Capitalism is Dead.
… Long Live Capitalism.
Here’s a snippet from a long-form interview of Yvon Chouinard in Fast Company.
Question : In the past, you consulted with folks at large companies, such as Walmart, and came away not so convinced of their actual ability to pursue sustainability. If we’re looking to create a better version of capitalism, what do you think should be done with publicly traded companies?
You’ve got to reinvent capitalism altogether. It leads to a whole bunch of poor people and a few extremely rich people. Ultimately, capitalism is going to lose its customers. There won’t be anybody to buy the product because everybody is going to be so poor. The whole thing is going to crash before the next election, probably. We’re going to get another huge recession, and everybody’s going to lose out on their stocks. There we go again. It’s a system that’s got to change. The whole stock thing is dependent on growth. Look at Amazon. Amazon doesn’t make a profit. They don’t pay any taxes. Nothing. But they’re growing like crazy. It’s all growth, growth, growth—and that’s what’s destroying the planet. I’m dealing with that myself. We’re a billion-dollar company, over a billion, and I don’t want a billion-dollar company. The day they announced it to me, I hung my head and said, “Oh God, I knew it would come to this.” I’m trying to figure out how to make Patagonia act like a small company again.”
“There won’t be anybody to buy the product because everybody is going to be so poor.” As we have it here at People First ….