The Generous Manifesto

No?l’s book reviews: This Could Be Our Future by Yancey Strickler

Opinion:

Yancey Strickler is an inspiring author. His book lays the foundations of value maximization instead of financial maximization. Like many of you, I too thought, "not another author that makes a case to let go of monetary value." We have been told, "there is more to life than money," but very few have told us how to put that into practice. Strickler pragmatically outlines how using his Japanese framework can help you maximize the values that matter to you.

This book allows readers to take a long-term view of things. In contrast to the short-term gains perspective, which is dominating society. I recommend this book to anyone interested in the sustainability movement or looking to incorporate their values proactively in their decision-making.

Key messages about creating a more generous world:

·        Focus on generating the most value and not the most money

·        Practices that seem normal today; might not be normal in the future.

·       Do not compromise long-term goals for short term gains.

·       Just because something isn't measurable doesn't mean it's not important.

·       Change does not equal progress; however, deliberate practice of value maximization results in positive change.

Chapter summaries: (Note: the book is organized as such that the first five chapters are grouped as part one and the remaining five are grouped as part two)

1.      A Simple Idea

Meet Yancey and why he thinks there is more to life than money

The author, Yancey Strickler, spends the first chapter of the book introducing himself and why he decided to write it. Strickler does not come from a wealthy background, nor does he have an expertise in finance, yet he was still able to fund 100,000s of projects and making dreams come true globally with his company, Kickstarter. According to Strickler, it boils down to focusing on maximizing value in the non-financial sense. The narrative is that this change is coming, whether you agree with it or not.

2.      The No-Left Turn Rule

Financial maximization is the default setting

Strickler describes how society arrived at this finance-focused world. He reiterates what behavioral economists have said: individuals use hidden defaults or biases to make life easier and quicker to process. In the 1950s, under the influence of Adam Smith's ideas, the United States took Smith's views on profit maximization to new heights. They became the sole end of strategies and even developed into a field of study: game theory. Strickler makes a good point that just because it normal today does not mean it will be normal tomorrow.

3.      Why Everything is the Same

Homogenization of society is driven by financial maximization

The chapter has a variety of examples that demonstrate that society is slowly developing homogenous tastes. Examples range from hit songs to startups, describing how the larger the entity, the more revenues it generates. Instead of innovating, the aim is to expand an existing and popular idea to generate even more financial returns. Moreover, the process reinforces itself as the large entities only increase over time as they push out the smaller entities. Interestingly, the author does not negate the benefits of this homogeneity; however, it does warn the readers that this might not be a world we want to build.  

4.      The Mullet Economy

An ugly hairstyle that describes an ugly economic system

The chapter's premise is simple: the economy has become an efficient two-step money extraction machine. First, the hard-nosed and cold-blooded business strategies to cut costs and dominate the competition. Second, the distribution of wealth to the executives and shareholders to be spent lavishly. The metaphor Strickler is fitting; a mullet with business in the front and a party in the back, respectively. Readers will be left disillusioned by the system, as Strickler clearly outlines how the maximizing financial system can generate profits without prosperity.    

5.      The Trap

Financial maximization is a self-propagating and enticing trap, but it can be avoided

Strickler opens with an eye-opening figure from a UCLA study: the goal of being rich among incoming first-year students in 1970 was deemed essential to only 28% of students. In 2016, becoming rich was considered to be essential by 82% of incoming students. This statistic accurately drives the idea that financial maximization is a trap that captures more and more individuals every year. Furthermore, Strickler shares his experience with the financial maximization trap as CEO of Kickstarter. He describes how sticking to their values and growing slowly actually paid off in the long-run because they didn't compromise long-term goals for short term gains.

6.      What’s Really Valuable?

Money is necessary, but the real value lies in values

Strickler is quick to point out that money is worth pursuing to an extent. Money is necessary to survive and establish a foundation on which one grows. However, the author argues that individuals start to thrive when they can consistently engage their values, such as happiness or curiosity. He also provides some examples where our tools for measuring value cannot capture it accurately, but that doesn't mean that it isn't important to account for the value out of scope.  

7.      Bentoism

Expanding the definition of self-interest and rational decision making for a better future

 Based on a Japanese meal container, a bento box, Strickler has developed a tool to evaluate decisions based on your values and context, and time. The critical differences in Bentoism and financial maximization are that self-interest goes beyond monetary value and is expanded to your values and the broader community (referred to as "Us"). It is a values processor split into four categories: now me, now us, future me, and future us. Strickler defines each quadrant and uses both real and fictional scenarios to demonstrate how to use the bento box.  

8.      Adele Goes on Tour

Real-life examples of Bentoism will make you feel good

This chapter is filled with real-life examples of applying a Bentoist perspective to problems. The results speak for themselves and are inspiring at that. Interestingly, the Bento box offers a chance to proactively evaluate decisions instead of other tools that only act reactively as a learning opportunity. Furthermore, the author outlines how a whole range of companies have pledged to go beyond profit called B corporations and align directly with Bentoism.

9.      How to do a perfect handstand

The movement away from financial maximization will take 30 years

 Obviously, the transition from monetary to value maximization will take time. Strickler uses the generational change theory to describe how society's values change as the participants cycle through the stages of life. He predicts that in 2050 society will change, and with the consistent and relentless practice of Bentoism, we can achieve a culture that goes beyond financial gains and maximizes values. Strickler does warn the readers that change does not equate to progress.

10.  Values Maximizing Class

Try Bentoism yourself and a glimpse of a 2050 Bento Society

The final chapter is practical: it describes how individuals and companies can use Bento boxes to create a value-maximizing society. Strickler provides helpful guiding questions for readers to set up their own bento boxes and provide examples of Apple's bento box. Finally, the author closes with his dream for 2050 with the bento society. It is not too different from now, but finance no longer dominates markets, and creating value is at the heart of the economy.