The New Prophets of Capital by Nicole Aschoff

When Whole Foods came to Detroit I remember Kai Ryssdal of NPR’s Marketplace doing an interview with Walter Robb, the CEO of the company at the time. Admittedly, I was on the bandwagon; I thought a Whole Foods in Detroit was a good thing, was part of the revitalization effort happening across the city. Ryssdal, though, posed some difficult questions to a clearly annoyed Robb (who at one point says something along the lines of “that’s why I’m an entrepreneur and you’re just a journalist”). The skepticism Ryssdal expressed was rooted in gentrification and because of Robb’s continued counter to the concerns over high prices always boiling down to “just doing it right” Ryssdal ended up asking him what his plans were to teach the residents of Detroit how to shop at the store.  

This interview profoundly affected me. I began to see the urban revitalization led by Dan Gilbert and his ilk (whom I worked for at the time) as flawed, despite their intentions. At the same time, I had difficulties expressing this skepticism, I wasn’t sure why dumping private capital into economically disadvantaged areas seemed to result in more inequality when the intention and efficiency were in the right places. It was also difficult to explain to fellow suburbanites why I had my doubts about Detroit being labeled as a “comeback city” when they saw the city generating profit in ways it hadn’t for some time.

This was until, very recently, I read The New Profits of Capital by Nicole Aschoff. The New Profits basically breaks down the stories of successful, well-intentioned, entrepreneurs that seek to make the world a better place through capitalist markets. Aschoff focuses on four big players: Sheryl Sandburg of Facebook, John Mackey of Whole Foods, Oprah, and Bill/Melinda Gates.

Each section follows a pattern. The first part generally discusses the subject in a positive light; Sheryl Sandberg breaking barriers as a woman CEO, John Mackey hasn’t taken a paycheck in years and pays his employees profit share, Oprah’s unfettered benevolence, the Gateses wild success in reducing disease worldwide. This is important, Aschoff isn’t a snooty leftist whose aim is to defecate all over the capitalist class for being evil or greedy. She recognizes the importance of understanding each of these individuals as essentially good. For Aschoff, the flaw is in the philosophy.

The next part of each section usually delves into the limitations of capitalist markets to accomplish the endgame of each subject. The ideas here are enlightening and, in many ways, a total game changer. Some key points used against the subjects are that capital - unlike human needs - can’t be satiated, that markets require inequality, and that private capital is undemocratic. There are more about the limits of the individual vs the system (you can’t bootstrap your way out of poverty)  and conscious consumerism as well. Each was backed up by an abundance of sources demonstrating that capitalism necessitates inequality and a certain amount of people left behind.

The final part of each section talks about ways in which society could be constructed, democratically and socialistically, that would serve the needs of people over the needs of capital. Whether or not you believe this is the answer, The New Profits of Capital is certainly worth reading. If only to poke holes in the success stories capitalists are telling in the wake of immense suffering and poverty. I can’t recommend this book enough, I almost wish it were a documentary for fear that too few people will read it.

And just FYI, I emailed Aschoff at editor@jacobinmag.org to request a Part II featuring Elon Musk, Mark Cuban, Dan Gilbert, and Sarah Koenig from the podcast Serial. So...fingers crossed.