Capitalism 1.0 is what we know today – placing profit above all other considerations.
Profit isn’t a dirty word, and on its own profit isn’t the cause of the problems we face today. However, put simply, businesses maximizing profit above all other considerations IS the cause of the problems we see today.
I will argue in this section that the world’s problems can be boiled down to this singular problem – Capitalism 1.0, or prioritizing profit above everything. Many, many organizations have a vested (and profitable) interest in convoluting and complicating the world’s problems. I hold that the underlying problem in every major global situation is the drive for profit above all else.
Capitalism 1.0 is fuelling our demise
In many countries, including Canada and the United States, CEOs are now legally obligated to put the interests of their shareholders, profit, above all other considerations. Laws allow corporations, and now governments, to be sued by shareholders if they believe the corporation or government (i.e. the will of the people) is getting in the way of maximizing profit. As an example, Monsanto has taken on a number of governments and farmers under these such laws.
In a world of finite resources, an assumed “right” to infinite profits and growth is a recipe for disaster. Capitalism 1.0 is fuelling our demise.
In this section of the website, we will examine current news stories, common global issues, and even some pop-culture examples, to explore why profit-above-all is the leading cause of problems we face today.
It is inevitable that we will evolve to Capitalism 2.0, where we place profit as the third priority. As sustainability is vital to any organization (including those in the poorly named “non-profit” sector) profit will still remain a priority. However, social missions and the concerns of workers, customers and our environment will outweigh the cut-throat approach that our current Capitalism 1.0 model creates.