Marc Benioff Says Capitalism, As We Know It, Is Dead

Marc Benioff says “capitalism, as we know it, is dead,” and it is time for a new form of capitalism that focuses more on societal good. From a report: “That new kind of capitalism that is going to emerge is not the Milton Friedman capitalism, that’s just about making money,” the billionaire co-CEO of Salesforce and owner of Time Magazine, said at the TechCrunch Disrupt conference in San Francisco Thursday evening. “If your orientation is just about making money, I don’t think you’re going to hang out very long as a CEO or a founder of a company. You have to be more than that in today’s world,” Benioff added. Benioff is one of the more outspoken corporate leaders but he is not alone. Others are also trying to prioritize the good of their employees and customers over profit. The Business Roundtable, an influential group of CEOs, said in August that America’s top corporations are responsible for improving society by serving all stakeholders ethically, morally and fairly — and not just for boosting the stock price for shareholders. The group is currently led by JPMorgan Chase CEO Jamie Dimon. Walmart CEO Doug McMillon will take over as chairman of The Business Roundtable in January and will serve a two-year term.