It’s no secret the word “capitalism” has a negative connotation in popular culture, especially among the youths. A 2016 Harvard University study found that 51 percent of 18- to 29-year-olds do not support capitalism. It’s gotten so bad that many on the Right have abandoned their attempts to defend the word altogether. As one of the poll’s conductors, Zach Lustbader, told the Washington Post, “You don’t hear people on the right defending their economic policies using that word anymore.”
Yet, there is a group out there that still proudly embraces the word “capitalism.” Surprisingly enough, they’re not a conservative movement, but rather a broad coalition of business leaders and entrepreneurs that seem more influenced by the Silicon Valley Left. The group is Conscious Capitalism, and I attended their annual conference in Dallas last week.
As a regular attendee of political conferences, particularly on the center-right, I was blown away at how different this event was. Instead of tedious lectures and breakout sessions with drab PowerPoints, each of the Conscious Capitalism sessions I attended were vibrant and participatory, touching on practical topics of leadership rather than broad policy. The conference attracted some high-profile speakers like Dallas Mayor Mike Rawlings and former Gov. Deval Patrick of Massachusetts. It’s not everyday that two Democratic politicians would proudly stand on stage next to a “Capitalism” logo!
Indeed, Conscious Capitalism’s credo gives me hope for a future where the public again sees capitalism as a force for good:
What exactly can capitalists do “better?” Whole Foods CEO and Conscious Capitalism Co-founder John Mackey explains in a famous 2005 debate he had with the Nobel Prize-winning economist Milton Friedman in Reason magazine. Friedman is famous for arguing that corporations are only socially responsible to shareholders and thus should be concerned solely with maximizing profit, not philanthropic pursuits. Contrary to what some call “the Friedman doctrine,” Whole Foods has donated 5 percent of its annual profit to charity. Mackey argues in the debate that the practice is not inconsistent with libertarian principles because shareholders opt into investing in the company and thus its guiding philosophy. Moreover, the practice has huge potential public relations potential for saving capitalism’s good name:
For too long, capitalists have been too defensive of their work. It’s high time for entrepreneurs to be proactive in spreading the gospel of free enterprise to the masses — not by preaching alone, but in practice. The Conscious Capitalism movement is showing the world what blessings voluntary exchange gives humanity as a whole, and not just the 1 percent. For that, they should be applauded.
Casey Given (@CaseyJGiven) is a contributor to the Washington Examiner’s Beltway Confidential blog. He is the executive director of Young Voices.
