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In his book, Good Profit, Charles Koch, an entrepreneur from Wichita, Kansas, who runs one of the largest private companies in the world, lays out his Market-Based Management (MBM) business philosophy. Grounded in the idea that business in a noble pursuit designed to improve the world through entrepreneurship, innovation, and service to one’s fellow man, Market-Based Management appears to share some basic principles with Catholic social doctrine. Among these are the importance of work and creativity for human flourishing and the necessity for personal virtue and commitment to the common good in order for profit to be beneficial to the human community rather than a drain on it.
The purpose of this conference is to explore the notion of “good profit” in light of Catholic social doctrine. Good profit, Koch explains, results from a company’s efforts aimed at “maximizing the long-term profitability of its business by creating superior value for customers while consuming fewer resources and always acting lawfully and with integrity.” Catholic social teaching emphasizes that the economy must exist to serve people, not the other way around.
How does MBM compare with Catholic social doctrine? Profit is essential for business to exist, but what limits ought we to recognize in pursuing profit? What is the difference between creating goods and services that customers value and freely choose versus rent-seeking and exploitation? What is the relationship between entrepreneurship and the creativity of work? What is the business community’s duty to workers displaced by market innovation? How can what Koch calls good profit --including hiring for virtue before talent and painstaking attention to ensure that internal incentives reward virtuous behavior and real business solutions-- contribute to individual self-worth and honor human dignity?
These are the questions that our Good Profit conference will explore in order to spur us all, Church leaders, scholars, and business leaders, to make wise decisions that contribute to a robust and fully human economy.
During this 3-day conference, we will be hearing from speakers such as:
- Charles G. Koch, author of Good Profit, CEO of Koch Industries, and Founder of the Charles Koch Foundation and Institute.
- Cardinal Peter Turkson, President of the Pontifical Council for Justice and Peace.
- Fr. Robert J. Spitzer, S.J., Ph.D.- President, Magis Canter and Napa Institute.
- Robert Nardelli, Former Chairman of the Board and Chief Executive Officer of Chrysler and prior to that the Chief Executive Officer of Home Depot.
- Peter Coors, Former Chairman of the Board of the Molson Coors Brewing Company and MillerCoors.
- Claire Huang, Board of Director member for Scotttrade and Foster Farms, and Former Chief Marketing officer of JPMorgan Chase.
- Dr. Michael Naughton, Professor and holder of the Koch Endowed Chair in Catholic Studies, University of St. Thomas.
- Jose Maria Simone, Presenting Enrique Shaw, Argentine businessman whose cause for beatification is being considered.
- Andreas Widmer, Director of Entrepreneurship Programs, The Catholic University of America.
For additional information visit our website.
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The Catholic University of America