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