There was a conference in London yesterday with some 250 delegates who apparently "control" some $30 Trillion in assets under management to discuss inclusive capitalism. Having looked up what the term means it is about making capitalism work for the majority and also on reducing poverty and allowing people to move up the income/wealth ladder. According to the Inclusive Capitalism Initiative website LINK1
"Inclusive Capitalism is a movement that seeks to respond to the serious
dislocations caused by developments in the capitalism of the last 30 years:
worldwide increases in income inequality, large-scale corporate and
financial scandals and the fraying of public trust in business, historically
high and persistent unemployment and short-term approaches to managing and
owning companies.
At its core, Inclusive Capitalism is concerned with fixing the elevator of
the economist Larry Katz’s famous analogy that portrays the American economy as an apartment block in which the penthouses have increased in size, the middle
apartments are more and more squeezed, the basement is flooded, but what “gets people down the most” is that the elevator is broken."
All fine and good, but my real gripe is that if the ideas are going to be generated only by the well to do and extremely wealthy like the Rothchilds, hedge fund managers, CEOs, bankers, a few well known academics, heads of NGOs and the UK monarchy in the form of Prince Charles then it not really going to achieve much. What about inviting people that live in poverty? Or inviting people that have overcome poverty? Or people that have had successful ventures that help people in poverty? Why not ask people who are in poverty about what will improve their lives and any suggestions they might have? The trouble is the "inclusive capitalism initiative" does not seem to want both the rich and poor to be included in the debate - a bad start I would say!
"Inclusive Capitalism is a movement that seeks to respond to the serious
dislocations caused by developments in the capitalism of the last 30 years:
worldwide increases in income inequality, large-scale corporate and
financial scandals and the fraying of public trust in business, historically
high and persistent unemployment and short-term approaches to managing and
owning companies.
At its core, Inclusive Capitalism is concerned with fixing the elevator of
the economist Larry Katz’s famous analogy that portrays the American economy as an apartment block in which the penthouses have increased in size, the middle
apartments are more and more squeezed, the basement is flooded, but what “gets people down the most” is that the elevator is broken."
All fine and good, but my real gripe is that if the ideas are going to be generated only by the well to do and extremely wealthy like the Rothchilds, hedge fund managers, CEOs, bankers, a few well known academics, heads of NGOs and the UK monarchy in the form of Prince Charles then it not really going to achieve much. What about inviting people that live in poverty? Or inviting people that have overcome poverty? Or people that have had successful ventures that help people in poverty? Why not ask people who are in poverty about what will improve their lives and any suggestions they might have? The trouble is the "inclusive capitalism initiative" does not seem to want both the rich and poor to be included in the debate - a bad start I would say!
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