Marc Benioff · "Capitalism, as we know it, is dead. This obsession that we have with maximizin..."

Interview with *The New York Times*, 2019 · Checked on 3 March 2026

Capitalism, as we know it, is dead. This obsession that we have with maximizing profits for shareholders alone has sent us hurtling toward a climate catastrophe, fuelled inequality, and left people disillusioned and angry.

Analysis

While critics argue **shareholder primacy** (prioritizing profits over stakeholders) has exacerbated inequality and environmental harm, capitalism as an economic system remains dominant globally, albeit evolving (e.g., ESG investing, B Corps). The statement conflates *unregulated* or *short-termist* capitalism with the system itself, ignoring counterexamples like Nordic models blending markets with strong social policies. Climate change and inequality are multifactorial, driven by policy, technology, and global supply chains—not capitalism alone. Benioff’s framing reflects a **normative critique** (e.g., his advocacy for 'stakeholder capitalism') rather than an empirical fact.

Background

Benioff, CEO of Salesforce, is a vocal proponent of **stakeholder capitalism**, a model emphasizing responsibilities to employees, communities, and the environment alongside shareholders. His 2019 remarks align with growing corporate backlash against Milton Friedman’s shareholder-value doctrine, amplified by movements like the **Business Roundtable’s 2019 redefinition of corporate purpose**. However, capitalism’s ‘death’ is unsubstantiated; even critics (e.g., Piketty, Reich) focus on reforming—not abolishing—market systems.

Verdict summary

Benioff’s claim hyperbolically frames capitalism as 'dead' and solely responsible for climate and inequality crises, oversimplifying complex systemic issues with debatable causal attribution.

Sources consulted

— The New York Times. (2019). *'Capitalism Is Dead’: Marc Benioff on Income Inequality and the New Gospel of Tech*. [Interview](https://www.nytimes.com/2019/10/14/technology/marc-benioff-salesforce-interview.html) (Archived)

— Business Roundtable. (2019). *Redefining the Purpose of a Corporation*. [Statement](https://www.businessroundtable.org/business-roundtable-redefines-the-purpose-of-a-corporation-to-promote-an-economy-that-serves-all-americans)

— Piketty, T. (2020). *Capital and Ideology*. Harvard University Press (pp. 960–975 on inequality drivers)

— Friedman, M. (1970). *The Social Responsibility of Business Is to Increase Its Profits*. *The New York Times Magazine* [Essay](https://www.nytimes.com/1970/09/13/archives/a-friedman-doctrine-the-social-responsibility-of-business-is-to.html)

— World Economic Forum. (2020). *The Great Reset: Stakeholder Capitalism in a Post-COVID World*. [Report](https://www.weforum.org/great-reset/)