the future of capitalism
TRANSCRIPT
![Page 1: The Future of Capitalism](https://reader031.vdocuments.site/reader031/viewer/2022030207/58ac477d1a28ab99028b568b/html5/thumbnails/1.jpg)
The Futureof Capitalism
Ela MadejFounding Partner at Fifty Years
![Page 2: The Future of Capitalism](https://reader031.vdocuments.site/reader031/viewer/2022030207/58ac477d1a28ab99028b568b/html5/thumbnails/2.jpg)
What’s inthe future?
-
@elamadej
![Page 3: The Future of Capitalism](https://reader031.vdocuments.site/reader031/viewer/2022030207/58ac477d1a28ab99028b568b/html5/thumbnails/3.jpg)
Intelligent machinesEngineering biology
Microbes used as factoriesLab-cultured meat
@elamadej
![Page 4: The Future of Capitalism](https://reader031.vdocuments.site/reader031/viewer/2022030207/58ac477d1a28ab99028b568b/html5/thumbnails/4.jpg)
Winston Churchill predicted all of that in his essay “Fifty Years Hence”
- Elon Musk@elamadej
![Page 5: The Future of Capitalism](https://reader031.vdocuments.site/reader031/viewer/2022030207/58ac477d1a28ab99028b568b/html5/thumbnails/5.jpg)
in 1931
@elamadej
![Page 6: The Future of Capitalism](https://reader031.vdocuments.site/reader031/viewer/2022030207/58ac477d1a28ab99028b568b/html5/thumbnails/6.jpg)
Intelligent machinesEngineering biology
Microbes used as factoriesLab-cultured meat
@elamadej
![Page 7: The Future of Capitalism](https://reader031.vdocuments.site/reader031/viewer/2022030207/58ac477d1a28ab99028b568b/html5/thumbnails/7.jpg)
We are in the middle of a civilizational
sea change.
- Elon Musk@elamadej
![Page 8: The Future of Capitalism](https://reader031.vdocuments.site/reader031/viewer/2022030207/58ac477d1a28ab99028b568b/html5/thumbnails/8.jpg)
Accelerating innovationAutomation of everything
Digitization of all industriesIntelligent machines
Engineering of biology@elamadej
![Page 9: The Future of Capitalism](https://reader031.vdocuments.site/reader031/viewer/2022030207/58ac477d1a28ab99028b568b/html5/thumbnails/9.jpg)
Worst environmental crisisUnprecedented inequality
Automation & peak employment Populism on the rise
@elamadej
![Page 10: The Future of Capitalism](https://reader031.vdocuments.site/reader031/viewer/2022030207/58ac477d1a28ab99028b568b/html5/thumbnails/10.jpg)
Capitalism(s) - economic system(s); based on social contract
@elamadej
![Page 11: The Future of Capitalism](https://reader031.vdocuments.site/reader031/viewer/2022030207/58ac477d1a28ab99028b568b/html5/thumbnails/11.jpg)
The majority of millennialsreject the current
version of capitalism.- Elon Musk
@elamadej
![Page 12: The Future of Capitalism](https://reader031.vdocuments.site/reader031/viewer/2022030207/58ac477d1a28ab99028b568b/html5/thumbnails/12.jpg)
What is the purpose of business?
- Elon Musk
@elamadej
![Page 13: The Future of Capitalism](https://reader031.vdocuments.site/reader031/viewer/2022030207/58ac477d1a28ab99028b568b/html5/thumbnails/13.jpg)
The Friedman doctrine
@elamadej
![Page 14: The Future of Capitalism](https://reader031.vdocuments.site/reader031/viewer/2022030207/58ac477d1a28ab99028b568b/html5/thumbnails/14.jpg)
The sole purpose of business =maximizing shareholder value
@elamadej
![Page 15: The Future of Capitalism](https://reader031.vdocuments.site/reader031/viewer/2022030207/58ac477d1a28ab99028b568b/html5/thumbnails/15.jpg)
SIy$$100M company curing diabetes
$100M company causing diabetes
@elamadej
![Page 16: The Future of Capitalism](https://reader031.vdocuments.site/reader031/viewer/2022030207/58ac477d1a28ab99028b568b/html5/thumbnails/16.jpg)
Comparing “social reach” of Ghandi and Hitler without talking
about what they actually did.
@elamadej
![Page 17: The Future of Capitalism](https://reader031.vdocuments.site/reader031/viewer/2022030207/58ac477d1a28ab99028b568b/html5/thumbnails/17.jpg)
The SOLE purpose of business =maximizing shareholder value
@elamadej
![Page 18: The Future of Capitalism](https://reader031.vdocuments.site/reader031/viewer/2022030207/58ac477d1a28ab99028b568b/html5/thumbnails/18.jpg)
The SOLE purpose of business =maximizing shareholder value
@elamadej
![Page 19: The Future of Capitalism](https://reader031.vdocuments.site/reader031/viewer/2022030207/58ac477d1a28ab99028b568b/html5/thumbnails/19.jpg)
2:Rise of the Benefit Corporation
@elamadej
![Page 20: The Future of Capitalism](https://reader031.vdocuments.site/reader031/viewer/2022030207/58ac477d1a28ab99028b568b/html5/thumbnails/20.jpg)
@elamadej
![Page 21: The Future of Capitalism](https://reader031.vdocuments.site/reader031/viewer/2022030207/58ac477d1a28ab99028b568b/html5/thumbnails/21.jpg)
The purpose of business is to “improve society/protect the
environment”
@elamadej
![Page 22: The Future of Capitalism](https://reader031.vdocuments.site/reader031/viewer/2022030207/58ac477d1a28ab99028b568b/html5/thumbnails/22.jpg)
2:“The success of a business should be measured in terms of more than
just its financial performance.”
@elamadej
![Page 23: The Future of Capitalism](https://reader031.vdocuments.site/reader031/viewer/2022030207/58ac477d1a28ab99028b568b/html5/thumbnails/23.jpg)
2:Value alignment →employee retention
@elamadej
![Page 24: The Future of Capitalism](https://reader031.vdocuments.site/reader031/viewer/2022030207/58ac477d1a28ab99028b568b/html5/thumbnails/24.jpg)
83 percent of MBA students (!) would take a pay cut to work at
a social impact company.
@elamadej
![Page 25: The Future of Capitalism](https://reader031.vdocuments.site/reader031/viewer/2022030207/58ac477d1a28ab99028b568b/html5/thumbnails/25.jpg)
Market forces at work: “impact companies”
do better in the long term.
@elamadej
![Page 26: The Future of Capitalism](https://reader031.vdocuments.site/reader031/viewer/2022030207/58ac477d1a28ab99028b568b/html5/thumbnails/26.jpg)
Al Gore’s $10 billion investment firm
outperformed the market.
@elamadej
![Page 27: The Future of Capitalism](https://reader031.vdocuments.site/reader031/viewer/2022030207/58ac477d1a28ab99028b568b/html5/thumbnails/27.jpg)
U.S. for-profit investments with “impact” mandate:
$3.8 trillion in 2012$6.6 trillion in 2014$8.7 trillion in 2016
@elamadej
![Page 28: The Future of Capitalism](https://reader031.vdocuments.site/reader031/viewer/2022030207/58ac477d1a28ab99028b568b/html5/thumbnails/28.jpg)
2:
1 in 5 professionally manageddollars in the U.S.
@elamadej
![Page 29: The Future of Capitalism](https://reader031.vdocuments.site/reader031/viewer/2022030207/58ac477d1a28ab99028b568b/html5/thumbnails/29.jpg)
2:$30 trillion wealth transfer
@elamadej
![Page 30: The Future of Capitalism](https://reader031.vdocuments.site/reader031/viewer/2022030207/58ac477d1a28ab99028b568b/html5/thumbnails/30.jpg)
“Profits are not our primary goal.”
Elon Musk
@elamadej
![Page 31: The Future of Capitalism](https://reader031.vdocuments.site/reader031/viewer/2022030207/58ac477d1a28ab99028b568b/html5/thumbnails/31.jpg)
“We should be applying market
forces and business know-how to solve the world’s problems.”
Bill Gates@elamadej
![Page 32: The Future of Capitalism](https://reader031.vdocuments.site/reader031/viewer/2022030207/58ac477d1a28ab99028b568b/html5/thumbnails/32.jpg)
Businesses ought to “operate with higher purpose
beyond profits.”
John Mackey
@elamadej
![Page 33: The Future of Capitalism](https://reader031.vdocuments.site/reader031/viewer/2022030207/58ac477d1a28ab99028b568b/html5/thumbnails/33.jpg)
Creative capitalism - GatesConscious capitalism - Mackey
Sustainable capitalism - Gore & Blood
@elamadej
![Page 34: The Future of Capitalism](https://reader031.vdocuments.site/reader031/viewer/2022030207/58ac477d1a28ab99028b568b/html5/thumbnails/34.jpg)
Intelligent machinesWidespread genetic engineering
Microbes used as factoriesCultured meat
@elamadej
![Page 35: The Future of Capitalism](https://reader031.vdocuments.site/reader031/viewer/2022030207/58ac477d1a28ab99028b568b/html5/thumbnails/35.jpg)
Social responsibility of leaders and technologists to design the world we want to live in.
- @elamadej
![Page 36: The Future of Capitalism](https://reader031.vdocuments.site/reader031/viewer/2022030207/58ac477d1a28ab99028b568b/html5/thumbnails/36.jpg)
![Page 37: The Future of Capitalism](https://reader031.vdocuments.site/reader031/viewer/2022030207/58ac477d1a28ab99028b568b/html5/thumbnails/37.jpg)
Biochemicals made by microbesSatellites to democratize cheap internet
Lab robots to accelerate researchMeat without killing animals
- Elon Musk
@elamadej
![Page 38: The Future of Capitalism](https://reader031.vdocuments.site/reader031/viewer/2022030207/58ac477d1a28ab99028b568b/html5/thumbnails/38.jpg)
Today’s tech startups will be the biggest
businesses of tomorrow.
@elamadej
![Page 39: The Future of Capitalism](https://reader031.vdocuments.site/reader031/viewer/2022030207/58ac477d1a28ab99028b568b/html5/thumbnails/39.jpg)
The future of capitalismis profit + purpose
@elamadej
![Page 40: The Future of Capitalism](https://reader031.vdocuments.site/reader031/viewer/2022030207/58ac477d1a28ab99028b568b/html5/thumbnails/40.jpg)
The purpose of business =maximizing stakeholder value
@elamadej
![Page 41: The Future of Capitalism](https://reader031.vdocuments.site/reader031/viewer/2022030207/58ac477d1a28ab99028b568b/html5/thumbnails/41.jpg)
Let’s look fifty years out:
@elamadej
![Page 42: The Future of Capitalism](https://reader031.vdocuments.site/reader031/viewer/2022030207/58ac477d1a28ab99028b568b/html5/thumbnails/42.jpg)
Accelerating innovationDigitization of all industries
Self-Improving intelligent systemsAutonomous organizations
@elamadejOn
![Page 43: The Future of Capitalism](https://reader031.vdocuments.site/reader031/viewer/2022030207/58ac477d1a28ab99028b568b/html5/thumbnails/43.jpg)
Nick Bostrom: “What if we succeed?”
@elamadej
![Page 44: The Future of Capitalism](https://reader031.vdocuments.site/reader031/viewer/2022030207/58ac477d1a28ab99028b568b/html5/thumbnails/44.jpg)
What happens when the economyis no longer run by humans?
@elamadej
![Page 45: The Future of Capitalism](https://reader031.vdocuments.site/reader031/viewer/2022030207/58ac477d1a28ab99028b568b/html5/thumbnails/45.jpg)
Can we design that system so it works for humans?
@elamadej
![Page 46: The Future of Capitalism](https://reader031.vdocuments.site/reader031/viewer/2022030207/58ac477d1a28ab99028b568b/html5/thumbnails/46.jpg)
The far future of capitalismis volatile
@elamadej
![Page 47: The Future of Capitalism](https://reader031.vdocuments.site/reader031/viewer/2022030207/58ac477d1a28ab99028b568b/html5/thumbnails/47.jpg)
Autonomous capitalism:
Run by machinesHuman ethics at core
Value alignment frameworksPrincipled, rational redistribution
@elamadej
![Page 48: The Future of Capitalism](https://reader031.vdocuments.site/reader031/viewer/2022030207/58ac477d1a28ab99028b568b/html5/thumbnails/48.jpg)
Let’s get to work and build a world we want.
- Elon Musk@elamadej