Whole Foods CEO John Mackey on The Moral Case for Capitalism

"You have to understand the narrative that people have about business and capitalism is that they are fundamentally selfish, greedy, and exploitative," Says Whole Foods CEO John Mackey. "Of course, I don't agree with that narrative."

"There is nothing wrong with making money, but that's not particularly inspiring. Every other profession in the world, from doctors, teachers, engineers, architects, [and] lawyers, if you ask what their purpose is, it refers back to some type of contribution they are making to other people."

At FreedomFest 2012, Reason's Matt Welch sat down with Mackey to discuss how businesses create value, the politicization of organic food, and the need to shift the narrative of capitalism.

Held each July in Las Vegas, FreedomFest is attended by around 2,000 limited-government enthusiasts and libertarians a year. ReasonTV spoke with over two dozen speakers and attendees and will be releasing interviews over the coming weeks. For an ever-growing playlist, go here now: http://www.youtube.com/playlist?list=...

About 6:30 minutes.

Camera by Tracy Oppenheimer and Alex Manning; edited by Meredith Bragg.

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  News & Politics

[CurtHowland]

"People have no incentive to be charitable"

Your assertion is belied by history, where private charity is greatest where people have the greatest liberty.

"too bad for those unfortunate in that place"

Non-sequiter. The myth of central planning. The planner has no better information than anyone else, so he makes no better choices.

"Most folk would just hoard"

Appeal to Emotion. Belied by history. Have you read any economics at all?

Mises. org

[hlp4ever98]

No system has ever brought a higher standard of living, more security, and more freedom to more people than capitalism. If there is any other system that had done better, why has no one ever been able to name it? Other systems place more power in fewer hands. - Paul French

[SamirTheG69]

But should ommitting information that is not malicious consitute as fraud?

[Marcus Cato]

Hear!  Hear!

[Marcus Cato]

Capitalism is a social system based on the recognition of individual rights, including property rights, in which all property is privately owned. Property is the individual man's life and all non-procreative derivatives of his life. In a truly Capitalist society, there must be a separation of state and economics, in the same way and for the same reasons as the separation of state and religion.

[Marcus Cato]

You are correct -- UNLESS they misrepresent their product. You misunderstand the nature of REAL capitalism. Real Capitalism cannot survive in the widespread presence of evil deeds. A lie of omission is evil. If I sell you a house and fail to tell you BEFORE the sale that the foundation needs repair, I have committed a lie of omission. If Del Monte Foods sells you a can of corn and fails to mention on the label that it contains some % of pesticides, they have committed a lie of omission.

[SamirTheG69]

Yes. Look it up. Don't use force to make private organizations do something they choose not to. I don't know why I have to keep repeating this.

[SamirTheG69]

Ok I'll play along. First of all, stop acting like a progressive with semantic games. Sure, you didn't directly state you would like force being used, but what would you do to companies who refuse to label? What is the logical endpoint of what you are advocating? If a company wants to put that info out there, they will do it, although its as trivial as putting what type of dye is in juice. Very trivial stuff. But if you really care that much all that info is available online. No need to use gov.

[Marcus Cato]

Addendum to below: My first post did NOT even imply that the State SHOULD use force. I merely tried to point out that any maker of food that does not voluntarily put the words "Includes GMO ingredients" on the label, is very suspicious. If, as they claim, GMOs are truly harmless, both short and long-term, then why would they oppose the idea of such labeling? You're a smart person. Let's see if you have an answer to either of my questions.