as ‘all stakeholders have equal claim on wealth created by businesses’. Who are the stakeholders for whom business is responsible and how are the externalities caused by the business operations compensated? The authors argue that there is a need to redefine these issues through the perspective of spirituality for addressing the dichotomy between the interest of business and the expectation of society. They propose that by applying the principles of connectedness and harmony in all business decisions, the existence of the firm could incrementally transcend towards better alignment and integration with the purpose of society.