Utah Gov. Spencer Cox, known for initiatives on political civility and energy abundance, rolled out a new talking point this week in front of leading international business people in Washington, D.C., and Salt Lake City.
The Republican governor preached what could be described as a theory of community-centered capitalism.
Like any good conservative, Cox has long prioritized cultivating a corporate-friendly environment in Utah, complete with a six-year streak of cutting income taxes and a campaign to speed up government permits.
By key economic metrics, Utah’s free-market policy orientation appears to have paid off.
Utah has the highest year-over-year, and 10-year cumulative GDP growth in the country, the highest median household income adjusted for cost of living and the No. 1 economic outlook now 19 years running.
For three years in a row, U.S. News & World Report has ranked Utah as the best state. But, at high-profile events on Tuesday and Thursday, Cox didn’t point to the economy. The secret, he said, is what Utah’s economy is pointed to.
Utah is “a place where we still believe in community. A place where we still believe in faith and virtue and taking care of our neighbors,” Cox said. “A place where we believe that the economy works for us, and not us for the economy.”
Amid global turmoil, stability becomes a peculiar trait, and one that is increasingly attracting attention to Utah, Cox told the executives, diplomats and community leaders attending the annual Crossroads of the World summit.
As favorable views toward capitalism creep downward, and crash among young people, the unlikely answer coming from Cox is to remind capitalists what Utah never forgot: that business is at its best when it’s building community.
A moment of global uncertainty
Attendees at the two-day conference hosted by World Trade Center Utah and Zions Bank were greeted by a stark assessment of the world economy from Ian Bremmer, a political scientist and founder of the Eurasia Group.
Russian alienation, Chinese aggression and Middle East military action are shifting international relations as oil shortages, tariffs and artificial intelligence increase the odds of a global recession, Bremmer and others said.
Utah has seen positive movement as it navigates the tariff regime established by President Donald Trump, Zions’ senior economist Robert Spendlove said, with an increase in exports and a surge in technology imports from Taiwan.
But the dominant force in Utah and U.S. economies is uncertainty, Spendlove said, because it is too soon to tell what will be the long-term impacts of tariffs on prices and production, and of AI on efficiency and employment.
Faced with these obstacles, businesses are looking for economic stability. But, more than that, Cox said business people, feeling “unmoored” and “unsettled” like they haven’t for “generations,” are looking for a stable life.
“The people across the globe are just desperate for goodness, for community, for connection,” Cox said. “So where in the world, where in the United States of America would you rather be than in the state of Utah?”
Cox said “Utah was in demand in a way that we have just never seen before” at the Select USA Investment Summit in Maryland on Tuesday, with international investors from Australia, Canada, Japan and South Korea lining up.
Utah’s competitive advantage is not its regulatory environment, Cox said, it’s a culture that encourages entrepreneurialism that gives back to “the least among us” — a capitalism of “neighborhoods,” not “boardrooms.”
This informs Cox’s approach to “pro-human” AI development. Concluding his remarks, the governor urged his audience not to lose sight of the fact that these technologies “work for us” so “we don’t become slaves to them.”
What are Utah’s unique values?
Cox’s idealistic message of business channeling humanity’s best values comes as Americans, especially young adults, have become more pessimistic toward the U.S. economic system than at any other point in recent history.
The share of Americans who view capitalism favorably fell to 54% in 2025, according to a Gallup survey. This is down 6 percentage points from 60% in 2021, and the lowest number since Gallup started asking the question in 2010.
A December YouGov/Economist poll found when asked to pick between capitalism and socialism, 41% of Americans chose capitalism and 21% chose socialism. That flipped among ages 18-29 to 26% capitalism and 28% socialism.
Some of this can be attributed to a feeling that capitalism has become unanchored from place and people, according to Ryan Beck, managing partner at Tapestry Capital, a Salt Lake City firm focused on long-term Utah investments.
“A relational approach to business means the lines between community and business get blurred in really profound ways that do create stability and that do share the gains of capitalism more broadly,” Beck told the Deseret News.
An example, Beck said, is the Larry H. Miller Company, which has poured resources into disadvantaged neighborhoods. But to maintain this culture, Utah must recognize “there’s certain money we don’t want in this state,” Beck said.
Money is not “the end goal,” Cox said on Tuesday; the real end is reflected in Utah having the best upward economic mobility in the country, correlated with the highest rates of two-parent homes, religious attendance and social capital.
Cox plans to build on Utah’s social capital, defined by family unity, charitable giving and neighborhood friendships, by leading a nationwide “America’s Potluck” initiative, inviting the country to share a communal meal on July 5.
President of Interfaith America Eboo Patel, who popularized the idea of potlucks as a metaphor — and a real-life practice — “to save diverse democracy” said a strong social fabric starts with crossing the street to have a conversation.
Strong communities are “the cornerstone for any civilization,” and require people to welcome diverse identities while striving to serve the common good with respect, relationships and cooperation, Patel said.
“There are too many people tempting us to look at the things we don’t like about one another,” he said. “Gov. Cox is one of the most important leaders inviting us to consider what we like about one another and how we can connect on that common ground.”