Whole Foods founder and CEO John Mackey just humiliated the left by arguing that capitalism is a good thing and that socialism is a failed system that “impoverishes everything.”
“We have to recognize that a lot of — some of the progressive insights are important and they shouldn’t go away, but we can’t throw out capitalism and replace it with socialism, that will be a disaster,” Mackey said.
“Socialism has been tried 42 times in the last 100 years, and 42 failures, it doesn’t work, it’s the wrong way,” he added. “We have to keep capitalism. I would argue, we need conscious capitalism.”
“Until we get this corrected, capitalism is always going to be disdained and criticized and attacked. It’ll be attacked for its motivations, because its motivations are seen as somehow impure. And yes, of course, business has to make money. If a business doesn’t make money, it will fail, but that doesn’t mean that its purpose is to make money.”
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John Mackey is mostly right about capitalism versus socialism.
You cannot throw out capitalism and replace it with socialism. This has been proven to be an abject failure each and every time it has been tried.
Capitalism has done more to raise the lot of the common man than any other system before it, while socialism has brought untold misery to millions every time that failed and discredited system has been tried.
That said not so sure about Mackey’s version of capitalism which he calls “conscious capitalism.”
The term “conscious capitalism” was coined by Mackey and is a very progressive way of looking at business. Northeastern University’s business school defines it this way:
This business philosophy comes from John Mackey, co-founder and co-CEO of Whole Foods Market, and Professor Raj Sisodia, who together wrote a book on the concept and founded the nonprofit Conscious Capitalism, Inc. The organization defines conscious capitalism as a “way of thinking about capitalism and business that better reflects where we are in the human journey, the state of our world today, and the innate potential of business to make a positive impact on the world.”
While conscious capitalism still pursues a profit, it emphasizes doing so in ways that sincerely consider the interests of all principal stakeholders. The philosophy recognizes that some stakeholders, namely the environment, cannot speak for themselves but are still necessary considerations when making business decisions.
More than implementing standalone programs or funding charitable events, conscious capitalism promotes an ongoing, integrated approach to social responsibility, self-awareness, and purposeful decision-making.
While it is true no business can succeed long term if its sole purpose is to make money, it needs to serve customer’s needs first, conscious capitalism is just an attempt to add an unneeded liberal face to modern business and should be ignored.
Businesses should focus on serving their customers better than their competitors and forget about “where we are on the human journey,” and the “state of the world today.”
However the rest of what Mackey had to say about socialism is spot on and my guess is a boycott will be coming from the left in response.
After all Bernie, AOC and Antifa types won’t be too happy about the Whole Foods CEO speaking the truth about their favorite economic system.