Today we have a temporary aberration called "industrial capitalism" which is inadvertently liquidating its two most important sources of capital... the natural world and properly functioning societies. No sensible capitalist would do that.

Lovins argues that what passes for modern “industrial capitalism” behaves like a firm that is consuming its own balance sheet. By treating ecosystems and social stability as free or external to the market, the system “liquidates” foundational forms of capital—natural capital (clean air, water, biodiversity, climate stability) and social capital (healthy, cohesive, well-governed communities). The punchline—“No sensible capitalist would do that”—reframes environmental and social protection not as anti-business constraints but as basic prudence: a rational capitalist preserves productive assets rather than depleting them for short-term gain. The quote encapsulates Lovins’s broader theme that true efficiency and long-term profitability align with ecological stewardship and resilient societies.