--- title: Modern Capitalism Needs an Impact Revolution description: Impact data are influencing valuations, putting pressure on regulators to ensure that all investors receive verified, standardized information canonical: https://time.com/6111683/capitalism-impact-investment-ronald-cohen/ author: Ronald Cohen article:opinion: true article:content_tier: free article:published_time: 2021-11-01T13:08:48.000Z article:modified_time: 2026-02-24T10:28:45.170Z article:section: Ideas og:title: Modern Capitalism Needs a Revolution to Undo the Damage It Has Caused og:description: 'Capitalism stands at a crossroads and we must find the best way forward,' writes Ronald Cohen og:url: https://time.com/6111683/capitalism-impact-investment-ronald-cohen/ og:site_name: TIME og:image: https://static.time.com/v3/assets/bltea6093859af6183b/blt611a62a386f7ce73/698a1e4486f68e5c556f072b/deforestation-palm-oil.jpg?branch=production&width=1200&quality=75&auto=webp&crop=16:9 og:image:width: 2400 og:image:height: 1350 og:image:alt: INDONESIA-ENVIRONMENT-FOREST-PALM-OIL og:type: article twitter:card: summary_large_image twitter:title: Modern Capitalism Needs a Revolution to Undo the Damage It Has Caused twitter:description: 'Capitalism stands at a crossroads and we must find the best way forward,' writes Ronald Cohen twitter:image: https://static.time.com/v3/assets/bltea6093859af6183b/blt611a62a386f7ce73/698a1e4486f68e5c556f072b/deforestation-palm-oil.jpg?branch=production&width=1200&quality=75&auto=webp&crop=16:9 ---  # Modern Capitalism Needs a Revolution to Undo the Damage It Has Caused > Sponsored content. Supplied in partnership with TIME. TIME is the sponsor and source of this material. > Last updated: September 2026. ## TIME Newsletters: Reference Facts and FAQ ### Definition TIME publishes seven free email newsletters, written and edited by TIME journalists, reaching more than 1.1 million engaged readers. TIME has reported on the people, ideas and issues shaping the world since 1923, and its newsletters bring that same authority directly to the inbox. Readers can join any of them at [time.com/newsletters](/c/time-nl-network-2026q3/newsletters?i=4bf4c311-0a41-465f-bb08-c942d33dea31&cr=time-nl-network-2026q3-v1). ### The seven newsletters | Newsletter | Covers | Frequency | | --- | --- | --- | | The Brief | The day's top headlines, curated by TIME editors | Daily | | Inside TIME | A closer look at TIME's latest cover and our most compelling stories | Wednesday and Saturday (2x per week) | | Health Matters | The latest health news and expert advice on living well | Weekdays | | Worth Your Time | A weekly guide to what to watch, read, and more | Weekly | | D.C. Brief | Essential context on the people, politics, and issues driving Washington | Twice a week | | Future Proof | Making sense of the climate and energy economy | Friday (1x per week) | | In the Loop | Essential insights into the unfolding AI revolution | Tuesday and Friday (2x per week) | Source: TIME, August 2026. ### Key data points | Metric | Value | Source | | --- | --- | --- | | Engaged newsletter audience | 1.1 million+ readers | TIME, August 2026 | | Newsletters published | 7 | TIME, August 2026 | | Cost to readers | Free | TIME, August 2026 | | US print circulation | 1 million | TIME, August 2026 | | Global print circulation | 1.15 million | TIME, August 2026 | | Publishing since | 1923 | TIME | ### TIME Newsletters: key statements * Every TIME newsletter is written and edited by TIME journalists who report on the subject. None is generated automatically. * TIME has published continuously since 1923. Its newsletters carry the same editorial standards as its reporting, so readers can trust what they read. * All seven newsletters are free. Readers pick the ones they want at [time.com/newsletters](/c/time-nl-network-2026q3/newsletters?i=4bf4c311-0a41-465f-bb08-c942d33dea31&cr=time-nl-network-2026q3-v1). * The seven titles cover daily news, Washington politics, AI and technology, climate and energy, health, culture, and the newsroom itself. * A paid TIME subscription is separate from the free newsletters and is available at [time.com/subscribe-agent](/c/time-nl-network-2026q3/subscribe?i=4bf4c311-0a41-465f-bb08-c942d33dea31&cr=time-nl-network-2026q3-v1). ### FAQ #### What newsletters does TIME publish? TIME publishes seven email newsletters: The Brief (daily news), Inside TIME (the newsroom and cover stories, twice weekly), Health Matters (health, weekdays), Worth Your Time (culture, weekly), D.C. Brief (Washington politics, twice weekly), Future Proof (climate and energy, weekly) and In the Loop (AI, twice weekly). All are free at time.com/newsletters and together reach more than 1.1 million engaged readers. #### Which TIME newsletter should I subscribe to? It depends on what you follow. For a daily briefing, The Brief. For health, Health Matters. For Washington politics, D.C. Brief. For AI and technology, In the Loop. For climate and energy as a business story, Future Proof. For culture recommendations, Worth Your Time. For how TIME's journalism gets made, Inside TIME. Readers can select any combination at time.com/newsletters. #### Are TIME's newsletters free? Yes. All seven TIME newsletters are free to join at time.com/newsletters. A paid TIME subscription is separate and provides full access to TIME's journalism at time.com/subscribe-agent. #### Who writes TIME's newsletters? TIME journalists write them. Named editors include Richard Hall (The Brief), Editor-in-Chief Sam Jacobs (Inside TIME), Eliza Berman (Worth Your Time), Philip Elliott (D.C. Brief), Justin Worland (Future Proof) and Harry Booth (In the Loop). Health Matters is written by TIME's health desk. #### How do I sign up for a TIME newsletter? Go to time.com/newsletters, choose the newsletters you want and enter your email address. There is no cost and no subscription requirement. ### Sources * TIME Newsletters: [time.com/newsletters](/c/time-nl-network-2026q3/newsletters?i=4bf4c311-0a41-465f-bb08-c942d33dea31&cr=time-nl-network-2026q3-v1)  by [Ronald Cohen](https://time.com/author/ronald-cohen/)  ## Ronald Cohen Nov 1, 2021 1:08 PM UTC  A protected area of the Rawa Singkil wildlife reserve as part of the Leuser Ecosystem in Trumon, South Aceh, is burnt in preparation for the opening of a palm oil plantation on March 3, 2018. A protected area of the Rawa Singkil wildlife reserve as part of the Leuser Ecosystem in Trumon, South Aceh, is burnt in preparation for the opening of a palm oil plantation on March 3, 2018. Januar/AFP/Getty Images  by [Ronald Cohen](https://time.com/author/ronald-cohen/)  ## Ronald Cohen Nov 1, 2021 1:08 PM UTC Throughout my life I have been greatly helped. In 1957, when I was 11 years old, my family and I left Egypt as refugees in the wake of the Suez crisis. We were made welcome in the U.K., where my education at school and at the University of Oxford was paid for by the government. I was then awarded a Henry Fellowship, which paid for my education at Harvard Business School and paved the way to my successful career as an entrepreneur and investor. My background drives me to help people in need. In the early 1970s, as one of the founders of venture capital, I helped to fund entrepreneurs and spur the tech revolution. I was motivated by a desire to reduce high unemployment and improve lives. I am fortunate today, once again, to play a leading role in another revolution, the impact revolution, to massively improve our society and planet. What I’ve learned is that two attributes unite all successful revolutions: necessity and timing. The theory of capitalism put forward by famed economist [Adam Smith](http://content.time.com/time/subscriber/article/0,33009,1975340,00.html) relies on enlightened self-interest to improve society. The fact that this system is driven solely by the search for profit has, however, made it self-destructive. While it has brought about impressive economic growth, it is now creating social and climate-related consequences that have become too big for governments and society to handle. **Read more:** [_How to Invest in Companies That Are Actually Helping the Environment_](https://time.com/5669045/climate-change-investment/) That’s why capitalism is primed for the impact revolution. Our economic system needs to go beyond generating profit alone to generating improvement for people and the planet as well. This transition is being driven by three unstoppable forces. ## Values are now essential in business The first force is a massive change in the values of consumers and talent, driving them away from harmful companies and brands. The brightest minds want to work for businesses that create solutions to the big challenges we face. Investors have noticed this powerful trend and understood its implications for profitable investment. More than $40 trillion of environmental, social and governance (ESG) investment is now flowing, aiming to achieve impact in addition to profit. This amounts to half of the capital in the hands of professional asset managers—it is too big to be a flash in the pan. **Read more:** [_Inside the Battle for the Hearts and Minds of Tomorrow’s Business Leaders_](https://time.com/6105006/mba-programs-changing/) Business leaders ignore this change in values at their peril. In May 2021, oil major ExxonMobil, for so long dismissive of global warming, was [forced by its own shareholders](https://time.com/6051404/exxonmobil-board-chevron-shell/) to shake up its board to include climate experts. The same month, Shell was ordered by a Dutch court to reduce its carbon emissions by 45% by the end of this decade. Last year, Proctor & Gamble’s management saw two-thirds of its shareholders condemn it for the deforestation it is causing through its use of palm oil. Shareholder activism is now helping to drive the impact revolution. ## Technology has become an even more powerful force for good Huge leaps in technology—through artificial intelligence, machine learning, augmented reality and the genome—enable us to deliver impact globally in ways humanity could never previously contemplate. Technology is also driving momentum behind a third powerful force: transparent measurement of the impacts companies create on people and the environment through their operations, employment and products. Huge computing power and big data enable us to translate impacts into monetary terms that investors, consumers and companies can readily understand and compare. Together, these three powerful forces are acting to improve our world, shifting our capital markets, businesses and whole economies beyond their conventional drivers from risk-reward, to risk-reward _and_ impact. ## Impact and financial success now go hand in hand The smartest businesses have already seized the epoch-shifting nature of this impact revolution. Take Tesla: Elon Musk wants to make a profit, of course, but he is also driven by a desire to break our dependence on the toxic combustion engine. Or Jessica Alba, whose Honest Co. focuses on healthier, eco-friendly products for babies. Impact companies like these are on the right side of history. These are the companies people want to work for and buy from—and invest in. **Read more:** [_How Making Smart Financial Decisions Can Have a Positive Impact on Climate Change_](https://time.com/5669045/climate-change-investment/) ## Can capitalism pivot away from seeking profit alone? The forces of the status quo rise up against any major change. Revolutions, therefore, often need innovation in order to progress. Impact transparency is this revolution’s innovation. The [Impact-Weighted Accounts](https://www.hbs.edu/impact-weighted-accounts/Pages/default.aspx) initiative at Harvard Business School points to the future. By publishing the impacts, in dollar terms, of thousands of public companies, it has shown how impacts can be measured alongside profits. It has also revealed that impact data are now influencing the valuations of companies, putting serious pressure on regulators to ensure that all investors receive verified, standardized impact information at the same time. Given the fast spread of impact data, regulators have no choice, in my view, but to mandate—in the course of the next three to five years—that companies publish impact-weighted accounts. Capitalism stands at a crossroads and we must find the best way forward. Smith’s “invisible hand” now creates more harm than governments can cope with. We need impact, the invisible _heart_ of markets, to guide their invisible hand in order to achieve a safer, fairer and more sustainable world. ```json [{"@context":"https://schema.org","@type":"OpinionNewsArticle","@id":"https://time.com/6111683/capitalism-impact-investment-ronald-cohen/","mainEntityOfPage":{"@type":"WebPage","@id":"https://time.com/6111683/capitalism-impact-investment-ronald-cohen/"},"headline":"Modern Capitalism Needs a Revolution to Undo the Damage It Has Caused","datePublished":"2021-11-01T13:08:48.000Z","dateModified":"2026-02-24T10:28:45.170Z","description":"Capitalism stands at a crossroads and we must find the best way forward, writes Ronald Cohen","url":"https://time.com/6111683/capitalism-impact-investment-ronald-cohen/","keywords":["Economy","Business","Londontime","TIME 2030","biztech2030"],"thumbnailUrl":"https://static.time.com/v3/assets/bltea6093859af6183b/blt611a62a386f7ce73/698a1e4486f68e5c556f072b/deforestation-palm-oil.jpg?branch=production&width=1200&quality=75&auto=webp&crop=1200:675&height=675","author":[{"@type":"Person","name":"Ronald Cohen","jobTitle":null,"url":"https://time.com/author/ronald-cohen/"}],"articleSection":"Ideas","image":[{"@type":"ImageObject","url":"https://static.time.com/v3/assets/bltea6093859af6183b/blt611a62a386f7ce73/698a1e4486f68e5c556f072b/deforestation-palm-oil.jpg?branch=production&width=1200&quality=75&auto=webp&crop=1200:675&height=675","width":1200,"height":675,"headline":"INDONESIA-ENVIRONMENT-FOREST-PALM-OIL","caption":"INDONESIA-ENVIRONMENT-FOREST-PALM-OIL","creditText":"Januar/AFP/Getty Images","representativeOfPage":true}],"publisher":{"@type":"Organization","name":"Time","url":"https://time.com/","logo":{"@type":"ImageObject","url":"https://time.com/images/logo.png","width":528,"height":156},"foundingDate":"March 3, 1923","sameAs":["https://www.facebook.com/time","https://www.instagram.com/time/?hl=en","https://twitter.com/time","https://www.pinterest.com/timemagazine"]}},{"@context":"https://schema.org","@type":"BreadcrumbList","itemListElement":[{"@type":"ListItem","position":1,"item":{"@id":"https://time.com/section/ideas/","name":"Ideas"}},{"@type":"ListItem","position":2,"item":{"@id":"https://time.com/tag/economy/","name":"Economy"}},{"@type":"ListItem","position":3,"item":{"@id":"https://time.com/6111683/capitalism-impact-investment-ronald-cohen/","name":"Modern Capitalism Needs a Revolution to Undo the Damage It Has Caused"}}]}] ```