Create Value for Your Stakeholders

John Mackey says the treatment for the cancer of crony capitalism is conscious capitalism, grounded “in an ethical system based on value creation for all stakeholders,” which includes not just owners, but employees, customers, the community, the environment, and even competitors, activists, critics, unions, and the media. Mackey cites Google and Southwest Airlines as role models, and pharmaceutical companies and financial corporations as anti-role models. In a surprise pivot, Mackey lays the blame for the myth of the profit motive as the only measure of value at the feet of capitalists themselves. Mackey’s goal is to write a new narrative for capitalism that asks us to care about customers and human beings instead of data points on a spreadsheet.