Capitalism and Fair Trade Coursework

Peer Discussion Like many people, I have purchased Fair Trade coffee at Starbucks, and also clothing that advertises itself as Fair Trade. Fair Trade purchases do make consumers feel better about the sourcing of goods like coffee and textiles which may be of problematic origin. I agree that conscious capitalism is what many of us are aiming for, which enables us to use our purchasing power by obtaining goods from people who have been previously disenfranchised by globalism, or, in the case of green products, items that can hopefully lessen our ecological footprint. It often requires a fair amount of research, however, to determine if the Fair Trade items are really benefiting the people the business says it is benefiting, or if the so-called green product is really superior for the environment. I also agree with Hira & Ferrie (2006) that there have been struggles for Fair Trade products to achieve widespread acceptance, and current rising prices on all consumer goods (Fair Trade tends to me more expensive) will intensify this.ReferencesHira, A., & Ferrie, J. (2006). Fair trade: Three key challenges for reaching the mainstream.Journal of Business Ethics, 63(2), 107-118. https://doi.org/10.1007/s10551-005-3041-Peer Discussion 4Although younger consumers support conscious capitalism and Fair Trade practices more than older consumers, they also often have less disposable income. Fair Trade pays a higher price to producers, which often results in a higher price for consumers, even though this price may be fairer and more reflective of the sweat and labor producers have invested into their products. This is especially true now, with higher inflation. Many consumers are suffering the challenge of affording basic necessities even in the developed world, which can make altering their habits to engage in more ethical capitalism more difficult, even if they may ideologically support the need for Fair Trade. On the other hand, as noted on the recap of Conscious Capitalism (2022), there is also the need for the business community to support these ideals as a whole, and hopefully a way to balance profits with fair prices for consumers and producers will be achievable through the use of better strategic planning.ReferenceExploring the three pillars of Fair Trade USAs theory of change with Paul Rice VirtualGathering Recap (2022, March 16). Conscious Capitalism. https://www.consciouscapitalism.org/video/three-pillars-to-fair-trade-usas-theory-of-change-with-paul-rice-virtual-gathering-recap