‘Conscience Capitalism’ and the Neoliberalisation of the Non-Profit Sector

Abstract

This article analyses a range of initiatives, labelled as ‘conscience capitalist’, that have become prominent since the 2008 financial crash. Conscience capitalism encompasses projects emerging in both the for- and non-profit sectors that seek to connect neoliberal capitalism with concepts of morality and conscience. The article begins by unpacking conscience capitalism, showing how its for-profit advocates seek to transform capitalism by orienting it towards accounting for social and environmental externalities, and how its non-profit supporters seek to incorporate components of neoliberalism to serve their environmentally and/or socially focused agendas. Conscience capitalism appears to be a re-evaluation and call for reform of the prominent forms of neoliberalism. However, this article argues that, rather than comprising a hindrance, conscience capitalism offers a means of advancing the project. This is evident in its attempts to reconstitute social and environmental externalities in terms relatable to the market, and represent social and environmental problems in quantitative terms in which the success of market-based solutions can be read. Acknowledging some of the successes of conscience capitalist campaigns, the article concludes by arguing that this continued neoliberalisation of the non-profit sector favours campaigns consistent with neoliberalism and has the potential to undermine the democratic governance of non-profits.

Keywords:

• financial crisis
• neoliberalism
• corporate social responsibility
• non-profits

Acknowledgements

I would like to extend my gratitude to the editors of New Political Economy. Additionally, I would like to thank the two anonymous reviewers of this article for their insightful comments. I would also like to thank Eric Herring and Jutta Weldes for their help and feedback on earlier versions of this work, and Heather Savigny and Mat Hope for their invaluable comments.

Notes on contributor

Nathan Farrell is a lecturer in Media and Communication at Bournemouth University. His research interests are in political communication, international development and the intersection of popular culture and politics.

Notes

1. A term I have borrowed and adapted from Grace Neville (2008).

2. For example http://www.consciouscapitalism.org/node/3322 [accessed 19 February 2014].

3. While social enterprises predate the rise of conscience capitalism (Crimmins and Keil 1983), I am interested here in the new types of social enterprises that actively discredit traditional modes of charitable activity.