Opinion by Christine Emba: Finally, a billionaire willing to smack back at capitalism
Structural forces, for one. Our economy allows firms to grow and accrue capital with fewer and fewer restrictions, and to extract huge profits. The small number of people who have equity in these companies see their wealth swell at near-exponential rates, often faster than they know how to spend it or give it away.
Liquidating stock or equity has its risks, too. Chouinard didn’t want to take Patagonia public because he knew the market doesn’t usually reward efforts to do the right thing. As he explained in his statement, “Even public companies with good intentions are under too much pressure to create short-term gain at the expense of long-term vitality and responsibility.”And of course, having money isIt provides ease, access, the experience of luxury.
Yet these are, largely, secondary matters. The reason most of the ultrawealthy don’t give away their fortunes is because they simply don’t want to.“The sad truth is that lots of really wealthy people are reluctant to let go of their wealth, even if they claim they aren’t,” Benjamin Soskis, a historian of philanthropy at the Urban Institute, told me. “Their identities are so tied up in their status as ‘wealthy people’ that it adds a weight, puts the brakes on the speed of their dispossession.
Especially in the United States, which runs on a mythology of self-creation and individual achievement, money and status intertwine at a deep level. We mistakenly equate wealth with worth, assuming the more of it you have, the smarter and more special you must be. While we nominally celebrate generosity, we goggle at the Forbes billionaires list every year .
Ireland Latest News, Ireland Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Patagonia founder Yvon Chouinard gives away company to help fight climate changePatagonia's founder is transferring ownership of the company after nearly 50 years into two entities that will help fight the climate crisis.
Read more »
Patagonia founder gives billion-dollar company to environmental causes'We’ll use the wealth Patagonia creates to protect the source of all wealth,” Yvon Chouinard wrote.
Read more »
Why Patagonia's Billionaire Founder Gave Away His $3 Billion Company to Fight Climate Change: ‘Earth Is Now Our Only Shareholder'Yvon Chouinard, the billionaire founder of outdoor apparel maker Patagonia, is giving his $3 billion company away for a greater cause: fighting climate change.
Read more »
This Is the Correct Response to Being a BillionaireIn a rare moment of good billionaire behavior, Patagonia founder Yvon Chouinard has given his company away and relinquished his family fortune, dedicating all future outdoor-apparel profits to the fight against climate change
Read more »
The founder of Patagonia is giving his company away to help fight climate changePatagonia founder Yvon Chouinard says he will give his company over to a trust, with future profits being donated to causes fighting climate change.
Read more »
For Patagonia's founder, activism has been a lifetime's workYvon Chouinard has always said Patagonia's mission was to protect nature. In donating his shares to a trust and a nonprofit, he ensures his life's work will continue.
Read more »