That mindless growth, Hickel and his fellow degrowth believers contend, is very bad both for the planet and for our spiritual well-being. We need, Hickel writes, to develop “new theories of being” and rethink our place in the “living world.” (Hickel goes on about intelligent plants and their ability to communicate, which is both controversial botany and confusing economics.) It’s tempting to dismiss it all as being more about social engineering of our lifestyles than about actual economic reforms. 

Though Hickel, an anthropologist, offers a few suggestions (“cut advertising” and “end planned obsolescence”), there’s little about the practical steps that would make a no-growth economy work. Sorry, but talking about plant intelligence won’t solve our woes; it won’t feed hungry people or create well-paying jobs. 

Still, the degrowth movement does have a point: faced with climate change and the financial struggles of many workers, capitalism isn’t getting it done. 

Slow

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Klaus Schwab wearing a suit and tie: Klaus Schwab, founder and president of the World Economic Forum, WEF, championed the Big Four's new ESG framework. Salvatore Di Nolfi/Keystone via AP


© Salvatore Di Nolfi/Keystone via AP
Klaus Schwab, founder and president of the World Economic Forum, WEF, championed the Big Four’s new ESG framework. Salvatore Di Nolfi/Keystone via AP

  • On a Wednesday video conference call, Klaus Schwab, founder of the World Economic Forum, joined Bank of America CEO Brian Moynihan, and EY CEO Carmine Di Sibio to talk about the future of environmental, social, and governance standards (ESGs). 
  • Schwab said ESG standards are not a fad, and Monynihan and Di Sibio expressed hopes that more companies would adopt the newly created ESG framework. 
  • The ESG standards may become mandatory in the future, Moynihan and Di Sibio said. 
  • Visit Business Insider’s homepage for more stories.

On a video conference call Wednesday, Klaus Schwab, founder of the World Economic Forum said environmental, social, and governance standards (ESGs) will be the next step in driving stakeholder capitalism: the notion that a company is

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There are now more than 3,500 B Corps in the world. These are companies that have been officially certified by nonprofit B Lab, for their commitment to not only pledging, but concretely showing, environmentally and socially beneficial business practices, public transparency, and the “legal accountability to balance profit and purpose.” B-Corps-to-be must pass a 200-question assessment that judges performance across five impact areas: governance, the environment, workers, customers, and community.

Christopher Marquis, a professor of sustainable global enterprise at Cornell University, started research for his new book, about the ongoing vitality of the B Corporation ethos, in 2017, but it’s during the past summer that he’s seen the B Corp movement picking up some serious speed. In the last few months, two B Corps have gone public, and six large, multinational companies have begun the journey to qualifying for B Corporation status. “This summer really indicates a sea change, in

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  • During Tuesday’s debate, President Donald Trump kept interrupting former Vice President Joe Biden, something remarked upon by moderator Chris Wallace.
  • ‘Well, frankly you’ve been doing more interrupting,’ Wallace said to Trump at one point.
  • The rule-breaking is nothing new for Trump, but it was apparently unprecedented in a debate, as widely commented on by cable news throughout the post-mortem. (Aside from, of course, the 2016 debates.)
  • White-collar rule-breaking going unpunished has become a persistent feature of American capitalism in the 2000s, as famously captured by the aftermath of the 2008 financial crisis, when no CEOs faced prosecution.
  • Visit Business Insider’s homepage for more stories.

Tuesday night’s presidential debate is already historic for the immediate and widespread criticism it inspired. CNN’s Dana Bash instantly called it a “s—show” while Jake Tapper called it a “hot mess inside a dumpster fire inside a train wreck.”

But even those strongly worded criticisms don’t

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AUSTIN, Texas–(BUSINESS WIRE)–Whole Foods Market is proud to announce the release of Co-founder and CEO John Mackey’s newest book, “Conscious Leadership: Elevating Humanity Through Business (Portfolio/Penguin Random House; $27). The debut coincides with the 40th anniversary of the first Whole Foods Market store opening.

This latest work is a follow-up to Mackey’s 2013 bestseller, “Conscious Capitalism: Liberating the Heroic Spirit of Business,” which was widely embraced in the business community. The nonprofit of the same name now has 25,000 members across the U.S.

In this new book, Mackey and co-authors Steve McIntosh and Carter Phipps contend that if we want businesses to operate in a more conscious manner, we need more conscious leaders — something Mackey has been practicing for more than 40 years.

In “Conscious Leadership,” Mackey shares the evolution of his own leadership journey and provides a roadmap for innovative, values-driven leadership. He

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Fifty years ago, The New York Times published an essay by Milton Friedman titled, “The Social Purpose of Business Is To Increase Its Profits”. On Sunday, the paper published a collection of responses to the piece from thought leaders like Howard Schultz, Dambisa Moyo, Joseph Stiglitz, Erika Karp, Larry Fink, and Anand Giridharadas. Also Sunday, a new business network called Imperative 21 launched a campaign promoting a RESET of our economic system.

Halla Tomasdottir, co-chair, Imperative 21 and CEO, The B Team, explains the need for this RESET:

“Fifty years of shareholder primacy has left us facing a climate emergency, collapse in our natural system, unjust and unsustainable levels of inequality and low trust across society. It is critical that leaders everywhere come together in a RESET… We must… make sure we build back better with the many populations our current system has left behind. It will take radical collaboration

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Pierre Omidyar, , looks on during the final session of the annual Clinton Global Initiative meeting in New York.

Ramin Talaie | Corbis Historical | Getty Images

The philanthropic investment group created by eBay’s founder hopes to convince business leaders and policy makers that it’s time to redefine capitalism. 

Omidyar Network, founded by Pierre Omidyar, is issuing a blueprint that calls on investors to start taking a new and seemingly more progressive approach to understanding capitalism.  

Omidyar’s group is encouraging leaders across the country to look at the economic system as a way to “equally ensure that people who have been historically and systematically marginalized by structural racism, colonialism, paternalism, and indifference will have opportunity, power, and the self determination that comes from economic prosperity and a vibrant, fair, and responsive democracy,” the report says. It also argues that capitalism should still be about rewarding individual success.

Omidyar has a

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Fifty years ago this week, Milton Friedman argued in The New York Times that business has only one “social” responsibility: maximize profits for shareholders. His perspective remained a gospel for many decades.

It is high time that we orchestrate and advance a refoundation of business and capitalism. Why? Because Milton Friedman’s exclusive focus on profit is dangerous, as it is at best short-sighted, as it ignores the side effects of business on society, and as it confuses an imperative (make money) and an outcome (generate a surplus due to great products and services sold to customers) with an end-goal. And because, in large part as a result of this excessive focus on profits, our socio-economic system faces a multi-facetted crisis: too few employees are fully engaged at work; social tensions are rampant around the world; and our planet is in danger. Business as usual is no longer working because an

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Mike Blake/Reuters

  • Shark Tank investor Kevin O’Leary said he expects 20% of small businesses in sectors like travel, food, and entertainment will die because consumer behavior is changing.  
  • O’Leary told CNBC that he wouldn’t prop up a “dying” company, and the government shouldn’t either. The next stimulus plan doesn’t need to have PPP, he said.
  • “Let the market be the market, let those things that are going to die, die, and those employees will support them through the transition,” the investor said.

Shark Tank investor Kevin O’Leary appeared on CNBC’s Halftime Report on Friday and said that because consumer preference is changing, certain small businesses will die and the government won’t be able to stop it. 

O’Leary said he estimated that potentially 20% of small businesses in sectors like travel, entertainment, and food services are going to die soon. This death is not simply a result of the pandemic,

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Small-business devastation during the coronavirus crisis presents risks to capitalism in the United States, Mohamed El-Erian told CNBC on Thursday. 

“If you want capitalism to be sustained, you need buy-in from a lot of people. You cannot get buy-in if it’s all about large corporations,” the chief economic advisor at Allianz said on “Squawk Box.” 

“Remember what small businesses do. They’re not just large employers, they also are the main way to have inclusive capitalism, an inclusive market-based system,” said El-Erian, imploring Washington to sharpen focus on providing targeted assistance. 

The pandemic has caused dramatic economic upheaval, putting millions of Americans out of work as governments ordered nonessential businesses to temporarily shutter in order to help slow the spread of Covid-19. But for many small businesses, the closures may end up being permanent. 

As of Aug. 11, there are about 155,000 total business closures reported on Yelp since March 1,

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