'Conscience Capitalism' and the Neoliberalisation of the Non-Profit Sector

• Published in: New political economy Vol. 20; no. 2; pp. 254 - 272
• Main Author: Farrell, Nathan
• Format: Journal Article
• Language: English
• Published: Abingdon Routledge 04.03.2015; Taylor & Francis Ltd
• Subjects: Capitalism; Corporate social responsibility; Democratization; Economic crisis; Environmental impact; Externality; Financial crisis; Governance; Neoliberalism; Non-profit organizations; non-profits; Nonprofit organizations; Political economy; Studies
• ISSN: 1356-3467; 1469-9923
• DOI: 10.1080/13563467.2014.923823

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.