] What have leaders fundamentally misunderstood about capitalism as a moral system? [08:44] How does the duty of care in law connect to Smith's impartial spectator concept? [12:40] What practices should leaders adopt to institutionalize the impartial spectator? [15:53] Performative leadership versus legitimate storytelling. [21:14] Where does the rules and system play versus personal responsibility in leadership? [25:25] Where have you personally struggled between what's profitable and what's just? [28:53] For busy leaders without time to reflect—what's your closing advice? Memorable Quotes "Morality is not a friction. It's actually the lubricant that makes markets work." "Prosperity without justice is mere plunder." "He believed that economic exchange was a way of creating trust, which is quite interesting really, using capital, an early form of capitalism, using competition, using economic exchange as a way of creating a commonality as opposed to splitting people apart." "Morality and respect, and that level of reciprocity is the oil that generates everything. It's not extractive, it's value additive." "If a leader that performs integrity creates a culture that performs integrity, rather than a leader that is and has integrity. The tone from the top. It's vitally important." "Legitimate storytelling is the honest description of something that's actually happening. It's not a dishonest description of something you would like to happen." "The majority of us want to live a happy, healthy life where we have created value for our companies, we've created happiness in our families, we've done good works for our communities, and we're able to point to that and be proud that we've made that difference." "You should neither be rewarded nor penalized for moral luck. You should be rewarded or penalized for the actions that you took yourself and the effect that you had in creating value." Explore the full archive at www.theleadershippodcast.com or wherever you get your podcasts! These are the books mentioned in this episode Resources Mentioned The Leadership Podcast | theleadershippodcast.com Sponsored by | www.darley.com Rafti Advisors. LLC | www.raftiadvisors.com Self-Reliant Leadership. LLC | selfreliantleadership.com Patrick Ryan LinkedIn | www.linkedin.com/in/patrickryan