it is not from the benevolence of the butcher the brewer or the Baker that we
butcher the brewer or the Baker that we
butcher the brewer or the Baker that we expect our dinner but from their regard
expect our dinner but from their regard
expect our dinner but from their regard to their own self-interest now if you’ve
to their own self-interest now if you’ve
to their own self-interest now if you’ve ever taken economics 101 you’ve probably
ever taken economics 101 you’ve probably
ever taken economics 101 you’ve probably heard this quote from Adam Smith in his
heard this quote from Adam Smith in his
heard this quote from Adam Smith in his 1776 book The Wealth of Nations even if
1776 book The Wealth of Nations even if
1776 book The Wealth of Nations even if you haven’t taken econ 101 you’ve
you haven’t taken econ 101 you’ve
you haven’t taken econ 101 you’ve probably heard about the invisible hand
probably heard about the invisible hand
probably heard about the invisible hand that results when everyone in the
that results when everyone in the
that results when everyone in the economy is following their own
economy is following their own
economy is following their own self-interest so where has this taken us
self-interest so where has this taken us
self-interest so where has this taken us well Adam Smith is regarded as the
well Adam Smith is regarded as the
well Adam Smith is regarded as the father of modern capitalism because this
father of modern capitalism because this
father of modern capitalism because this is really underlying much of our economy
is really underlying much of our economy
is really underlying much of our economy today and in 1820 85 % of the world
today and in 1820 85 % of the world
today and in 1820 85 % of the world lived on less than a dollar a day today
lived on less than a dollar a day today
lived on less than a dollar a day today that figure is down to 17 percent the
that figure is down to 17 percent the
that figure is down to 17 percent the average person today is better off than
average person today is better off than
average person today is better off than kings of centuries past by certain
kings of centuries past by certain
kings of centuries past by certain measures if you think about their
measures if you think about their
measures if you think about their lifespan or their access to information
lifespan or their access to information
lifespan or their access to information Milton Friedman said that the only
Milton Friedman said that the only
Milton Friedman said that the only corporate social responsibility a
corporate social responsibility a
corporate social responsibility a company has is to maximize his profits
company has is to maximize his profits
company has is to maximize his profits or as Gordon Gekko summed up nicely in
or as Gordon Gekko summed up nicely in
or as Gordon Gekko summed up nicely in the movie Wall Street greed is good
the movie Wall Street greed is good
the movie Wall Street greed is good so while capitalism has brought us
so while capitalism has brought us
so while capitalism has brought us incredible prosperity it’s also led to
incredible prosperity it’s also led to
incredible prosperity it’s also led to massive inequality right now we’re at
massive inequality right now we’re at
massive inequality right now we’re at the point where the top point one
the point where the top point one
the point where the top point one percent controls more wealth than the
percent controls more wealth than the
percent controls more wealth than the bottom 90% combined it’s no wonder that
bottom 90% combined it’s no wonder that
bottom 90% combined it’s no wonder that 51% of Millennials in a recent Harvard
51% of Millennials in a recent Harvard
51% of Millennials in a recent Harvard University survey actually said that
University survey actually said that
University survey actually said that they no longer believe that capitalism
they no longer believe that capitalism
they no longer believe that capitalism is the best form of organization for our
is the best form of organization for our
is the best form of organization for our economy now there’s an alternate view of
economy now there’s an alternate view of
economy now there’s an alternate view of capitalism and that is called conscious
capitalism and that is called conscious
capitalism and that is called conscious capitalism now in conscious capitalism
capitalism now in conscious capitalism
capitalism now in conscious capitalism there is a higher purpose beyond just
there is a higher purpose beyond just
there is a higher purpose beyond just making profits they have a stakeholder
making profits they have a stakeholder
making profits they have a stakeholder orientation that rather than prioritize
orientation that rather than prioritize
orientation that rather than prioritize the needs of the stockholders balances
the needs of the stockholders balances
the needs of the stockholders balances the customers the community the
the customers the community the
the customers the community the employees in the environment they have a
employees in the environment they have a
employees in the environment they have a leadership that rather than being
leadership that rather than being
leadership that rather than being command and control actually prioritizes
command and control actually prioritizes
command and control actually prioritizes how can we
how can we
how can we unleash the potential of all our
unleash the potential of all our
unleash the potential of all our employees and they have a culture that
employees and they have a culture that
employees and they have a culture that focuses on the well-being of all those
focuses on the well-being of all those
focuses on the well-being of all those employees and in a 2007 book called
employees and in a 2007 book called
employees and in a 2007 book called firms of endearment that started this
firms of endearment that started this
firms of endearment that started this conscious capitalism movement it
conscious capitalism movement it
conscious capitalism movement it actually showed that ironically by not
actually showed that ironically by not
actually showed that ironically by not focusing just on bottom-line profits
focusing just on bottom-line profits
focusing just on bottom-line profits these companies actually made more money
these companies actually made more money
these companies actually made more money and were far more successful companies
and were far more successful companies
and were far more successful companies that were included in this study
that were included in this study
that were included in this study actually were Wegmans and Southwest
actually were Wegmans and Southwest
actually were Wegmans and Southwest Airlines in Google so how can we rectify
Airlines in Google so how can we rectify
Airlines in Google so how can we rectify these two different views of capitalism
these two different views of capitalism
these two different views of capitalism well I want to invite you to think about
well I want to invite you to think about
well I want to invite you to think about the peacock now why is it that the
the peacock now why is it that the
the peacock now why is it that the peacock has such a large tail well it’s
peacock has such a large tail well it’s
peacock has such a large tail well it’s to attract a mate now a peacocks tail is
to attract a mate now a peacocks tail is
to attract a mate now a peacocks tail is generally a pretty good approximation
generally a pretty good approximation
generally a pretty good approximation for the overall health of the peacock
for the overall health of the peacock
for the overall health of the peacock it’s been well fed so the peahens
it’s been well fed so the peahens
it’s been well fed so the peahens without being able to take all the
without being able to take all the
without being able to take all the Peacocks to the doctor for a full
Peacocks to the doctor for a full
Peacocks to the doctor for a full checkup they can just look at the most
checkup they can just look at the most
checkup they can just look at the most visible sign of their health which was
visible sign of their health which was
visible sign of their health which was the tail but over successive generations
the tail but over successive generations
the tail but over successive generations as those tails grew larger and larger
as those tails grew larger and larger
as those tails grew larger and larger the Peacocks were actually incentivized
the Peacocks were actually incentivized
the Peacocks were actually incentivized to shift more and more of their
to shift more and more of their
to shift more and more of their metabolic energy into the tail and away
metabolic energy into the tail and away
metabolic energy into the tail and away from other aspects of their health and
from other aspects of their health and
from other aspects of their health and so by focusing on just the most visible
so by focusing on just the most visible
so by focusing on just the most visible measure of success they actually led to
measure of success they actually led to
measure of success they actually led to less success and less overall health now
less success and less overall health now
less success and less overall health now how do we do this in our companies well
how do we do this in our companies well
how do we do this in our companies well think about profits yes profits can be a
think about profits yes profits can be a
think about profits yes profits can be a very effective way to show how
very effective way to show how
very effective way to show how successful a company is or the stock
successful a company is or the stock
successful a company is or the stock price as it grows can show that a
price as it grows can show that a
price as it grows can show that a company too is growing and yet because
company too is growing and yet because
company too is growing and yet because it’s the most easy to measure does not
it’s the most easy to measure does not
it’s the most easy to measure does not mean that it’s the best way to measure
mean that it’s the best way to measure
mean that it’s the best way to measure the success of the or the health of the
the success of the or the health of the
the success of the or the health of the company think about other ways that you
company think about other ways that you
company think about other ways that you can do it yes you can increase your
can do it yes you can increase your
can do it yes you can increase your stock price by increasing sales but you
stock price by increasing sales but you
stock price by increasing sales but you can also do it by announcing layoffs now
can also do it by announcing layoffs now
can also do it by announcing layoffs now at the national level think about the
at the national level think about the
at the national level think about the way that we measure GDP you can increase
way that we measure GDP you can increase
way that we measure GDP you can increase your GDP by selling tobacco or you can
your GDP by selling tobacco or you can
your GDP by selling tobacco or you can increase it by selling vegetables and
increase it by selling vegetables and
increase it by selling vegetables and yep if you’re thinking about the
yep if you’re thinking about the
yep if you’re thinking about the well-being of the nation it’s pretty
well-being of the nation it’s pretty
well-being of the nation it’s pretty clear which is correlated with the
clear which is correlated with the
clear which is correlated with the overall well-being of the nation Simon
overall well-being of the nation Simon
overall well-being of the nation Simon Kuznets who actually created the measure
Kuznets who actually created the measure
Kuznets who actually created the measure of GDP actually warned us that the
of GDP actually warned us that the
of GDP actually warned us that the well being of a nation cannot be
well being of a nation cannot be
well being of a nation cannot be measured by GDP alone and yet this piece
measured by GDP alone and yet this piece
measured by GDP alone and yet this piece of his wisdom is often lost to history
of his wisdom is often lost to history
of his wisdom is often lost to history now when we think about unrestrained
now when we think about unrestrained
now when we think about unrestrained growth of a part that loses sight of the
growth of a part that loses sight of the
growth of a part that loses sight of the health of the whole at the cellular
health of the whole at the cellular
health of the whole at the cellular level we actually call that cancer think
level we actually call that cancer think
level we actually call that cancer think about it a few cells continue to grow
about it a few cells continue to grow
about it a few cells continue to grow and multiply grow into a tumor and their
and multiply grow into a tumor and their
and multiply grow into a tumor and their self interest actually ends up damaging
self interest actually ends up damaging
self interest actually ends up damaging the health of the whole now how do we do
the health of the whole now how do we do
the health of the whole now how do we do this sometimes in our companies you know
this sometimes in our companies you know
this sometimes in our companies you know if you actually recognize that there are
if you actually recognize that there are
if you actually recognize that there are cancerous mutations that go on in our
cancerous mutations that go on in our
cancerous mutations that go on in our cells every single day and yet we’ve
cells every single day and yet we’ve
cells every single day and yet we’ve evolved a mechanism for dealing with
evolved a mechanism for dealing with
evolved a mechanism for dealing with many of these otherwise unrestrained
many of these otherwise unrestrained
many of these otherwise unrestrained cancers our immune system evolved to
cancers our immune system evolved to
cancers our immune system evolved to take care of that unrestrained growth
take care of that unrestrained growth
take care of that unrestrained growth Adam Smith actually recognized this he
Adam Smith actually recognized this he
Adam Smith actually recognized this he actually said in a less red book called
actually said in a less red book called
actually said in a less red book called the Theory of Moral Sentiments he said
the Theory of Moral Sentiments he said
the Theory of Moral Sentiments he said that to restrain our selfish and to
that to restrain our selfish and to
that to restrain our selfish and to indulge our benevolent affections
indulge our benevolent affections
indulge our benevolent affections constitutes the perfection of human
constitutes the perfection of human
constitutes the perfection of human nature many of us probably haven’t heard
nature many of us probably haven’t heard
nature many of us probably haven’t heard that quote from Adam Smith so how can we
that quote from Adam Smith so how can we
that quote from Adam Smith so how can we create the kind of cultural immune
create the kind of cultural immune
create the kind of cultural immune system that can take advantage of the
system that can take advantage of the
system that can take advantage of the self-interest that brings us prosperity
self-interest that brings us prosperity
self-interest that brings us prosperity from the butcher the brewer and the
from the butcher the brewer and the
from the butcher the brewer and the baker following their own self-interest
baker following their own self-interest
baker following their own self-interest but also balance that with a benevolent
but also balance that with a benevolent
but also balance that with a benevolent love of our neighbor and caring with the
love of our neighbor and caring with the
love of our neighbor and caring with the belonging of our entire planet and the
belonging of our entire planet and the
belonging of our entire planet and the sense of shared fate that that creates
sense of shared fate that that creates
sense of shared fate that that creates now what would you do if you are trying
now what would you do if you are trying
now what would you do if you are trying to evolve the most successful company
to evolve the most successful company
to evolve the most successful company well survival of the fittest competition
well survival of the fittest competition
well survival of the fittest competition right maybe it’s select for the most
right maybe it’s select for the most
right maybe it’s select for the most productive employees and and try to
productive employees and and try to
productive employees and and try to create more and more of those in your
create more and more of those in your
create more and more of those in your company well in an experiment by
company well in an experiment by
company well in an experiment by evolutionary biologist William Muir he
evolutionary biologist William Muir he
evolutionary biologist William Muir he actually did this with chickens he was
actually did this with chickens he was
actually did this with chickens he was trying to build a super flock of
trying to build a super flock of
trying to build a super flock of chickens and so what he did was from
chickens and so what he did was from
chickens and so what he did was from each coop of chickens he took the most
each coop of chickens he took the most
each coop of chickens he took the most productive chicken from each coop and
productive chicken from each coop and
productive chicken from each coop and bred them over successive generations
bred them over successive generations
bred them over successive generations now do
now do
now do I end up with the most productive flock
I end up with the most productive flock
I end up with the most productive flock he didn’t end up with the most
he didn’t end up with the most
he didn’t end up with the most productive flock of chickens because
productive flock of chickens because
productive flock of chickens because actually what happened was that there
actually what happened was that there
actually what happened was that there were very few of them that were still
were very few of them that were still
were very few of them that were still alive after six generations because by
alive after six generations because by
alive after six generations because by incentivizing that individual
incentivizing that individual
incentivizing that individual productivity he unknowingly actually
productivity he unknowingly actually
productivity he unknowingly actually incentivized for aggression the chickens
incentivized for aggression the chickens
incentivized for aggression the chickens that were the most productive were
that were the most productive were
that were the most productive were actually the ones that were pecking away
actually the ones that were pecking away
actually the ones that were pecking away at their neighbors and maybe even
at their neighbors and maybe even
at their neighbors and maybe even stealing their food how often do we do
stealing their food how often do we do
stealing their food how often do we do this in our companies we incentivize
this in our companies we incentivize
this in our companies we incentivize individual behavior believing that it’ll
individual behavior believing that it’ll
individual behavior believing that it’ll bring the most productive overall
bring the most productive overall
bring the most productive overall company now in an alternative view of
company now in an alternative view of
company now in an alternative view of this experiment what Mir actually did
this experiment what Mir actually did
this experiment what Mir actually did was rather than incentivize the most
was rather than incentivize the most
was rather than incentivize the most productive chickens he actually bred the
productive chickens he actually bred the
productive chickens he actually bred the most productive coops he took each coop
most productive coops he took each coop
most productive coops he took each coop and after each generation whichever was
and after each generation whichever was
and after each generation whichever was the most productive with the largest and
the most productive with the largest and
the most productive with the largest and most eggs he bred those and over
most eggs he bred those and over
most eggs he bred those and over successive generations was actually able
successive generations was actually able
successive generations was actually able to improve their productivity so let’s
to improve their productivity so let’s
to improve their productivity so let’s get back to conscious capitalism because
get back to conscious capitalism because
get back to conscious capitalism because there’s a little bit confusing right
there’s a little bit confusing right
there’s a little bit confusing right should capitalism follow this greed is
should capitalism follow this greed is
should capitalism follow this greed is good
good
good what about evolution so these conscious
what about evolution so these conscious
what about evolution so these conscious capitalism companies they have a purpose
capitalism companies they have a purpose
capitalism companies they have a purpose beyond just making profits when you
beyond just making profits when you
beyond just making profits when you think of when you ask someone why a
think of when you ask someone why a
think of when you ask someone why a company exists they’ll often say to make
company exists they’ll often say to make
company exists they’ll often say to make money and yet if you ask them about why
money and yet if you ask them about why
money and yet if you ask them about why a doctor exists it’s to save lives or an
a doctor exists it’s to save lives or an
a doctor exists it’s to save lives or an architect exists to build beautiful
architect exists to build beautiful
architect exists to build beautiful buildings that will last for generations
buildings that will last for generations
buildings that will last for generations why have we allowed businesses to purely
why have we allowed businesses to purely
why have we allowed businesses to purely just have a purpose of making profits
just have a purpose of making profits
just have a purpose of making profits similarly when you think about the
similarly when you think about the
similarly when you think about the stakeholder orientation of a conscious
stakeholder orientation of a conscious
stakeholder orientation of a conscious capitalism company rather than just
capitalism company rather than just
capitalism company rather than just focusing on the stockholders rather than
focusing on the stockholders rather than
focusing on the stockholders rather than just focusing on profits and stock price
just focusing on profits and stock price
just focusing on profits and stock price to grow the largest tale because that’s
to grow the largest tale because that’s
to grow the largest tale because that’s the most visible what if we instead
the most visible what if we instead
the most visible what if we instead measured what matters what if we
measured what matters what if we
measured what matters what if we balanced the needs of the customers the
balanced the needs of the customers the
balanced the needs of the customers the community the employees the environment
community the employees the environment
community the employees the environment this whole system that surrounds and
this whole system that surrounds and
this whole system that surrounds and supports the company additionally these
supports the company additionally these
supports the company additionally these conscious capitalism companies use the
conscious capitalism companies use the
conscious capitalism companies use the evolutionary wisdom of those chickens so
evolutionary wisdom of those chickens so
evolutionary wisdom of those chickens so they have a leadership that create
they have a leadership that create
they have a leadership that create a culture that takes care of an immune
a culture that takes care of an immune
a culture that takes care of an immune system that takes care of those
system that takes care of those
system that takes care of those unrestrained self-interests before they
unrestrained self-interests before they
unrestrained self-interests before they become cancerous these conscious
become cancerous these conscious
become cancerous these conscious capitalism companies have created over
capitalism companies have created over
capitalism companies have created over the long term the way to survive
the long term the way to survive
the long term the way to survive evolution is the longest-running
evolution is the longest-running
evolution is the longest-running experiment in history and over such a
experiment in history and over such a
experiment in history and over such a long longitudinal study can reveal some
long longitudinal study can reveal some
long longitudinal study can reveal some great truths now should we throw out
great truths now should we throw out
great truths now should we throw out this survival of the fittest competition
this survival of the fittest competition
this survival of the fittest competition view of evolution well not so fast
view of evolution well not so fast
view of evolution well not so fast because the Latin root of the word
because the Latin root of the word
because the Latin root of the word competition is comb patear patear means
competition is comb patear patear means
competition is comb patear patear means to aim at to seek or to strive for and
to aim at to seek or to strive for and
to aim at to seek or to strive for and comb means together so to compete is
comb means together so to compete is
comb means together so to compete is actually to strive together for our
actually to strive together for our
actually to strive together for our shared success and nobody ever said that
shared success and nobody ever said that
shared success and nobody ever said that survival of the fittest meant to peck
survival of the fittest meant to peck
survival of the fittest meant to peck away at your neighbors what if instead
away at your neighbors what if instead
away at your neighbors what if instead of survival of the fittest being
of survival of the fittest being
of survival of the fittest being survival of the winner what if it was
survival of the winner what if it was
survival of the winner what if it was actually survival of the most
actually survival of the most
actually survival of the most cooperative now as we’re thinking about
cooperative now as we’re thinking about
cooperative now as we’re thinking about how we can evolve business what if we
how we can evolve business what if we
how we can evolve business what if we evolved business to take advantage of
evolved business to take advantage of
evolved business to take advantage of the self-interest of the butcher the
the self-interest of the butcher the
the self-interest of the butcher the brewer and the baker to bring us
brewer and the baker to bring us
brewer and the baker to bring us prosperity but we also had a love for
prosperity but we also had a love for
prosperity but we also had a love for one another and a sense of shared
one another and a sense of shared
one another and a sense of shared purpose and shared prosperity that could
purpose and shared prosperity that could
purpose and shared prosperity that could reboot capitalism through the evolution
reboot capitalism through the evolution
reboot capitalism through the evolution of business thank you
”
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