NOLA.com reports on a speech given by Whole Foods chairman/CEO John Mackey last week to the Tulane Business Forum in New Orleans, in which he said that corporations need to do a better job communicating about the benefits of capitalism, which he essentially said had a bad band image.
Some excerpts:
• "Capitalism and corporations are not well-loved around the world. The free market is blamed for the problems we're in. I don't believe that capitalism is at fault for the struggles we have today."
• "The best way to maximize profits is paradoxically not to aim for them. Profits come about by not thinking about them over the long term ... I always thought Whole Foods' deepest purpose was service.”
Mackey argued that corporations need to show both more restraint - by limiting executive compensation to reasonable levels - and more attention to the positive power of the brand, and demonstrate a “deeper purpose” than just generating profit.
Some excerpts:
• "Capitalism and corporations are not well-loved around the world. The free market is blamed for the problems we're in. I don't believe that capitalism is at fault for the struggles we have today."
• "The best way to maximize profits is paradoxically not to aim for them. Profits come about by not thinking about them over the long term ... I always thought Whole Foods' deepest purpose was service.”
Mackey argued that corporations need to show both more restraint - by limiting executive compensation to reasonable levels - and more attention to the positive power of the brand, and demonstrate a “deeper purpose” than just generating profit.
- KC's View:
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It is, in fact, an excellent point. Capitalism has been given a bad rep by people who were greedy and self centered. There are plenty of positive stories to tell about capitalism, but unfortunately they get lost in all the nonsense about people and companies behaving badly.
