Profitable Growth Quotes

When every situation which life can offer is turned to the profit of spiritual growth, no situation can really be a bad one.

Incorporate market research as an integral part of your business, and you’ll not just become competitive, but also profitable.

Investing in things that will give you long term growth is always a good idea.

The secret of a successful profitable business - long-term relationships and loyalty.

When we invest, It’s about the big picture, and having a holistic approach to investing

Obvious prospects for physical growth in a business do not translate into obvious profits for investors.

By bartering with certain things, it opens up space that allows the business to use cash more strategically and to use cash on the most profitable things and in the most profitable ways.

The key to having a permaculture economy is ensuring that the waste from every one is a resource for another. When every ones waste is a resource for another, interesting truths emerge - no waste exists in the system as a whole, resources become abundant and easily accessible, businesses become generally more profitable, and wealth becomes more widely distributed. This is a circular economy. This is a permaculture economy.

If we only have great companies, we will merely have a prosperous society, not a great one. Economic growth and power are the means, not the definition, of a great nation.

Unless we realize that the present market society, structured around the brutally competitive imperative of “grow or die,” is a thoroughly impersonal, self-operating mechanism, we will falsely tend to blame technology as such or population growth as such for environmental problems. We will ignore their root causes, such as trade for profit, industrial expansion, and the identification of “progress” with corporate self-interest. In short, we will tend to focus on the symptoms of a grim social pathology rather than on the pathology itself, and our efforts will be directed toward limited goals whose attainment is more cosmetic than curative.

To say that "the worker has an interest in the rapid growth of capital", means only this: that the more speedily the worker augments the wealth of the capitalist, the larger will be the crumbs which fall to him, the greater will be the number of workers than can be called into existence, the more can the mass of slaves dependent upon capital be increased.

Nature has mastered compounding. At Mayflower-Plymouth we want our capital, profits and growth to compound the way compounding happens in thriving forests.

Profitability. Growth. Quality. Exceeding customer expectations. These are not examples of values. These are examples of corporate strategies being sold to you as values.

The test of a progressive policy is not private but public, not just rising income and consumption for individuals, but widening the opportunities and what Amartya Sen calls the 'capabilities' of all through collective action. But that means, it must mean, public non-profit initiative, even if only in redistributing private accumulation. Public decisions aimed at collective social improvement from which all human lives should gain. That is the basis of progressive policy—not maximising economic growth and personal incomes. Nowhere will this be more important than in tackling the greatest problem facing us this century, the environmental crisis. Whatever ideological logo we choose for it, it will mean a major shift away from the free market and towards public action, a bigger shift than the British government has yet envisaged. And, given the acuteness of the economic crisis, probably a fairly rapid shift. Time is not on our side.

Having the cash is only part of the solution. Once your business has the cash, the real task now is to invest it wisely and in a way that'll result in growth and greater profit.

If you're not driving business growth and profitability, then you might as well be a houseplant. So get out there and make some money, honey!

Look for small companies that are already profitable and have proven that their concept can be replicated. • Be suspicious of companies with growth rates of 50 to 100 percent a year.

There is a patent conflict between the need to reverse or at least to control the impact of our economy on the biosphere and the imperatives of a capitalist market: maximum continuing growth in the search for profit.

senior managers’ goal here should be to manage their portfolio of businesses to wisely balance between profitable growth and cash flow at a given point in time.

All the data you have collected is of no use if you don’t know how to gain insights from it, how to make profitable decisions with the help of this, and how to put your data into action.

Growth requires reinvestment.

In other words, changing the earth’s climate in ways that will be chaotic and disastrous is easier to accept than the prospect of changing the fundamental, growth-based, profit-seeking logic of capitalism.

Between 1990 and 2005, a new prison opened in the United States every ten days. Prison growth and the resulting “prison-industrial complex”—the business interests that capitalize on prison construction—made imprisonment so profitable that millions of dollars were spent lobbying state legislators to keep expanding the use of incarceration to respond to just about any problem. Incarceration became the answer to everything—health care problems like drug addiction, poverty that had led someone to write a bad check, child behavioral disorders, managing the mentally disabled poor, even immigration issues generated responses from legislators that involved sending people to prison. Never before had so much lobbying money been spent to expand America’s prison population, block sentencing reforms, create new crime categories, and sustain the fear and anger that fuel mass incarceration than during the last twenty-five years in the United States.

For their never-ending endeavours to obtain or retain wealth, countries desperately need companies, because they—unlike most human beings—have the means of production, and human beings, because they—unlike all companies—have the means of reproduction.

At Mayflower-Plymouth, we care about profit and growth. And just as much we also care about things like the health of the earth, Whole Foods plant based or I-Tal living, vegan or vegetarian living, holistic education, spirituality, human rights, money equity, social cohesion, liberty, family, human health and more. To us, Investing is more than profit.

In nature, waste does not exist. There is only production and consumption; there is only creation and utilization. Everything that's produced is efficiently consumed. Everything that's created is efficiently utilized. And this cyclicality results in growth and in profit. The same should be true of each business, and the same should be true of an economy.

Investing is a special thing. In terms of functionality, almost anyone can invest. But in terms of achieving the results of long-term profit and sustainable growth, only some people have the talent or skill sets for that. It’s like baseball for example… anyone can swing a bat at a ball. But only a few people make it to the big league, and even fewer become world champs. These days there are so many apps and platforms for individual investing, but that doesn’t mean everyone is achieving good results or ROI. There are great investors, good investors, and bad investors. A professional investor can achieve exponential growth and profit. A professional investor understands markets and industries and can account for both the traditional and the new.

Biomimicry is known for its design applications. But biomimicry also has an abundance of business applications. When businesses learn from nature and apply what they learn; the results include greater efficiency and more profit, among other things.

Can social progress be made without government? It's like saying 'can happiness be achieved without the initiation of violence? Can romance be achieved without rape? Can profitability be achieved without theft? Can economic growth be achieved without the mass indebted enslavement and counterfeiting of the federal reserve?'.

Investing is a special thing. In terms of functionality, almost anyone invest. But in terms of achieving the results of long-term profit and sustainable growth, only some people have the talent or skill sets for that. It’s like baseball for example… anyone can swing a bat at a ball. But only a few guys make it to the big league, and even fewer become world champs. These days there are so many apps and platforms for individual investing, but that doesn’t mean everyone is achieving the same results. There are great investors, good investors, and bad investors. A professional investor can achieve exponential growth and profit. A professional investor understands markets and industries and can account for both the traditional and the new.

My feet," said Montag. "I can't move them. I feel so damn silly. My feet won't move!" "Listen. Easy now," said the old man gently. "I know, I know. You're afraid of making mistakes. Don't be. Mistakes can be profited by. Man, when I was young I shoved my ignorance in people's faces. They beat me with sticks. By the time I was forty my blunt instrument had been honed to a fine cutting point for me. If you hide your ignorance, no one will hit you and you'll never learn.

If a man didn't make mistakes he'd own the world in a month. But if he didn't profit by his mistakes he wouldn't own a blessed thing

Such a study indicates that the greatest investment reward comes to those who by good luck or good sense find the occasional company that over the years can grow in sales and profits far more than industry as a whole. It further shows that when we believe we have found such a company we had better stick with it for a long period of time. It gives us a strong hint that such companies need not necessarily be young and small. Instead, regardless of size, what really counts is a management having both a determination to attain further important growth and an ability to bring its plans to completion.

Growth of productive capital and rise of wages, are they really, so indissolubly united as the bourgeois economists maintain? We must not believe their mere words. We dare not believe them even when they claim that the fatter capital is the more will its slave be pampered.

Data is the new fuel for growth in multiple industries, from manufacturing to retail to financial services. But unlike other assets, it doesn’t necessarily fuel job growth, but rather, profit growth. And those profits tend to be diverted directly into executives’ and shareholders’ wallets.

When we ask ourselves what is an economy; I think the best place to find the answer to that question is in a forest. Go and sit in a forest and observe with all of your sensory faculties, and meditate there. And while you're observing and meditating, ask yourself questions about everything. And if you want maybe hit a few puffs of a certain herb while you're meditating there. And you'll find out exactly what an economy is. And you'll also find out exactly what business is. And all of the economic and business concepts like capital allocation and liquidity and service and profit and growth... It'll all start to make more sense as you sit there meditating in that forest.

The belief that science proceeds from observation to theory is still so widely and so firmly held that my denial of it is often met with incredulity. I have even been suspected of being insincere- of denying what nobody in his senses would doubt. But in fact the belief that we can start with pure observation alone, without anything in the nature of a theory is absurd; as may be illustrated by the story of the man who dedicated his life to natural science, wrote down everything he could observe, and bequeathed his priceless collection of observations to the Royal Society to be used as evidence. This story should show us that though beetles may profitably be collected, observations may not. Twenty-five years ago I tried to bring home the same point to a group of physics students in Vienna by beginning a lecture with the following instructions : 'Take pencil and paper; carefully observe, and write down what you have observed!' They asked, of course, what I wanted them to observe. Clearly the instruction, 'Observe!' is absurd. (It is not even idiomatic, unless the object of the transitive verb can be taken as understood.) Observation is always selective. It needs a chosen object, a definite task, an interest, a point of view, a problem. And its description presupposes a descriptive language, with property words; it presupposes similarity and classification, which in their turn presuppose interests, points of view, and problems.

In other words, changing the earth’s climate in ways that will be chaotic and disastrous is easier to accept than the prospect of changing the fundamental, growth-based, profit-seeking logic of capitalism. We probably shouldn’t be surprised that some climate scientists are a little spooked by the radical implications of their own research. Most of them were quietly measuring ice cores, running global climate models, and studying ocean acidification, only to discover, as Australian climate expert and author Clive Hamilton puts it, that in breaking the news of the depth of our collective climate failure, they “were unwittingly destabilizing the political and social order.”55

cost reductions meant survival, but not profitability,

Anybody can throw a basketball toward a hoop. But only a relative few can exercise the athletic prowess of dribbling down the court, account for and surpass a variety of obstacles, and actually get the ball into the hoop consistently and repetitively contributing toward an ultimate win for the team. In the same way, anyone can open an investment account with M1 or Acorns or Robinhood or Cashapp… or even with the big guys like Ameritrade or Fidelity or Charles Schwabb or Morgan Stanley… but only a relative few can navigate an ever-changing economic paradigm, overcome various financial, legal and social obstacles, maintaining alignment with values, and achieve substantial growth and profits - contributing toward an ultimate win for the team. It’s better to hire a professional investor if you expect professional results.

The Profit function: Individual profits cause collective growth and prosperity. It is necessary for individual people and businesses to profit in a Permaculture Economy where justice is maintained and fairly applied. Profits are earned when efficiency is mastered. With profits, individuals invest in (a) new and innovative means of production which will allow more profits, or (b) buying products and services from other individuals who are also seeking profit by providing value. Profits also incentivize individuals to be productive participants in society to begin with. If there will be no profit in an activity, business or industry, then individuals will decline participation in that activity, business or industry. Since profits are only possible when buyers are satisfied with the productivity of sellers, then it is also true that an individuals willingness to participate in an activity, business or industry is preceded by the buyers satisfaction which allows the seller to profit. But when buyers are dissatisfied and decline participation, it forces sellers to decline participation. Inversely, if profits are eradicated through the force of price-controls by the government, then sellers will decline participation which then causes buyers to decline participation. And when both sellers and buyers decline participation, then whole industries and economies collapse.

Between 1990 and 2005, a new prison opened in the United States every ten days. Prison growth and the resulting “prison-industrial complex”—the business interests that capitalize on prison construction—made imprisonment so profitable that millions of dollars were spent lobbying state legislators to keep expanding the use of incarceration to respond to just about any problem. Incarceration

Business credit should be utilized to facilitate income growth and expense reduction. If you view business credit as liquidity you're going to get into trouble because on the receiving side, credit is a liability not an asset - It has to be paid back out of future income. So think about that. Your business can only pay back a loan plus interest if future income is greater than present income and future expenses are less than present expenses. To put it bluntly, credit must facilitate profit.

Individual profits cause collective growth and prosperity. It is necessary for individual people, businesses, and companies to profit, in a Permaculture Economy where justice is maintained and fairly applied. Profits are earned when efficiency is mastered. With profits, individuals invest in (a) new and innovative means of production which will allow more profits, or (b) they use profits to buy products or services from other individuals who are also seeking profit by providing value. Profits also incentivize individuals to be productive to begin with. If there will be no profit in an activity, business or industry, then individuals will decline participation. Since profits are only possible when buyers are satisfied with the productivity of sellers, then it is also true that an individual's willingness to participate in an activity, business or industry is preceded by the buyers satisfaction which allows them to profit. So, when buyers decline participation it forces sellers to decline participation. Inversely, if profits are removed through force of price controls by the government, then sellers will decline participation which then causes buyers to decline participation.

The difference between men is in their principle of association. Some men classify objects by color and size and other accidents of appearance; others by intrinsic likeness, or by the relation of cause and effect. The progress of the intellect is to the clearer vision of causes, which neglects surface differences. To the poet, to the philosopher, to the saint, all things are friendly and sacred, all events profitable, all days holy, all men divine. For the eye is fastened on the life, and slights the circumstance. Every chemical substance, every plant, every animal in its growth, teaches the unity of cause, the variety of appearance.

The Future of work is all about CREAM. More Consciousness, Relationships, Empathy, AdaptAgility, and Meaning. We must be building a more human-centered context for stakeholders, as opposed to JUST MORE profits for shareholders".

Companies should seek opportunities for cost reduction to improve efficiency, increase profitability, and maintain a competitive edge. Cost reduction efforts can lead to better financial health, enhanced competitiveness, and the ability to allocate resources to other critical areas of the business, fostering long-term growth and sustainability.

Companies should monitor key performance indicators (KPIs) because they provide critical insights into the health and success of the business. Regular KPI tracking helps companies make data-driven decisions, identify areas for improvement, and stay aligned with their strategic goals, ultimately contributing to sustained growth and profitability.

Could you say that your business had expanded if it had gone from owning one teapot to two? Somehow she thought that Dr. Profit would answer both those questions with a shake of his head. Of course, she herself had expanded in girth since the agency was founded, but she did not think that such a form of growth was what the author of the article had in mind.

Branding Through Customer Service Over the years, the number one driver of our growth at Zappos has been repeat customers and word of mouth. Our philosophy has been to take most of the money we would have spent on paid advertising and invest it into customer service and the customer experience instead, letting our customers do the marketing for us through word of mouth.

In an exchange economy everybody’s money income is somebody else’s cost. Every increase in hourly wages, unless or until compensated by an equal increase in hourly productivity, is an increase in costs of production. An increase in costs of production, where the government controls prices and forbids any price increase, takes the profit from marginal producers, forces them out of business, means a shrinkage in production and a growth in unemployment. Even where a price increase is possible, the higher price discourages buyers, shrinks the market, and also leads to unemployment. If a 30 percent increase in hourly wages all around the circle forces a 30 percent increase in prices, labor can buy no more of the product than it could at the beginning; and the merry-go-round must start all over again.

Right now, your company gets the results—good or bad—that it was designed to get. If your vision of the future differs from your current situation, if you want to get better results, then you must change the way you do things. If you don’t, how can you expect results that are any different from what you’ve already achieved?

To say that "the worker has an interest in the rapid growth of capital"means only this; that the more speedily the worker augments the wealth of the capitalist, the larger will be the crumbs that fall down to him, the greater number of workers that can be called into existence, the more can the mass of slaves dependent on capital be increased.

It’s funny how the economy is about to collapse because people are only buying what they need.

the marketplace is capable only of calculating exclusive costs; that is; excluding all possible costs that interfere with profit. Leadership of society requires the calculation of inclusive costs. To invoke the marketplace, as if calling upon the Holy Spirit, is to limit ourselves to the narrow and short-term interests of exclusion. (IV - From Managers and Speculators to Growth)

the balance between annual profit and investment for future growth is the key. Revenues versus costs is important, but the latter should not be cut merely to meet management bonus targets. There

Recently, as I was teaching this concept, a CFO—who deals with numbers all the time—came up to me and said, “This is fascinating! I’ve always seen trust as a nice thing to have, but I never, ever, thought of it in terms of its impact on economics and speed. Now that you’ve pointed it out, I can see it everywhere I turn. “For example, we have one supplier in whom we have complete trust. Everything happens fast with this group, and the relationship hardly costs us anything to maintain. But with another supplier, we have very little trust. It takes forever to get anything done, and it costs us a lot of time and effort to support the relationship. And that’s costing us money—too much money!” This CFO was amazed when everything suddenly fell into place in his mind. Even though he was a “numbers” guy, he had not connected the dots with regard to trust. Once he saw it, everything suddenly made sense. He could immediately see how trust was affecting everything in the organization, and how robust and powerful the idea of the relationship between trust, speed, and cost was for analyzing what was happening in his business and for taking steps to significantly increase profitable growth.

Both the Pollyannas and the Cassandras are wrong, and both stand in the way of social justice, the former by condemning us all to catastrophic climate change and the loss of other vital ecosystem services for the sake of profit; the latter by condemning us all to a hair-shirted existence and refusal of further human development due to a romantic, unscientific belief in a static, unchanging balance of nature.

When I gardened at home, I often considered how the growth of plants resembles the gradual growth of the spirit. And seeing life make its way from seed to plant does bring one a glorious hope. All through the plant’s movement toward maturity, it is beautiful: adorable in its seedling state, full of promise as it sends its stalks up and out, then gorgeously fulfilled as it offers its yearly profit. Yet this no longer

Value capture is a process by which we begin with rich and subtle values, encounter simplified versions of them in the social wile, and revise our values in the direction of simplicity--thus rendering them inadequate. This kind of process is always a possible result of social interaction, but the distortions to our values are sharpest in social systems and environments where this simplicity is built into the structures of reward and punishment. Capitalism is such a system: it rewards the relentless and single-minded pursuit of profit and growth--extremely narrow value systems that exclude much of what makes life worth living.

In the intrinsic valuation chapter, we observed that the value of a firm is a function of three variables—its capacity to generate cash flows, its expected growth in these cash flows, and the uncertainty associated with these cash flows.

Instead of going back and looking at the question, people tinker with the solution, trying to make it fit."-Claude Legrande..."The consequences of failing to do that [in our personal lives] are the same as those facing businesses - even more dire, perhaps, because what's being squandered isn't just the potential for profits. It's the potential for happiness. We miss opportunities to innovate and to make positive changes in our lives when we aren't willing to question ourselves.

Likewise with MLMs, the potential for the growth of the organization offers extraordinary income potential but the same mathematical principle ensures that most will fail. In other words, the success of a few is based upon the failure of many.

If the real human environment in developed countries today is third-growth monocultured “forests,” tar-sand petroleum, cow-burnt grasslands, and smog-like clouds of microplastics floating in oceans where fish once thrived, then human cultures need to distinguish between sentimentality about loss and the imperative to survive. They need to establish a more relevant politics than the competitive politics of nation-states. And to found economies built not on profit but on conservation.

Some heterodox economists today argue that growth will fall if finance becomes too big relative to the rest of the economy (industry) because real profits come from the production of new goods and services rather than from simple transfers of money earned from those goods and services.40 To ‘rebalance’ the economy, the argument runs, we must allow genuine profits from production to win over rents–which, as we can see here, is exactly the argument Ricardo made 200 years ago, and John Maynard Keynes was to make 100 years later.41

When I introduce myself as a card-carrying Libertarian, more often than not I get the same old response: 'Oh, you're the people who want to legalize drugs.' Well, not exactly. We're the people who understand that American taxpayers are paying absurd amounts of money to accomplish goals that could be met at a fraction of the cost. We're the people who think it's ridiculous that the majority of the growth in our prison populations in this country is due to slamming people in jail just because they were caught using drugs. We're the ones who understand that so much of the crime on the streets of our country is drug-related--crime that would largely disappear if the massive profits brought on by drug criminalization were eliminated. We're the party that understands that you can reduce drug usage more efficiently, and at a lower cost, through treatment than through law enforcement.

We have an unshakeable conviction that the long-term interests of shareowners are perfectly aligned with the interests of customers.”2 In other words, while it’s true that shareholder value stems from growth in profit, Amazon believes that long-term growth is best produced by putting the customer first.

Although it has become the most visible of American suburban landscapes, the edge node has few architectural defenders. Even developers despair: 'Shopping centers built only in the 1960s are already being abandoned. Their abandonment brings down the values of nearby neighbourhoods. Wal-Marts built five years ago are already being abandoned for superstores. We have built a world of junk, a degraded environment. It may be profitable for a short-term, but its long-term economic prognosis is bleak.' -Dolores Hayden quoting Robert Davis, 'Postscript,' in Congress for the New Urbanism, Charter of the New Urbanism, 2002.

By putting economic growth on equal footing with the preservation of human health, by promoting a need to possess and to consume that borders on the pathological, and by permitting industries to run roughshod over landscapes in order to create financial profit, the governments of industrialized nations have supported the changes that are primarily responsible for the befouled and poisonous environment that in many places has become our heritage. What resistance humanity is able to mount to the juggernaut that many call “the economy" is essentially an objection to the indifference towards human and nonhuman life that drives the juggernaut." Horizon

When capital has bumped up against limits to profit-growth in the past, it has found fixes in things like colonisation, structural adjustment programmes, wars, restrictive patent laws, nefarious debt instruments, land grabs, privatisation, and enclosing commons like water and seeds. Why would it be any different this time? Indeed, a study by the ecological economist Beth Stratford finds that when capital faces resource constraints, this is exactly what happens: it turns to aggressive rent-seeking behaviour. It seeks to grab existing value wherever it can, with clever mechanisms to suck income and wealth from the public domain into private hands, and from the poor to the rich, exacerbating inequality.

Total cash compensation for hospital CEOs grew an average of 24.2 percent from 2011 to 2012 alone, which increasingly includes bonuses as well. Those bonuses are linked to criteria such as “finance,” “quality”, “profit”, “admissions growth,” and “increase in net funds”, not medical goalposts like reducing blood infections or bedsores and avoiding unneeded procedures.

However, growing cane and extracting its sugar was a labour-intensive business. Few people wanted to work long hours in malaria-infested sugar fields under a tropical sun. Contract labourers would have produced a commodity too expensive for mass consumption. Sensitive to market forces, and greedy for profits and economic growth, European plantation owners switched to slaves.

This is the fly in the ointment of free-market capitalism. It cannot ensure that profits are gained in a fair way, or distributed in a fair manner. On the contrary, the craving to increase profits and production blinds people to anything that might stand in the way. When growth becomes a supreme good, unrestricted by any other ethical considerations, it can easily lead to catastrophe.

The fixed- and growth-mindset groups started with the same ability, but as time went on the growth-mindset groups clearly outperformed the fixed-mindset ones. And this difference became ever larger the longer the groups worked. Once again, those with the growth mindset profited from their mistakes and feedback far more than the fixed-mindset people. But what was even more interesting was how the groups functioned. The members of the growth-mindset groups were much more likely to state their honest opinions and openly express their disagreements as they communicated about their management decisions. Everyone was part of the learning process. For the fixed-mindset groups—with their concern about who was smart or dumb or their anxiety about disapproval for their ideas—that open, productive discussion did not happen. Instead, it was more like groupthink.

This fundamental inequality, which I will write as r > g (where r stands for the average annual rate of return on capital, including profits, dividends, interest, rents, and other income from capital, expressed as a percentage of its total value, and g stands for the rate of growth of the economy, that is, the annual increase in income or output), will play a crucial role in this book. In a sense, it sums up the overall logic of my conclusions.

But research increasingly reveals that, rather than merely delay profit growth, this “dilemma” of enslaved labor saw overseers develop some of capitalism’s most powerful (and erroneously considered modern) management techniques. The earliest examples of employee surveillance, individual performance assessment, traceable units of production, detailed record keeping, and employee incentivization—all key concepts in modern management theory—occurred on slave plantations.

Most of us are not prepared to read the Word of God as He deserves. Our training in reading has been typically ordered to anything but reverence. We read in school for tests, developing the art of anticipating the questions of our teachers. We read casually for entertainment and pleasure, as scarce time permits, scanning and skipping around as we freely choose. We read for business, and profit, culling through words for whatever seems of value to us here and now. Words are for us seen as information for our profit, or entertainment or pleasure. Rarely do we have a sense of words as treasure as infinite value, or of food for life of famine, or of clear and clean water in parched, dead-dry desert. Yet the Word of God, in Scripture, is all this and more. His words are a living seed with potentials for full growth that we cannot fully imagine. His words are healing medicine to dying mankind. His words are boundless wealth to the destitute poor, and rejuvenation to those broken by age. His words are all this and more, because they are His words to us, His children whom He loves with a love we can hardly begin to grasp.

Once again it is evident that even between major crises, ‘the market’ has no answer to the major problem confronting the twenty-first century: that unlimited and increasingly high-tech economic growth in the pursuit of unsustainable profit produces global wealth, but at the cost of an increasingly dispensable factor of production, human labour, and, one might add, of the globe’s natural resources. Economic and political liberalism, singly or in combination, cannot provide the solution to the problems of the twenty-first century. Once again the time has come to take Marx seriously.

free enterprise, thrift and self-reliance. This new religion has had a decisive influence on the development of modern science, too. Scientific research is usually funded by either governments or private businesses. When capitalist governments and businesses consider investing in a particular scientific project, the first questions are usually, ‘Will this project enable us to increase production and profits? Will it produce economic growth?’ A project that can’t clear these hurdles has little chance of finding a sponsor. No history of modern science can leave capitalism out of the picture.

Dear Sir: My ten years of bank experience should be of interest to a rapidly growing bank like yours. In various capacities in bank operations with the Bankers Trust Company in New York, leading to my present assignment as Branch Manager, I have acquired skills in all phases of banking including depositor relations, credits, loans and administration. I will be relocating to Phoenix in May and I am sure I can contribute to your growth and profit. I will be in Phoenix the week of April 3 and would appreciate the opportunity to show you how I can help your bank meet its goals. Sincerely, Barbara L. Anderson

There is danger that someday the farm land will be gone, the Downtown will be deserted, and the middle class living outside the city boundaries. If it is done intentionally, then that is our choice, but if it is allowed simply to happen without purpose, then that is ignorance. Indianapolis contains fantastic elements to become a vital city, but frequently our heritage has been destroyed in favor of cheap development and easy profits. Architects are not perfect, and many chances to improve our city have been lost. They allow the client to build structures without concern for what that building will do to the surrounding environment. The matter of conscience falls prey to the matter of making a living. A desire to improve our quality of life on the part of the client and profession will provide the best solution for all. Readers of this book, be inquisitive, explore your city, question its growth, let your feelings be known if your city is faulty, speak out if it is praiseworthy. Talk to your architects, politicians and developers; they are professionals, but they are also your servants. Use them to make your city better. Enjoy Indianapolis. It is a city to be lived in and can be taken to heart if one tries.

Fifteen years ago, a business manager from the United States came to Plum Village to visit me. His conscience was troubled because he was the head of a firm that designed atomic bombs. I listened as he expressed his concerns. I knew if I advised him to quit his job, another person would only replace him. If he were to quit, he might help himself, but he would not help his company, society, or country. I urged him to remain the director of his firm, to bring mindfulness into his daily work, and to use his position to communicate his concerns and doubts about the production of atomic bombs. In the Sutra on Happiness, the Buddha says it is great fortune to have an occupation that allows us to be happy, to help others, and to generate compassion and understanding in this world. Those in the helping professions have occupations that give them this wonderful opportunity. Yet many social workers, physicians, and therapists work in a way that does not cultivate their compassion, instead doing their job only to earn money. If the bomb designer practises and does his work with mindfulness, his job can still nourish his compassion and in some way allow him to help others. He can still influence his government and fellow citizens by bringing greater awareness to the situation. He can give the whole nation an opportunity to question the necessity of bomb production. Many people who are wealthy, powerful, and important in business, politics, and entertainment are not happy. They are seeking empty things - wealth, fame, power, sex - and in the process they are destroying themselves and those around them. In Plum Village, we have organised retreats for businesspeople. We see that they have many problems and suffer just as others do, sometimes even more. We see that their wealth allows them to live in comfortable conditions, yet they still suffer a great deal. Some businesspeople, even those who have persuaded themselves that their work is very important, feel empty in their occupation. They provide employment to many people in their factories, newspapers, insurance firms, and supermarket chains, yet their financial success is an empty happiness because it is not motivated by understanding or compassion. Caught up in their small world of profit and loss, they are unaware of the suffering and poverty in the world. When we are not int ouch with this larger reality, we will lack the compassion we need to nourish and guide us to happiness. Once you begin to realise your interconnectedness with others, your interbeing, you begin to see how your actions affect you and all other life. You begin to question your way of living, to look with new eyes at the quality of your relationships and the way you work. You begin to see, 'I have to earn a living, yes, but I want to earn a living mindfully. I want to try to select a vocation not harmful to others and to the natural world, one that does not misuse resources.' Entire companies can also adopt this way of thinking. Companies have the right to pursue economic growth, but not at the expense of other life. They should respect the life and integrity of people, animals, plants and minerals. Do not invest your time or money in companies that deprive others of their lives, that operate in a way that exploits people or animals, and destroys nature. Businesspeople who visit Plum Village often find that getting in touch with the suffering of others and cultivating understanding brings them happiness. They practise like Anathapindika, a successful businessman who lived at the time of the Buddha, who with the practise of mindfulness throughout his life did everything he could to help the poor and sick people in his homeland.

In early 2014, the global economy’s top five companies’ gross cash holdings—those of Apple, Google, Microsoft, as well as the US telecom giant Verizon and the Korean electronics conglomerate Samsung—came to $387 billion, the equivalent of the 2013 GDP of the United Arab Emirates.78 This capital imbalance puts the fate of the world economy in the hands of the few cash hoarders like Apple and Google, whose profits are mostly kept offshore to avoid paying US tax. “Apple, Google and Facebook are latter-day scrooges,” worries the Financial Times columnist John Plender about a corporate miserliness that is undermining the growth of the world economy.

Economic growth springs not chiefly from incentives—carrots and sticks, rewards and punishments for workers and entrepreneurs. The incentive theory of capitalism allows its critics to depict it as an inhumane scheme of clever manipulation of human needs and hungers scarcely superior to the more benign forms of slavery. Wealth actually springs from the expansion of information and learning, profits and creativity that enhance the human qualities of its beneficiaries as it enriches them. Workers’ learning increasingly compensates for their labor, which imparts knowledge as it extracts work. Joining knowledge and power, capitalism focuses on the entropy of human minds and the benefits of freedom. Thus it is the most humane of all economic systems.

Under those conditions, first-wave feminists were too busy to say much about questions of inborn differences between men and women. An exception was Kate Austin, who compared the plight of women to those of Chinese women with bound feet: “We know that at birth the feet of the little baby girl were straight and beautiful like her brothers, but a cruel and artificial custom restrained the growth. Likewise it is just as foolish to assert that woman is mentally inferior to man, when it is plain to be seen her brain in a majority of cases receives the same treatment accorded the feet of Chinese girls.”4 As Helena Swanwick put it, “There does not seem much that can be profitably said about [the alleged inferiority of women]… until the incubus of brute force is removed.

At first glance, there seems to be a paradox here: While industrial capitalism spawned many machines that saved time and labor, it seemed only to take up more and more of workers’ time. But unlike the Ancient Greeks, who imagined that, someday, machines might replace slave labor so that everyone might enjoy some free time, capital only “frees time in order to appropriate it for itself.” In other words, the goal of capitalism is not free time but economic growth; any time freed up goes right back into the machine to increase profits. Thus the paradox: The factory is efficient, but it also produces “the drive toward the consumption of the person’s time up to its outermost, physical limit.” Or, as the workplace adage would have it, “The only reward for working faster is more work.

That City of yours is a morbid excrescence. Wall Street is a morbid excrescence. Plainly it's a thing that has grown out upon the social body rather like -- what do you call it? -- an embolism, thrombosis, something of that sort. A sort of heart in the wrong place, isn't it? Anyhow -- there it is. Everything seems obliged to go through it now; it can hold up things, stimulate things, give the world fever or pain, and yet all the same -- is it necessary, Irwell? Is it inevitable? Couldn't we function economically quite as well without it? Has the world got to carry that kind of thing for ever? "What real strength is there in a secondary system of that sort? It's secondary, it's parasitic. It's only a sort of hypertrophied, uncontrolled counting-house which has become dominant by falsifying the entries and intercepting payment. It's a growth that eats us up and rots everything like cancer. Financiers make nothing, they are not a productive department. They control nothing. They might do so, but they don't. They don't even control Westminster and Washington. They just watch things in order to make speculative anticipations. They've got minds that lie in wait like spiders, until the fly flies wrong. Then comes the debt entanglement. Which you can break, like the cobweb it is, if only you insist on playing the wasp. I ask you again what real strength has Finance if you tackle Finance? You can tax it, regulate its operations, print money over it without limit, cancel its claims. You can make moratoriums and jubilees. The little chaps will dodge and cheat and run about, but they won't fight. It is an artificial system upheld by the law and those who make the laws. It's an aristocracy of pickpocket area-sneaks. The Money Power isn't a Power. It's respectable as long as you respect it, and not a moment longer. If it struggles you can strangle it if you have the grip...You and I worked that out long ago, Chiffan... "When we're through with our revolution, there will be no money in the world but pay. Obviously. We'll pay the young to learn, the grown-ups to function, everybody for holidays, and the old to make remarks, and we'll have a deuce of a lot to pay them with. We'll own every real thing; we, the common men. We'll have the whole of the human output in the market. Earn what you will and buy what you like, we'll say, but don't try to use money to get power over your fellow-creatures. No squeeze. The better the economic machine, the less finance it will need. Profit and interest are nasty ideas, artificial ideas, perversions, all mixed up with betting and playing games for money. We'll clean all that up..." "It's been going on a long time," said Irwell. "All the more reason for a change," said Rud.

We believe that a fundamental measure of our success will be the shareholder value we create over the long term. This value will be a direct result of our ability to extend and solidify our current market leadership position. The stronger our market leadership, the more powerful our economic model. Market leadership can translate directly to higher revenue, higher profitability, greater capital velocity, and correspondingly stronger returns on invested capital. Our decisions have consistently reflected this focus. We first measure ourselves in terms of the metrics most indicative of our market leadership: customer and revenue growth, the degree to which our customers continue to purchase from us on a repeat basis, and the strength of our brand. We have invested and will continue to invest aggressively to expand and leverage our customer base, brand, and infrastructure as we move to establish an enduring franchise.

Economists have always been haunted by the spectre of ‘diminishing returns’. Ricardo had famously seen ‘diminishing returns’ in agriculture leading to a progressive fall in the rate of profit, a progressive shift of the terms of trade between manufacturing and agriculture in favour of the latter and the eventual denouement of a stationary state where further growth became impossible. Even Keynes in the aforementioned work saw ‘diminishing returns’ in food production as undermining the Eldorado even if the war had not done so. And yet none of these fears have come true. The terms of trade between manufacturing and agriculture have shown a secular tendency to shift against, rather than in favour of, the latter; and while the growth rate under capitalism has come down of late, this has nothing to do with any fall in the profit rate caused by ‘diminishing returns’. Likewise, the advanced capitalist world has no difficulty to this day in meeting its food requirements, belying the fears of Keynes. How then do we explain this contrast between fears and reality?

Since the institution of slavery was so important to the economic development of America, it had a profound impact in shaping the social-political-legal structure of the nation. Land and slaves were the chief forms of private property, property was wealth and the voice of wealth made the law and determined politics. In the service of this system, human beings were reduced to propertyless property. Black men, the creators of the wealth of the New World, were stripped of all human and civil rights. And this degradation was sanctioned and protected by institutions of government, all for one purpose: to produce commodities for sale at a profit, which in turn would be privately appropriated. It seems to be a fact of life that human beings cannot continue to do wrong without eventually reaching out for some rationalization to clothe their acts in the garments of righteousness. And so, with the growth of slavery, men had to convince themselves that a system which was so economically profitable was morally justifiable. The attempt to give moral sanction to a profitable system gave birth to the doctrine of white supremacy.

The quality of the people involved in the company was just as critical. I use the word quality to encompass two quite different characteristics. One of these is business ability. Business ability can be further broken down into two very different types of skills. One of these is handling the day-to-day tasks of business with above-average efficiency. In the day-to-day tasks, I include a hundred and one matters, varying all the way from constantly seeking and finding better ways to produce more efficiently to watching receivables with sufficient closeness. In other words, operating skill implies above-average handling of the many things that have to do with the near-term operation of the business. However, in the business world, top-notch managerial ability also calls for another skill that is quite different. This is the ability to look ahead and make long-range plans that will produce significant future growth for the business without at the same time running financial risks that may invite disaster. Many companies contain managements that are very good at one or the other of these skills. However, for real success, both are necessary.

Banks were once an extremely valuable part of the economy and did a lot of good in advancing civilization. Banks played a pivotal role in financing big projects like roads, bridges, factories, stadiums, etc. Banks were to the economy what the heart is to the human body. But that has ended. Traditional banks have become extra toxic entities in the economy. It’s partially the fault of excessive government regulations that have made everything dysfunctional and it’s partially the fault of greedy bankers putting profits above customers and shareholders above society... But nonetheless, banks today offer very little benefit to their clients. They pay barely anything in interest. They offer barely anything in growth. They move money too slowly. They’re too restrictive. They’re selling the same boring products and services they did a hundred years ago. And they have too much power over peoples accounts. Soon, the many new companies and applications that emerge on the Ethereum infrastructure will eliminate the need for traditional banks and eliminate their value proposition by providing people with superior value. Everything from growth to asset management to lending can be done even better on the Ethereum infrastructure by anyone.

In the early stages of the state, taxes are light in their incidence, but fetch in a large revenue; in the later stages the incidence of taxation increases while the aggregate revenue falls off. Now where taxes and imposts are light, private individuals are encouraged to engage actively in business; enterprise develops, because business men feel it worth their while, in view of the small share of their profits which they have to give up in the form of taxation. And as business prospers the number of taxes increases and the total yield of taxation grows. As time passes and kings succeed each other, they lose their tribal habits in favour of more civilized ones. Their needs and exigencies grow.... owing to the luxury in which they have been brought up. Hence they impose fresh taxes on their subjects -farmers, peasants, and others subject to taxation; sharply raise the rate of old taxes to increase their yield; and impose sales taxes and octrois, as we shall describe later. These increases grow with the spread of luxurious habits in the state, and the consequent growth in needs and public expenditure, until taxation burdens the subjects and deprives them of their gains. People get accustomed to this high level of taxation, because the increases have come about gradually, without anyone’s being aware of who exactly it was who raised the rates of the old taxes or imposed the new ones. But the effects on business of this rise in taxation make themselves felt. For business men are soon discouraged by the comparison of their profits with the burden of their taxes, and between their output and their net profits. Consequently production falls off, and with it the yield of taxation. The rulers may, mistakenly, try to remedy this decrease in the yield of taxation by raising the rate of the taxes; hence taxes and imposts reach a level which leaves no profits to business men, owing to high costs of production, heavy burden of taxation, and inadequate net profits. This process of higher tax rates and lower yields (caused by the government’s belief that higher rates result in higher returns) may go on until production begins to decline owing to the despair of business men, and to affect population. The main injury of this process is felt by the state, just as the main benefit of better business conditions is enjoyed by it. From this you must understand that the most important factor making for business prosperity is to lighten as much as possible the burden of taxation on business men, in order to encourage enterprise by giving assurance of greater profits.

In early 2014, the global economy’s top five companies’ gross cash holdings—those of Apple, Google, Microsoft, as well as the US telecom giant Verizon and the Korean electronics conglomerate Samsung—came to $387 billion, the equivalent of the 2013 GDP of the United Arab Emirates.78 This capital imbalance puts the fate of the world economy in the hands of the few cash hoarders like Apple and Google, whose profits are mostly kept offshore to avoid paying US tax. “Apple, Google and Facebook are latter-day scrooges,” worries the Financial Times columnist John Plender about a corporate miserliness that is undermining the growth of the world economy.79 “So what does it all mean?” Michael Moritz rhetorically asks about a data factory economy that is immensely profitable for a tiny handful of Silicon Valley companies. What does the personal revolution mean for everyone else, to those who aren’t part of what he calls the “extreme minority” inside the Silicon Valley bubble? “It means that life is very tough for almost everyone in America,” the chairman of Sequoia Capital, whom even Tom Perkins couldn’t accuse of being a progressive radical, says. “It means life is very tough if you’re poor. It means life is very tough if you’re middle class. It means you have to have the right education to go and work at Google or Apple.

In the Middle Ages, sugar was a rare luxury in Europe. It was imported from the Middle East at prohibitive prices and used sparingly as a secret ingredient in delicacies and snake-oil medicines. After large sugar plantations were established in America, ever-increasing amounts of sugar began to reach Europe. The price of sugar dropped and Europe developed an insatiable sweet tooth. Entrepreneurs met this need by producing huge quantities of sweets: cakes, cookies, chocolate, candy, and sweetened beverages such as cocoa, coffee and tea. The annual sugar intake of the average Englishman rose from near zero in the early seventeenth century to around eighteen pounds in the early nineteenth century. However, growing cane and extracting its sugar was a labour-intensive business. Few people wanted to work long hours in malaria-infested sugar fields under a tropical sun. Contract labourers would have produced a commodity too expensive for mass consumption. Sensitive to market forces, and greedy for profits and economic growth, European plantation owners switched to slaves. From the sixteenth to the nineteenth centuries, about 10 million African slaves were imported to America. About 70 per cent of them worked on the sugar plantations. Labour conditions were abominable. Most slaves lived a short and miserable life, and millions more died during wars waged to capture slaves or during the long voyage from inner Africa to the shores of America. All this so that Europeans could enjoy their sweet tea and candy – and sugar barons could enjoy huge profits. The slave trade was not

This bio-power was without question an indispensable element in the development of capitalism; the latter would not have been possible without the controlled insertion of bodies into the machinery of production and the adjustment of the phenomena of population to economic processes. But this was not all it required; it also needed the growth of both these factors, their reinforcement as well as their availability and docility; it had to have methods of power capable of optimizing forces, aptitudes, and life in general without at the same time making them more difficult to govern. If the development of the great instruments of the state, as institutions of power, ensured the maintenance of production relations, the rudiments of anatomo- and bio-politics, created in the eighteenth century as techniques of power present at every level of the social body and utilized by very diverse institutions (the family and the army, schools and the police, individual medicine and the administration of collective bodies), operated in the sphere of economic processes, their development, and the forces working to sustain them. They also acted as factors of segregation and social hierarchization, exerting their influence on the respective forces of both these movements, guaranteeing relations of domination and effects of hegemony. The adjustment of the accumulation of men to that of capital, the joining of the growth of human groups to the expansion of productive forces and the differential allocation of profit, were made possible in part by the exercise of bio-power in its many forms and modes of application. The investment of the body, its valorization, and the distributive management of its forces were at the time indispensable.

Here’s some startup pedagogy for you: When confronted with any startup idea, ask yourself one simple question: How many miracles have to happen for this to succeed? If the answer is zero, you’re not looking at a startup, you’re just dealing with a regular business like a laundry or a trucking business. All you need is capital and minimal execution, and assuming a two-way market, you’ll make some profit. To be a startup, miracles need to happen. But a precise number of miracles. Most successful startups depend on one miracle only. For Airbnb, it was getting people to let strangers into their spare bedrooms and weekend cottages. This was a user-behavior miracle. For Google, it was creating an exponentially better search service than anything that had existed to date. This was a technical miracle. For Uber or Instacart, it was getting people to book and pay for real-world services via websites or phones. This was a consumer-workflow miracle. For Slack, it was getting people to work like they formerly chatted with their girlfriends. This is a business-workflow miracle. For the makers of most consumer apps (e.g., Instagram), the miracle was quite simple: getting users to use your app, and then to realize the financial value of your particular twist on a human brain interacting with keyboard or touchscreen. That was Facebook’s miracle, getting every college student in America to use its platform during its early years. While there was much technical know-how required in scaling it—and had they fucked that up it would have killed them—that’s not why it succeeded. The uniqueness and complete fickleness of such a miracle are what make investing in consumer-facing apps such a lottery. It really is a user-growth roulette wheel with razor-thin odds. The classic sign of a shitty startup idea is that it requires at least two (or more!) miracles to succeed. This was what was wrong with ours. We had a Bible’s worth of miracles to perform:

a young Goldman Sachs banker named Joseph Park was sitting in his apartment, frustrated at the effort required to get access to entertainment. Why should he trek all the way to Blockbuster to rent a movie? He should just be able to open a website, pick out a movie, and have it delivered to his door. Despite raising around $250 million, Kozmo, the company Park founded, went bankrupt in 2001. His biggest mistake was making a brash promise for one-hour delivery of virtually anything, and investing in building national operations to support growth that never happened. One study of over three thousand startups indicates that roughly three out of every four fail because of premature scaling—making investments that the market isn’t yet ready to support. Had Park proceeded more slowly, he might have noticed that with the current technology available, one-hour delivery was an impractical and low-margin business. There was, however, a tremendous demand for online movie rentals. Netflix was just then getting off the ground, and Kozmo might have been able to compete in the area of mail-order rentals and then online movie streaming. Later, he might have been able to capitalize on technological changes that made it possible for Instacart to build a logistics operation that made one-hour grocery delivery scalable and profitable. Since the market is more defined when settlers enter, they can focus on providing superior quality instead of deliberating about what to offer in the first place. “Wouldn’t you rather be second or third and see how the guy in first did, and then . . . improve it?” Malcolm Gladwell asked in an interview. “When ideas get really complicated, and when the world gets complicated, it’s foolish to think the person who’s first can work it all out,” Gladwell remarked. “Most good things, it takes a long time to figure them out.”* Second, there’s reason to believe that the kinds of people who choose to be late movers may be better suited to succeed. Risk seekers are drawn to being first, and they’re prone to making impulsive decisions. Meanwhile, more risk-averse entrepreneurs watch from the sidelines, waiting for the right opportunity and balancing their risk portfolios before entering. In a study of software startups, strategy researchers Elizabeth Pontikes and William Barnett find that when entrepreneurs rush to follow the crowd into hyped markets, their startups are less likely to survive and grow. When entrepreneurs wait for the market to cool down, they have higher odds of success: “Nonconformists . . . that buck the trend are most likely to stay in the market, receive funding, and ultimately go public.” Third, along with being less recklessly ambitious, settlers can improve upon competitors’ technology to make products better. When you’re the first to market, you have to make all the mistakes yourself. Meanwhile, settlers can watch and learn from your errors. “Moving first is a tactic, not a goal,” Peter Thiel writes in Zero to One; “being the first mover doesn’t do you any good if someone else comes along and unseats you.” Fourth, whereas pioneers tend to get stuck in their early offerings, settlers can observe market changes and shifting consumer tastes and adjust accordingly. In a study of the U.S. automobile industry over nearly a century, pioneers had lower survival rates because they struggled to establish legitimacy, developed routines that didn’t fit the market, and became obsolete as consumer needs clarified. Settlers also have the luxury of waiting for the market to be ready. When Warby Parker launched, e-commerce companies had been thriving for more than a decade, though other companies had tried selling glasses online with little success. “There’s no way it would have worked before,” Neil Blumenthal tells me. “We had to wait for Amazon, Zappos, and Blue Nile to get people comfortable buying products they typically wouldn’t order online.

Success comes with an inevitable problem: market saturation. New products initially grow just by adding more customers—to grow a network, add more nodes. Eventually this stops working because nearly everyone in the target market has joined the network, and there are not enough potential customers left. From here, the focus has to shift from adding new customers to layering on more services and revenue opportunities with existing ones. eBay had this problem in its early years, and had to figure its way out. My colleague at a16z, Jeff Jordan, experienced this himself, and would often write and speak about his first month as the general manager of eBay’s US business. It was in 2000, and for the first time ever, eBay’s US business failed to grow on a month-over-month basis. This was critical for eBay because nearly all the revenue and profit for the company came from the US unit—without growth in the United States, the entire business would stagnate. Something had to be done quickly. It’s tempting to just optimize the core business. After all, increasing a big revenue base even a little bit often looks more appealing than starting at zero. Bolder bets are risky. Yet because of the dynamics of market saturation, a product’s growth tends to slow down and not speed up. There’s no way around maintaining a high growth rate besides continuing to innovate. Jeff shared what the team did to find the next phase of growth for the company: eBay.com at the time enabled the community to buy and sell solely through online auctions. But auctions intimidated many prospective users who expressed preference for the ease and simplicity of fixed price formats. Interestingly, our research suggested that our online auction users were biased towards men, who relished the competitive aspect of the auction. So the first major innovation we pursued was to implement the (revolutionary!) concept of offering items for a fixed price on ebay.com, which we termed “buy-it-now.” Buy-it-now was surprisingly controversial to many in both the eBay community and in eBay headquarters. But we swallowed hard, took the risk and launched the feature . . . and it paid off big. These days, the buy-it-now format represents over $40 billion of annual Gross Merchandise Volume for eBay, 62% of their total.65

I speak tonight for the dignity of man and the destiny of democracy. . . . At times history and fate meet at a single time in a single place to shape a turning point in man's unending search for freedom. So it was at Lexington and Concord. So it was a century ago at Appomattox. So it was last week in Selma, Alabama. There, long-suffering men and women peacefully protested the denial of their rights as Americans. Many were brutally assaulted. One good man, a man of God, was killed. There is no cause for pride in what has happened in Selma. There is no cause for self-satisfaction in the long denial of equal rights of millions of Americans. But there is cause for hope and for faith in our democracy in what is happening here tonight. For the cries of pain and the hymns and protests of oppressed people have summoned into convocation all the majesty of this great Government--the Government of the greatest Nation on earth. Our mission is at once the oldest and the most basic of this country: to right wrong, to do justice, to serve man. In our time we have come to live with moments of great crisis. Our lives have been marked with debate about great issues; issues of war and peace, issues of prosperity and depression. But rarely in any time does an issue lay bare the secret heart of America itself. Rarely are we met with a challenge, not to our growth or abundance, our welfare or our security, but rather to the values and the purposes and the meaning of our beloved Nation. The issue of equal rights for American Negroes is such an issue. And should we defeat every enemy, should we double our wealth and conquer the stars, and still be unequal to this issue, then we will have failed as a people and as a nation. For with a country as with a person, "What is a man profited, if he shall gain the whole world, and lose his own soul ?" There is no Negro problem. There is no Southern problem. There is no Northern problem. There is only an American problem. . . . But even if we pass this bill, the battle will not be over. What happened in Selma is part of a far larger movement which reaches into every section and State of America. It is the effort of American Negroes to secure for themselves the full blessings of American life. Their cause must be our cause too. Because it is not just Negroes, but really it is all of us, who must overcome the crippling legacy of bigotry and injustice. And we shall overcome." -Lyndon B. Johnson, 15 March 1965