When University of Oklahoma students engage in the Price College of Business course on conscious capitalism, they won’t only be focused on maximizing shareholder returns or profits. They'll also be delving into discussions about ethics and values-centered leadership.

Troy Smith, who holds OU’s McDonald Family Endowed Chair in Conscious Capitalism and developed the course, explains. “Conscious capitalism entails striving to live a higher purpose that includes ethically seeking to actively take care of your company’s various stakeholders—employees, customers, society, shareholders, the environment and more," he says. 

Done well, he adds, conscious capitalism produces durable competitive advantages—more committed teams, loyal customers, supportive suppliers and broader societal backing.

That philosophy resonated deeply with the multigenerational McDonald family. Together, they worked to develop a unique investment in Oklahoma higher education. Through a major gift to the OU Foundation they honored their influential elders by establishing a chair and encouraging the pursuit of leading with values. 

Choosing OU for the gift was an easy match because the university’s culture and integrity mirror their own values, and the family’s OU ties span generations, says Jim McDonald, OU ‘91 Bachelor of Arts in Public Administration. 

“Our parents and our faith instilled in us that we have a moral responsibility to give back,” Jim McDonald says. “With our profit, we’re to take care of our employees and also our larger community.” 

The family encourages others to embrace generosity in leadership. “It's a big driver for us, to create leaders for the next generation who really think beyond themselves.”

They also want students—business majors or not—to “find their why” and carry purpose into any field. 

Ryan McDonald says, “We hope the students who take this course will understand that they bring value and can impact any industry they go into, not only business.”

Inside and outside of the classroom, Smith encourages students to analyze the nuances of capitalism. “I want students to understand the pros and cons of capitalism, recognizing that being successful business leaders enables them and their companies to more positively impact people, society and the environment.”

Where to start with conscious capitalism?

Ask your team. Let employees help steer where and how you serve. 

"Involve employees in decision making and make sure that the people who help grow the business also can participate in steering where the business can have impact,” says Ryan McDonald. “That could be a great first step—an easy and effective way to move toward values-based company leadership."

Sara Morrell Cowan is assistant editor of Sooner Magazine.

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