Last week, 250 people worth a total of $30 trillion gathered in London to talk about how the world can make capitalism work better for more people.
The concept, called inclusive capitalism, is an attempt to fix the world's ever-growing income inequality.
More from NPR:
"If this bulk of capital decides that they are going to invest in companies that aren't only thinking about the short-term profit," says Rothschild, "then we will see corporate behavior change."
The titans of commerce and finance didn't necessarily fly to this meeting in London out of a sense of ethics or moral duty, though that may be a motivation for some. For many, says Rothschild, it's a sense of self-preservation. Capitalism appears to be under siege...
That phrase, "inclusive capitalism," is deliberately broad. People talked about it as valuing long-term investment over short-term profits. Some mentioned environmental stewardship; others focused on treating workers well.
On The Daily Circuit, we discuss the concept and how it could be applied in the United States.
Learn more about inclusive capitalism:
• This sociologist has a plan to make America more like Sweden
The idea behind social democracy was to make capitalism better. There is disagreement about how exactly to do that, and others might think the proposals in my book aren't true social democracy. But I think of it as a commitment to use government to make life better for people in a capitalist economy. To a large extent, that consists of using public insurance programs -- government transfers and services -- to achieve three goals in particular. (Washington Post)
• Bill Gates Calls for Capitalism That Serves the Poor
Mr. Gates is arguing that capitalism, appropriately pursued, is in fact the best hope to bring services and improve productivity and create opportunity for the world's 4 billion poor - and that, accordingly, the world needs to invest much more heavily in the micro, small, and medium-sized enterprises that are close to the poor. (Next Billion)
• Inclusive Capitalism Initiative is Trojan Horse to quell coming global revolt
While the self-reflective recognition by global capitalism's leaders that business-as-usual cannot continue is welcome, sadly the event represented less a meaningful shift of direction than a barely transparent effort to rehabilitate a parasitical economic system on the brink of facing a global uprising. (The Guardian)