The CEO of Whole Foods says capitalism and business has been getting a bad rap from its detractors.
Whole Foods Market founder John Mackey sat down for a rare interview with the Texas Tribune yesterday. Mackey said the concept of competition needs to be reframed from the perspective of winners and losers to how competition makes for better business. Mackey says of all his competitors in the USA, none are tougher than H-E-B. “In a sense, H-E-B is a stakeholder in Whole Foods Market; that we can benchmark against them. We can set a standard against them. They do innovations that we can study and copy, and we do innovations that they study and copy.”The by-product of that is we in Austin and we in Texas live in the best supermarket environment from a competition standpoint that you could ever ask for.” He quips ” Any other state that wants to fight us for that title will lose.”
Mackey says innovation in capitalism created progress and positive change. He points to the competition between his store and H-E-B of how it makes both businesses better. “
Mackey tells Evan Smith that too oftern business is painted as just in it for the money and nothing more. “That’s a narrative that the enemies of business have put out there. And in fact, business is a great force for good in the world.” He goes on to say, “Business creates more value than all the governments and non-profits combined. Business is fundamentally good, it is what’s lifting humanity out of poverty.”
Mackey says it’s a false narrative by enemies of business that business harms society by seeking profits.
