Meet 17th Century Philosopher, Bernard Mandeville: The First Gordon Gekko

Table of Contents

1. Introduction

2. Who Was Bernard Mandeville?

3. The Origins of "Greed is Good"

4. How Mandeville’s "Private Vices" Align with Gekko’s Capitalism

5. Mandeville’s Critique of Morality and Society’s Dual Nature

6. Legacy of Mandeville’s Thought in Modern Capitalism

7. Conclusion: Reinterpreting Mandeville and Gekko

Bernard Mandeville: The First Gordon Gekko

Introduction

Bernard Mandeville, the 18th-century philosopher and satirist, once argued that vices like greed, vanity, and ambition are not just tolerable but essential to society.

In his 1714 book, The Fable of the Bees, good olde Bernard, presents a bold argument: society can only thrive when individuals are driven by self-interest.

Centuries later, the fictional character Gordon Gekko from Oliver Stone's Wall Street proclaimed, "Greed is good," embodying the spirit of unchecked corporate ambition.

This article explores how Mandeville’s ideas prefigure Gekko’s philosophy and ultimately shows how the mantra "You are what you consume" speaks to the economic and ethical impact of our choices.

Who Was Bernard Mandeville?

Bernard Mandeville (1670–1733) was a Dutch-born physician and philosopher who made a significant mark in England with his controversial economic theories. His work, The Fable of the Bees: or, Private Vices, Public Benefits, presents an allegory where a hive of bees thrives because of, rather than despite, its residents' vices—greed, vanity, and ambition.

"Thus every Part was full of Vice, Yet the whole Mass a Paradise; Flatter’d in Peace, and fear’d in Wars They were th’ Esteem of Foreigners, And lavish of their Wealth and Lives, The Balance of all other Hives. Such were the Blessings of that State; Their Crimes conspired to make them Great; And Virtue, who from Politicks Had learn’d a Thousand Cunning Tricks, Was, by their happy Influence, Made Friends with Vice: And ever since, The worst of all the Multitude Did something for the common Good." An excerpt from The Fable of the Bees

When the bees decide to renounce their vices for virtue, the hive collapses, leading Mandeville to conclude that society’s prosperity hinges on the very behaviors society often condemns.

Influence on Economic Thought

Mandeville’s ideas paved the way for key economic thinkers. Adam Smith, widely regarded as the father of modern economics, developed his concept of the "invisible hand," positing that individual self-interest in a free market inadvertently promotes societal well-being.

Though Smith distanced himself from Mandeville’s more extreme views, he acknowledged the importance of self-interest within economic systems. Later economists, including John Maynard Keynes, saw a role for consumption, even of luxury goods, in sustaining economic growth and stability. By challenging the traditional connection between virtue and prosperity, Mandeville laid the intellectual groundwork for a market-based society.

The Origins of "Greed is Good"

In the 1987 film Wall Street, Gordon Gekko, played by Michael Douglas, famously claims that “greed, for lack of a better word, is good.” Gekko’s philosophy, grounded in the belief that ambition and self-interest are productive, resonates with Mandeville’s core idea. Where Mandeville used bees as an allegory for society, Gekko directly embodies the belief that self-interest drives progress.

Be greedy for the Good - "You Are What You Consume"

The notion that "you are what you consume" is more relevant now than ever, as it highlights how our choices extend beyond mere goods to the values and ideals we embrace. Mandeville and Gekko both argue that society doesn’t thrive by suppressing individual desires but rather by channeling them in ways that drive economic activity. Mandeville’s thesis—that luxury and indulgence are essential for economic demand—suggests that personal ambition, even vanity, can have positive effects when they fuel growth, create jobs, and build a prosperous society.

Today, consumption isn’t limited to products on shelves. We consume ideas, values, and lifestyles with every choice we make, shaping the world in ways we may not fully recognize. Gekko’s famous line, "Greed is good," embodies a consuming ambition that fuels growth and innovation, but it also prompts us to consider: what kind of world are we helping to build?

As consumers, we have the power to be "greedy" for good, choosing to invest in values that enrich society rather than drain it.

This perspective challenges us to reflect on what we consume—not only in terms of material goods but also in ideals and values.

Are we fueling a system that aligns with our principles, or are we unconsciously supporting a cycle of consumption that may come at a social or personal cost? Through intentional choices, we can align our consumption with the kind of society we want to see, allowing ambition to drive us toward not just economic success, but also ethical growth.

How Mandeville’s "Private Vices" Align with Gekko’s Capitalism

Self-Interest as an Economic Driver

Mandeville’s argument for “private vices, public benefits” contends that behaviors like greed, vanity, and ambition aren’t just natural but beneficial for society. These vices drive individuals to work harder, pursue success, and spend, all of which contribute to economic growth and social stability. Similarly, Gekko sees greed as an engine for progress, innovation, and prosperity. Both figures suggest that self-interest has a ripple effect, impacting not only the individual but the entire economy.

Why You Should Care

The idea that “you are what you consume” goes beyond material goods, urging readers to consider the values they support through their choices. Mandeville and Gekko’s arguments underscore how consumer behavior influences economic systems and social values. Are we unconsciously feeding a system that prioritizes profit over ethics? Are our purchases aligned with our personal ideals, or are we buying into a cycle of consumption that may not serve our best interests?

In today’s world, where consumer choices shape industries and reflect social priorities, Mandeville’s fable becomes even more relevant. Our consumption patterns do more than sustain an economy; they reflect and shape societal values. Whether we choose sustainable brands, local businesses, or luxury goods, we are making choices that reflect our collective priorities.

Luxury, Vanity, and Spending

Mandeville saw luxury and vanity not as mere indulgences but as forces that sustain economic demand. This view aligns with Gekko’s belief in the value of wealth and material success. Mandeville’s assertion that society thrives on indulgence and ambition reminds us that our consumption drives industries, supports jobs, and sustains social systems. But it also raises a question: if we are what we consume, are we creating a society that aligns with our values, or one that reflects personal ambition at the cost of social ethics?

Mandeville’s Critique of Morality and Society’s Dual Nature

The Hypocrisy of Moral Society

Mandeville critiques society’s condemnation of vices, pointing out that while society upholds virtues like modesty, it depends economically on behaviors it claims to despise. Gekko’s world operates similarly: Wall Street brokers may publicly uphold ethics, but their success often depends on competitive, profit-driven tactics. Both Mandeville and Gekko reveal the contradictions in moralizing about economic behavior while benefiting from it.

Last year for example an 'innovative' UK start-up paid around £115million in corporation tax, much incidentally than Starbucks, eBay and Apple combined for the same period. That's enough to cover the education of 15,000 British schoolchildren, capitalism at its best right? And the name of the start-up....ehhh... 'OnlyFans'.

The Cost of "Virtuous" Society,

According to Mandeville, a society focused on virtue risks economic stagnation by discouraging behaviors that drive industry and consumption. This idea is mirrored in Gekko’s disdain for constraints on corporate ambition.

If “you are what you consume,” then consumption reflects our values. Are we willing to sacrifice ethical standards for economic gain? Mandeville’s fable encourages us to consider the hidden costs of consumption and ask ourselves what trade-offs we’re willing to make.

Vice as a Catalyst for Innovation and Growth

Both Mandeville and Gekko suggest that ambition and self-interest, often deemed vices, are essential to societal advancement. This prompts us to view consumption as more than just personal choice; it’s a reflection of societal priorities. As consumers, we’re not just fulfilling desires; we’re shaping the kind of world we want to live in.

Legacy of Mandeville’s Thought in Modern Capitalism

From Mandeville to Adam Smith

Mandeville’s ideas laid the groundwork for economic theories that embraced self-interest as productive, influencing figures like Adam Smith. Smith’s “invisible hand” advanced the idea that individuals pursuing their own interests could inadvertently benefit society, aligning with Mandeville’s controversial argument that vice could yield public benefits.

Gekko as a Modern Mandeville

Gekko’s character embodies Mandeville’s philosophy, unapologetically prioritizing personal ambition as a driver of prosperity. Gekko’s persona captures the spirit of Mandeville’s “private vices, public benefits” argument, illustrating the complexities of consumer-driven economies and the ethical dilemmas they create.

Enduring Influence on Business Ethics

Mandeville’s ideas challenge us to think critically about consumption, self-interest, and societal values. The question of “you are what you consume” encourages mindfulness about the impact of our choices on the world. Are we supporting industries that align with our ethics, or are we feeding into systems that prioritize profits above all? The consumption choices we make reflect not only who we are but also the society we’re building.

Conclusion: Reinterpreting Mandeville and Gekko

Mandeville and Gekko both expose the moral ambiguities of capitalism and consumer behavior, challenging us to consider the hidden costs of consumption—whether in material goods, ambitions, or ideals. Their insights remind us that "you are what you consume" isn’t just about what we buy; it’s about the values, principles, and societal outcomes we support with every choice.

As consumers, we are not merely passive participants in the economy; we actively shape it. Every purchase reflects what we value and believe, influencing industries, shaping cultures, and defining priorities. The challenge today isn’t to avoid consumption but to consume consciously, aligning our choices with the kind of society we want to build. When we support companies that prioritize ethical practices, value sustainability, or give back to their communities, we invest in a future that values not only economic growth but also social responsibility.

Consider your own choices: Are your purchases aligned with the values you want to see in the world? How can you be "greedy for the good," using your power as a consumer to drive positive change?

In the end, Mandeville’s fable serves as a powerful reminder that consumption is more than an economic act; it’s a statement of who we are. By choosing wisely, we can fuel not only a prosperous society but a conscientious one. Let’s build a culture where ambition drives us toward ethical growth, proving that our choices as consumers can reflect both our values and our visions for the future.

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