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The article explores issues of what matters most in individual organizational and societal transformation – economic issues or spirit? Transformation is defined and literature on individual, organizational and societal transformation is presented. The article looks at the standard arguments that economics are the driving force in transformation and then postulates that spirituality may be as much – if not more – of a driving force. Evidence is provided on the growth of interest in spirituality. Then three theories of transformation are offered, one at the level of societal transformation. Each of these theories incorporates elements of spirituality in order to understand the prerequisites of transformation.

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