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For example, in April 2008, Vermont became the first U.S. state to allow a new type of business called the “low-profit limited liability company.” Dubbed an L3C, this entity is a corporation—but not as we typically think of it. As one report explained, an L3C “operate[s] like a for-profit business generating at least modest profits, but its primary aim [is] to offer significant social benefits.” Three other U.S. states have followed Vermont’s lead.4 An L3C in North Carolina, for instance, is buying abandoned furniture factories in the state, updating them with green technology, and leasing them back to beleaguered furniture manufacturers at a low rate. The venture hopes to make money, but its real purpose is to help revitalize a struggling region.
“Do we really need to go through courses with very specialized knowledge that often provides a huge amount of stuff that is very detailed, very specialized, very arcane, and will be totally forgotten in a couple of weeks? Especially now, when all the information is on your phone. You have people walking around with all the knowledge of humanity on their phone, but they have no idea how to integrate it. We don’t train people in thinking or reasoning.”
2008 global financial crisis. “Insurance regulators regulated insurance, bank regulators regulated banks, securities regulators regulated securities, and consumer regulators regulated consumers,” the official told me. “But the provision of credit goes across all those markets. So we specialized products, we specialized regulation, and the question is, ‘Who looks across those markets?’
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