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October 15, 2019 03:20 pm

'We Need a New Capitalism'

Marc Benioff, the chairman and co-CEO of Salesforce, writes in an op-ed: Yet, as a capitalist, I believe it's time to say out loud what we all know to be true: Capitalism, as we know it, is dead. Yes, free markets -- and societies that cherish scientific research and innovation -- have pioneered new industries, discovered cures that have saved millions from disease and unleashed prosperity that has lifted billions of people out of poverty. On a personal level, the success that I've achieved has allowed me to embrace philanthropy and invest in improving local public schools and reducing homelessness in the San Francisco Bay Area, advancing children's health care and protecting our oceans. But capitalism as it has been practiced in recent decades -- with its obsession on maximizing profits for shareholders -- has also led to horrifying inequality. Globally, the 26 richest people in the world now have as much wealth as the poorest 3.8 billion people, and the relentless spewing of carbon emissions is pushing the planet toward catastrophic climate change. In the United States, income inequality has reached its highest level in at least 50 years, with the top 0.1 percent -- people like me -- owning roughly 20 percent of the wealth while many Americans cannot afford to pay for a $400 emergency. It's no wonder that support for capitalism has dropped, especially among young people. To my fellow business leaders and billionaires, I say that we can no longer wash our hands of our responsibility for what people do with our products. Yes, profits are important, but so is society. And if our quest for greater profits leaves our world worse off than before, all we will have taught our children is the power of greed. It's time for a new capitalism -- a more fair, equal and sustainable capitalism that actually works for everyone and where businesses, including tech companies, don't just take from society but truly give back and have a positive impact. What might a new capitalism look like? First, business leaders need to embrace a broader vision of their responsibilities by looking beyond shareholder return and also measuring their stakeholder return. This requires that they focus not only on their shareholders, but also on all of their stakeholders -- their employees, customers, communities and the planet. Fortunately, nearly 200 executives with the Business Roundtable recently committed their companies, including Salesforce, to this approach, saying that the "purpose of a corporation" includes "a fundamental commitment to all of our stakeholders." As a next step, the government could formalize this commitment, perhaps with the Security and Exchange Commission requiring public companies to publicly disclose their key stakeholders and show how they are impacting those stakeholders.

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