I recently gave a talk in London at the Alliance for Responsible Citizenship on the need to reshape the narrative around capitalism. As an unapologetic capitalist, I believe capitalism is the greatest driver of human progress and value creation in history. I want to take this opportunity to share some of my thoughts:

Over the past 250 years, humanity has made extraordinary progress. One of my favorite economists, Deirdre McCloskey, calls this “The Great Enrichment”— a nearly 20-fold increase in global GDP per capita, from $800 in 1750 to over $20,000 today. This transformation has been fueled by economic freedom, science, innovation, property rights, free trade, and the rule of law.  

Yet, many take this progress for granted. These statistics are too powerful to ignore:

• Capitalism has lifted billions out of poverty: 200 years ago, 85% of the global population lived on less than $2 a day. Today, that number is under 6%.
• Literacy rates have flipped: 200 years ago, only 12% of the world could read. Today, 88% can.
• Life expectancy: For most of human history, life expectancy hovered around 30. Today, it is in the mid-70s worldwide.

Despite these successes, capitalism is often misunderstood and even vilified. In the U.S., only 45% of millennials view capitalism positively, while 51% prefer socialism. Confidence in big business has also dropped from 34% in 1975 to 16% today. Critics argue that capitalism fuels inequality, promotes the consumption of bad products, harms the environment, exploits workers, and prioritizes profit over people. Many also believe that socialism is a better and more ethical alternative.

One of the biggest misconceptions about capitalism is that business exists solely to make money. But consider other professions – doctors heal, teachers educate, architects design, and engineers build. They all earn money, but that’s not their purpose. Business is no different.

Great companies are purpose-driven. At Whole Foods, our purpose is to nourish people and the planet. Google’s mission is to organize the world’s information and make it universally accessible and useful. Amazon strives to be Earth’s most consumer-centric company, best employer, and safest place to work. While these businesses generate profits, that’s not their reason for existing. Their deeper purpose is to create value for all stakeholders – customers, Team Members, suppliers, investors, and the community.

It is undeniable that free markets drive progress, innovation, and human flourishing. If you want to explore this further, I highly recommend these books:

• The Rational Optimist: How Prosperity Evolves by Matt Ridley
• Enlightenment Now: The Case for Reason, Science, Humanism, and Progress by Steven Pinker
• Superabundance: The Story of Population Growth, Innovation, and Human Flourishing on an Infinitely Beautiful Planet by Marian Tupy and Gale Pooley

It’s time to redefine capitalism and reshape the narrative around business. Restoring trust in capitalism requires purpose-driven leadership – leaders who consciously act with integrity and lead with love. Capitalism is the greatest thing humanity has ever done!