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Doing Virtuous Business: The Remarkable Success of Spiritual Enterprise
Can the concept of "Spiritual Capital" actually ensure a company's success? Critics of capitalism view big businesses as insatiable masters of the universe with little regard for the public. They label those who create wealth as greedy, malicious, and unscrupulous. Doing Virtuous Business answers these charges head-on. In this insightful and original book, Theodore Roosevelt Malloch presents the bold idea that the creation of wealth by virtuous means is the most important thing that can be done for society. Doing Virtuous Business explains the true purpose of business and illuminates the connection between a free economy and religious liberty. Drawing from the notion of "social capital," which has been developed by generations of scholars, Malloch adds the concept of "spiritual capital" as a foundation for social progress and also a necessity for responsible and successful enterprise. He details the virtues that sustain a business and a free market―virtues that build up a network of trust, which is critical to the global economy. Malloch reveals that a company's soul determines its "spiritual capital," an equally imperative foundation to success. From Wal-Mart to IBM, Malloch demonstrates how companies that operate on ethical models informed by spiritual traditions have outperformed their competitors. This book is a welcome moral defense of free enterprise and a sensible guide for achieving the ideal of virtuous business. Besides making the world a better place, Malloch argues, virtuous enterprise makes companies far more successful and profitable than they otherwise would be. He presents case studies of virtuous business in the Judeo-Christian tradition as well as statistical analysis demonstrating how companies that operate on ethical models have outperformed their competitors over the long run.
192 pages, Hardcover
First published March 29, 2011
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June 13, 2011
Doing Virtuous Business
Theodore Roosevelt Malloch
© 2008 by Theodore Roosevelt Malloch
Published by Thomas Nelson
This book was previously published under the title Spiritual Enterprise: Doing Virtuous Business, recently republished under the current name. The author comes with an impressive set of credentials and with an equally-impressive set of recommendations to read this book. Unfortunately, the secular credentials do not withstand spiritual scrutiny. The redeeming result from this book is the premise and, perhaps, the notes as bibliography. Developed with a more solid spiritual base – a bit ironic for a book that promotes the notion of “spiritual capital” – the book does have an excellent premise. However, the execution is flawed.
Early in the book, Malloch identifies himself as a “committed Christian” and provides the disclaimer that his examples of exercising spiritual capitalism are not limited to Christian beliefs, the reader’s first warning. How can a self-proclaimed committed Christian extol the virtues of other belief systems? He lauds examples of Catholic, Jewish, Muslim, and Confucianism adherents as they invest in spiritual capitalism and he denounces those who spend down the good will that had been built by others. Ken Lay of Enron is one of the heroes in the examples provided. Mel Gibson is another who is presented as “doing virtuous business” – imagine Mel Gibson, virtuous. New Age thinking is denounced in one passage and, on the very next page, an example of the positive benefits of applied New Age thinking is presented and promoted.
Other contradictory examples abound. Homosexuality is supported as is the notion that companies are doing virtuous business if they do not support homosexuality. The hand of God in man’s work is promoted and the “stern furnace of evolution” is exalted as a testing platform for ideas. These contradictions are anti-Christian.
The book is certainly a scholarly work, reflecting the author’s position as a research professor at Yale University. Indeed, Adam Smith’s 18th century seminar work on capitalism is quoted frequently and the term “invisible hand” that Smith employed is frequently used for Malloch’s own purposes. Did Smith mean that God controlled the wealth of nations? Neither Smith nor Malloch were explicit in the connection. In any event, calling on the ghost of Adam Smith is used far too many times.
Perhaps this book would be better positioned as a work of ideology rather than spirituality. Keeping religion out of this thesis may have helped Malloch’s cause. The flaw in representing ecumenicism is what exposes the flaws in Malloch’s thesis. God and religion are not equal and all gods are not God (see Stephen Prothero’s God Is Not One). Given the location of his professorship and the muddled view that the Ivy League schools have today, perhaps Malloch is not to be faulted – no, scratch that – we are to be held accountable for specific blasphemies. While the premise of this book may be valid, its execution is indeed fatally flawed.
Disclosure of Material Connection: This book was received for free from the publisher but a positive review was not required. The opinions expressed are my own. This disclosure is in accordance with the United States Federal Trade Commission’s 16 CFR, Part 255 : “Guides Concerning the Use of Endorsements and Testimonials in Advertising.”
Theodore Roosevelt Malloch
© 2008 by Theodore Roosevelt Malloch
Published by Thomas Nelson
This book was previously published under the title Spiritual Enterprise: Doing Virtuous Business, recently republished under the current name. The author comes with an impressive set of credentials and with an equally-impressive set of recommendations to read this book. Unfortunately, the secular credentials do not withstand spiritual scrutiny. The redeeming result from this book is the premise and, perhaps, the notes as bibliography. Developed with a more solid spiritual base – a bit ironic for a book that promotes the notion of “spiritual capital” – the book does have an excellent premise. However, the execution is flawed.
Early in the book, Malloch identifies himself as a “committed Christian” and provides the disclaimer that his examples of exercising spiritual capitalism are not limited to Christian beliefs, the reader’s first warning. How can a self-proclaimed committed Christian extol the virtues of other belief systems? He lauds examples of Catholic, Jewish, Muslim, and Confucianism adherents as they invest in spiritual capitalism and he denounces those who spend down the good will that had been built by others. Ken Lay of Enron is one of the heroes in the examples provided. Mel Gibson is another who is presented as “doing virtuous business” – imagine Mel Gibson, virtuous. New Age thinking is denounced in one passage and, on the very next page, an example of the positive benefits of applied New Age thinking is presented and promoted.
Other contradictory examples abound. Homosexuality is supported as is the notion that companies are doing virtuous business if they do not support homosexuality. The hand of God in man’s work is promoted and the “stern furnace of evolution” is exalted as a testing platform for ideas. These contradictions are anti-Christian.
The book is certainly a scholarly work, reflecting the author’s position as a research professor at Yale University. Indeed, Adam Smith’s 18th century seminar work on capitalism is quoted frequently and the term “invisible hand” that Smith employed is frequently used for Malloch’s own purposes. Did Smith mean that God controlled the wealth of nations? Neither Smith nor Malloch were explicit in the connection. In any event, calling on the ghost of Adam Smith is used far too many times.
Perhaps this book would be better positioned as a work of ideology rather than spirituality. Keeping religion out of this thesis may have helped Malloch’s cause. The flaw in representing ecumenicism is what exposes the flaws in Malloch’s thesis. God and religion are not equal and all gods are not God (see Stephen Prothero’s God Is Not One). Given the location of his professorship and the muddled view that the Ivy League schools have today, perhaps Malloch is not to be faulted – no, scratch that – we are to be held accountable for specific blasphemies. While the premise of this book may be valid, its execution is indeed fatally flawed.
Disclosure of Material Connection: This book was received for free from the publisher but a positive review was not required. The opinions expressed are my own. This disclosure is in accordance with the United States Federal Trade Commission’s 16 CFR, Part 255 : “Guides Concerning the Use of Endorsements and Testimonials in Advertising.”
January 8, 2017
The terms human capital and social capital are familiar to those involved in business and entrepreneurship. Less so is the term 'spiritual capital'. In Doing Virtuous Business Theodore Roosevelt Malloch, explores this slippery concept. Malloch is "Chairman and CEO of The Global Fiduciary Governance LLC, a leading strategy thought leadership company" and has done much research on the role of values in business.
The main thesis here that faith changes businesses by injecting 'spiritual capital'. This spiritual capital is also available to atheists and agnostics.
The problem with business is that profits and success (usually measured in monetary terms) have becomes the bottom line. This chasing after profit can become self-destructing. The remedy is to look for spiritual capital. As we become aware of and promote spiritual capital then success and profits follow. For Malloch spiritual capital is not just the spiritual hunger we all feel, rather it is "faith and all that stems from it" (p. 22) and "spiritual entrepreneurship is ... the unsung route to growth in the modern economy" (p. 44). He maintains that spiritual capital has an economic function and an economic potential in the same way that human and social capital have.
He examines the concept of virtue (Ch 2) and how it applies to business. The virtues of business are: faith, honesty, gratitude, perseverance, compassion, forgiveness, patience, humility, courage, respect, generosity, discipline, chastity and thrift. The most important component in spiritual entrepreneurship is faith. Faith, hope and charity are the subject of chapter 3. The virtues listed in chapter 2 are split into two kinds: hard (Ch 4)and soft (Ch 5). Hard virtues include leadership, courage, patience, perseverance and discipline; soft virtues are justice, forgiveness, compassion, humility and gratitude. No justification was given for this distinction.
The question of whose spirituality and which spirituality is not fully addressed, though Malloch is writing from an unashamedly Christian perspective. It also presupposes that capitalism and the free market is good - I would have liked to have seen a fuller critique of capitalism. Nevertheless, this is a fascinating read and shows that in contemporary society spirituality cannot be ignored.
There are plenty of inspiring short illustrative vignettes from companies such as ServiceMaster, Herman Miller, Carghill and individuals such as Tom Monaghan, Jonathan Ruffer, Quinlan Terry and J. Irvin Miller. All those involved in business will find much of value here.
The main thesis here that faith changes businesses by injecting 'spiritual capital'. This spiritual capital is also available to atheists and agnostics.
The problem with business is that profits and success (usually measured in monetary terms) have becomes the bottom line. This chasing after profit can become self-destructing. The remedy is to look for spiritual capital. As we become aware of and promote spiritual capital then success and profits follow. For Malloch spiritual capital is not just the spiritual hunger we all feel, rather it is "faith and all that stems from it" (p. 22) and "spiritual entrepreneurship is ... the unsung route to growth in the modern economy" (p. 44). He maintains that spiritual capital has an economic function and an economic potential in the same way that human and social capital have.
He examines the concept of virtue (Ch 2) and how it applies to business. The virtues of business are: faith, honesty, gratitude, perseverance, compassion, forgiveness, patience, humility, courage, respect, generosity, discipline, chastity and thrift. The most important component in spiritual entrepreneurship is faith. Faith, hope and charity are the subject of chapter 3. The virtues listed in chapter 2 are split into two kinds: hard (Ch 4)and soft (Ch 5). Hard virtues include leadership, courage, patience, perseverance and discipline; soft virtues are justice, forgiveness, compassion, humility and gratitude. No justification was given for this distinction.
The question of whose spirituality and which spirituality is not fully addressed, though Malloch is writing from an unashamedly Christian perspective. It also presupposes that capitalism and the free market is good - I would have liked to have seen a fuller critique of capitalism. Nevertheless, this is a fascinating read and shows that in contemporary society spirituality cannot be ignored.
There are plenty of inspiring short illustrative vignettes from companies such as ServiceMaster, Herman Miller, Carghill and individuals such as Tom Monaghan, Jonathan Ruffer, Quinlan Terry and J. Irvin Miller. All those involved in business will find much of value here.
July 27, 2011
In Doing Virtuous Business, Theodore Malloch first argues for, and seeks to refine, a concept called “spiritual capital”. He separates spiritual capital from social capital and defines it as "the fund of beliefs, examples, and commitments that are transmitted from generation to generation through a religious tradition, and that attach people to the transcendental source of human happiness.” Alongside of this, Malloch also takes readers through a course in virtues, including classic Greek and Roman, and Biblical virtues. He gives examples of how different virtues have been displayed by CEOs who have influenced the successfulness and respectability of certain businesses.
In this book, I appreciated the many examples of businesses and businessmen that have set up, first and foremost, as one of their goals as to “Honor God” with their businesses. The book highlights how these businesses do not seek after profit, but rather in seeking after righteousness, profit just automatically comes. I’m reminded of Matthew 6:33, “But seek first his kingdom and his righteousness, and all these things will be given to you as well.” The book did not just showcase businesses that were physically profitable because of righteousness, but also businesses that were morally profitable. One business particularly highlighted was one that actually collapsed in the aftermath of a city fire. While trying to rebuild the business, the CEO continued to pay his employees their wages. Sadly the business eventually went bankrupt. However, the businessman still had his moral and charitable reputation in tact, which is a far more important thing than making money.
This book was inspiring and informing for me. I have a little interest in business, and so the book has been instrumental in teaching me about business related stuff. But also, and more importantly, it reminded me, in the midst of seeking after profit, what is most important, which is doing business virtuously.
Disclosure of Material Connection: I received this book free from the publisher through the BookSneeze®.com book review bloggers program. I was not required to write a positive review. The opinions I have expressed are my own. I am disclosing this in accordance with the Federal Trade Commission’s 16 CFR, Part 255
In this book, I appreciated the many examples of businesses and businessmen that have set up, first and foremost, as one of their goals as to “Honor God” with their businesses. The book highlights how these businesses do not seek after profit, but rather in seeking after righteousness, profit just automatically comes. I’m reminded of Matthew 6:33, “But seek first his kingdom and his righteousness, and all these things will be given to you as well.” The book did not just showcase businesses that were physically profitable because of righteousness, but also businesses that were morally profitable. One business particularly highlighted was one that actually collapsed in the aftermath of a city fire. While trying to rebuild the business, the CEO continued to pay his employees their wages. Sadly the business eventually went bankrupt. However, the businessman still had his moral and charitable reputation in tact, which is a far more important thing than making money.
This book was inspiring and informing for me. I have a little interest in business, and so the book has been instrumental in teaching me about business related stuff. But also, and more importantly, it reminded me, in the midst of seeking after profit, what is most important, which is doing business virtuously.
Disclosure of Material Connection: I received this book free from the publisher through the BookSneeze®.com book review bloggers program. I was not required to write a positive review. The opinions I have expressed are my own. I am disclosing this in accordance with the Federal Trade Commission’s 16 CFR, Part 255
August 12, 2011
I enjoyed this book, though it took me into waters where I seldom swim. I am a theologian by education and a teacher by trade. I know next to nothing about economics, but I was intrigued by this book's title, especially as I am just beginning to learn about how the church should engage in business and in economic development. Dr. Theodore Malloch maintains that companies can do good, while still succeeding in business. The examples he presented were persuasive and encouraging. There are a number of people and companies which put ethics above profits, but who have also made huge profits.
Malloch brought a number of philosophers and theologians into the broader discussion of what "virtue" is. I was a little uncomfortable with the vague use of terms like "spirit" and "faith." He wants to affirm the best in other religious traditions, such as Islam, which set off my conservative warning bells. But, if he wants to persuade young Muslim men to pursue a life of "doing virtuous business," rather than blowing people up, then I gladly support that. I would argue, from an apologetics vantage, that any virtue and morality in other religions comes from being made in the "image of God," and having a God-given conscience (as Romans 1 teaches). If a Hindu is doing business virtuously, then he is acting like a Christian should act, and that opens up an avenue for dialogue and discussion. I believe only a Christian worldview supplies the moral and philosophical foundation for doing anything virtuously, but that would not sell as many books.
Malloch also has done a valuable service in offering an alternative picture to what capitalism is. If business is done within a framework of "virtue" and with sustained attention to spiritual realities, then that is a powerful corrective to the go-for-the-jugular stereotype of the Wall Street jungle. God created Adam and Eve to tend and care for a garden--isn't doing good business just an extension of good and faithful gardening?
Malloch brought a number of philosophers and theologians into the broader discussion of what "virtue" is. I was a little uncomfortable with the vague use of terms like "spirit" and "faith." He wants to affirm the best in other religious traditions, such as Islam, which set off my conservative warning bells. But, if he wants to persuade young Muslim men to pursue a life of "doing virtuous business," rather than blowing people up, then I gladly support that. I would argue, from an apologetics vantage, that any virtue and morality in other religions comes from being made in the "image of God," and having a God-given conscience (as Romans 1 teaches). If a Hindu is doing business virtuously, then he is acting like a Christian should act, and that opens up an avenue for dialogue and discussion. I believe only a Christian worldview supplies the moral and philosophical foundation for doing anything virtuously, but that would not sell as many books.
Malloch also has done a valuable service in offering an alternative picture to what capitalism is. If business is done within a framework of "virtue" and with sustained attention to spiritual realities, then that is a powerful corrective to the go-for-the-jugular stereotype of the Wall Street jungle. God created Adam and Eve to tend and care for a garden--isn't doing good business just an extension of good and faithful gardening?
December 23, 2011
Business Ethics may be the butt of many a joke, but Theodore Roosevelt Malloch believes it’s not only possible, but the best way to achieve ultimate success in the business world. In fact, Malloch credits solid ethics and morals as the cornerstone of proper business activities. This spiritual capital (as he dubs it) creates a currency of sorts which serves as the lifeblood of any organization.
Doing Virtuous Business is a bit headier than i expected as it delved into a number of economic principles and theories, but the context wis always clear and supported by numerous interesting and relevant real-life examples. Malloch pictures every enterprise as having a soul of its own, though this soul is clearly a reflection of the founder and/or CEO. He argues that spiritual beliefs – regardless of origin, denomination, or creed – will always provide clear guidance for leaders and employees to follow and successfully conduct their business operations.
The truly spiritual enterprise will embrace a mission and vision that reflects the virtues of the leader, which include faith, honesty, respect, generosity, chastity, thrift, and charity. If nothing else, this book and school of thought should at least remind you to investigate the mission statement and history of any company for which you intend to work.
All in all, Malloch provides some good insights for people at all levels of business pursuits, but, because of their influence in the company, CEO’s and executive leaders have the most to gain from applying the principles and investing spiritual capital into their company. And while there’s not necessarily a direct correlation between spiritual capital and financial capital, it certainly seems to directly affect a company’s longevity.
An interesting read, quite fulfilling – even simply for the numerous stories of corporate examples, both good and bad.
-from trudatmusic.com/raw
Doing Virtuous Business is a bit headier than i expected as it delved into a number of economic principles and theories, but the context wis always clear and supported by numerous interesting and relevant real-life examples. Malloch pictures every enterprise as having a soul of its own, though this soul is clearly a reflection of the founder and/or CEO. He argues that spiritual beliefs – regardless of origin, denomination, or creed – will always provide clear guidance for leaders and employees to follow and successfully conduct their business operations.
The truly spiritual enterprise will embrace a mission and vision that reflects the virtues of the leader, which include faith, honesty, respect, generosity, chastity, thrift, and charity. If nothing else, this book and school of thought should at least remind you to investigate the mission statement and history of any company for which you intend to work.
All in all, Malloch provides some good insights for people at all levels of business pursuits, but, because of their influence in the company, CEO’s and executive leaders have the most to gain from applying the principles and investing spiritual capital into their company. And while there’s not necessarily a direct correlation between spiritual capital and financial capital, it certainly seems to directly affect a company’s longevity.
An interesting read, quite fulfilling – even simply for the numerous stories of corporate examples, both good and bad.
-from trudatmusic.com/raw
December 24, 2011
This book takes the reader through a series of different stories of businesses that have done business the virtuous way and have prospered because of it or in spite of it depending on your view. The book tells us stories of Tyson Chicken, Chik Filet, Wal-Mart and a few others and how they fared because of this. In some cases, the original fallout was intense and caused the company undue hardship. In the end, the companies emerged stronger and better than they had been before the problem occurred.
In some instances, like ServiceMaster, there was no moment of truth where a decision to do the right thing had to be made. In these circumstances, the company simply had a policy of do the right thing always. The company's history will show, in each case, how the company was able to weather bad economies and come out on top because of the "Spiritual Capital" the company had built up along the way.
This book is very entertaining to read. The author has a style that keeps the reader interested throughout the book. The stories are interesting and the information is presented in such a way that it isn't jargon intense. The reader is drawn into the stories and is left wanting more.
FTC Required Notice:
Book Sneeze provided me with a copy of this book for the purpose of writing this review. The opinions I express in my reviews are my own and in no way are influenced by the publisher or any other party. In Red Neck terms, I calls 'em likes I sees 'em, regardless of how I got the book to review.
In some instances, like ServiceMaster, there was no moment of truth where a decision to do the right thing had to be made. In these circumstances, the company simply had a policy of do the right thing always. The company's history will show, in each case, how the company was able to weather bad economies and come out on top because of the "Spiritual Capital" the company had built up along the way.
This book is very entertaining to read. The author has a style that keeps the reader interested throughout the book. The stories are interesting and the information is presented in such a way that it isn't jargon intense. The reader is drawn into the stories and is left wanting more.
FTC Required Notice:
Book Sneeze provided me with a copy of this book for the purpose of writing this review. The opinions I express in my reviews are my own and in no way are influenced by the publisher or any other party. In Red Neck terms, I calls 'em likes I sees 'em, regardless of how I got the book to review.
September 27, 2011
Doing Virtuous Business reflects on the virtues that are basic to beginning your own company, or establishing basic morals in one that is already established. It goes over how various companies have incorporated these virtures, and provides hope for people who might believe their is not any for present companies.
The book does have the range to appeal to people not the target audience of this book. People can apply the principles here in all parts of their life. The virtues are demonstrated in how corporations have used them in their business throughout the book.
One confusing aspect of this book is that the author does state this book is from a Christian perspective, but seems to note how other companies have incorporated virtues from other religions just as often. I think more biblical examples could have been used to support a Christian view.
Overall I think the book can apply to a variety of people. I believe this book can best be utilized by people who are beginning their own business. It is encouraging to see their is still hope whether you own a business, or someone who is skeptic of corporations. The book is a lot of information, but divides it into chapters to provide better understanding of what the author is targeting in steps to becoming a virtuous business.
I recieved this book from Thomas Nelson's Booksneeze in exchange for an honest review
The book does have the range to appeal to people not the target audience of this book. People can apply the principles here in all parts of their life. The virtues are demonstrated in how corporations have used them in their business throughout the book.
One confusing aspect of this book is that the author does state this book is from a Christian perspective, but seems to note how other companies have incorporated virtues from other religions just as often. I think more biblical examples could have been used to support a Christian view.
Overall I think the book can apply to a variety of people. I believe this book can best be utilized by people who are beginning their own business. It is encouraging to see their is still hope whether you own a business, or someone who is skeptic of corporations. The book is a lot of information, but divides it into chapters to provide better understanding of what the author is targeting in steps to becoming a virtuous business.
I recieved this book from Thomas Nelson's Booksneeze in exchange for an honest review
July 8, 2011
This book is about how to run a business in a virtuous manner. He caught my attention in the beginning of the first chapter when he asserted, “…that the creation of wealth by virtuous means is the most important thing we can do for ourselves and others, for our society, and for the world at large.” I can’t say that he totally convinced me on that point, but he had some compelling arguments.
Another one of the author’s main themes is that the most successful companies have lots of spiritual capital. He goes on to list what makes up this spiritual capital as faith, honesty, gratitude, perseverance, compassion, forgiveness, patience, humility, courage, respect, generosity, discipline, chastity, thrift. He explained what each virtue was and how it relates to business.
To read the rest of my review please visit my blog post click here for link
Another one of the author’s main themes is that the most successful companies have lots of spiritual capital. He goes on to list what makes up this spiritual capital as faith, honesty, gratitude, perseverance, compassion, forgiveness, patience, humility, courage, respect, generosity, discipline, chastity, thrift. He explained what each virtue was and how it relates to business.
To read the rest of my review please visit my blog post click here for link
July 23, 2012
This book comes across as a bit facile. I'm a bit biased against virtue ethics in that way though. Sure, building character is important, but decision-making processes are based on more than just character. The hard decisions are made after already assuming virtuous agents.
Malloch also pushes for a two-tiered ethics where the spiritual entrepreneurs of the world are the analogs of the medieval religious. The rest of us non-businessminded people are relegated to the second tier. It rings a big of pre-reformation society and its supererogatory monks and less than that laity.
Malloch also pushes for a two-tiered ethics where the spiritual entrepreneurs of the world are the analogs of the medieval religious. The rest of us non-businessminded people are relegated to the second tier. It rings a big of pre-reformation society and its supererogatory monks and less than that laity.
February 22, 2012
Several good insights, but overall too hum-drum, lacking cohesion, and a bit sloppy in argumentation
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