Joan C. Williams, Ro Khanna

The right is starry eyed about the market but coldly realistic about the limitations of government. The left is starry eyed about government but coldly realistic about the limitations of the market. As Churchill once said about democracy, it’s the worst possible system except for all the others. Both the market and the government are deeply flawed tools. But they are all we have.

Joan C. Williams, Ro Khanna

We don’t need to reinvent capitalism. We just need to practice it. That means that corporations that embrace market mechanisms and decry government intervention in the good times should not change the rules when times turn tough. Privatizing profits while socializing risks isn’t capitalism: It’s rigged roulette. Equally important, practicing capitalism does not mean insisting on special treatment from government that benefits shareholders at the … [ Read more ]

Randall Kempner

Many studies show that women are as good as, or better than, men at being businesspeople, and they are more likely to reinvest their earnings in long-term assets like education, health care and housing for their families. Gender inequality is a steep tax on global prosperity.

Darren Walker

[Milton] Friedman ignored that in a democratic-capitalist society, democracy must come first. “We, the people” grant businesses their license to operate — which they, in turn, must earn and renew.

Marianne Bertrand

The shareholder-primacy view of the corporation — which gives little voice to the workers, customers and communities that are impacted by corporate decisions — has been the modus operandi of United States capitalism. Why did this view become so dominant? One rationale was a practical one. Rather than being asked to balance multiple, often conflicting, interests among stakeholders, the manager is given a simple objective … [ Read more ]

Jeremy Darroch

Every business takes from the environment. We get access to resources, roads, infrastructure, and education. So it’s only right that we have a mind-set that we give back, we replenish as well as consume. And we use our voice to try to make a difference.

Martin Reeves, Kevin Whitaker

In the current model of corporate capitalism, each company is treated as an economic island to be optimized individually. While this simplifies management and accountability, it masks the extent of economic and social interdependence between different stakeholders. In contrast, resilience is a property of systems: an individual company’s resilience means little if its supply base, customer base, or the social systems upon which it depends … [ Read more ]

Benjamin Kessler

Big business has arguably become the most dominant force in many societies, subsuming the power of Church and State but not their responsibilities. As a result, the urgent human needs (for security, stability and spiritual nourishment) once met by those institutions must largely go begging.

Gianpiero Petriglieri

A revolution is any change that alters the power structure. This [Fourth Industrial Revolution] is not a revolution. It’s a reformation, because it bolsters the existing power structure. The rhetoric of revolution is a cover-up.

Ha-Joon Chang

Markets weed out inefficient practices, but only when no one has sufficient power to manipulate them.

Louis Nizer

A man who works with his hands is a laborer. A man who works with his hands and his brains is a craftsman. A man who works with his hands, brains, and heart is an artist.

Gregory Mankiw

In the presence of externalities, society’s interest in a market outcome extends beyond the well-being of buyers and sellers who participate in the market; it also includes the well-being of bystanders who are affected indirectly…. The market equilibrium is not efficient when there are externalities. That is, the equilibrium fails to maximize the total benefit to society as a whole.

Rudiger Dornbusch

In economics, things take longer to happen than you think they will, and then they happen faster than you thought they could.

Chris Bradley

The first big test of strategy is: Does your strategy beat the market? And by that, what we really mean is, did you generate economic profit, which is the evidence that you overcame perfect markets? Because—and perhaps this is a scary flashback to your economics textbooks—in perfect markets there is no economic profit. The residual of market imperfections, or what we call competitive advantages, is … [ Read more ]

Daniel Dines

If you look holistically at our known history, like the past 10,000 years, with the invention of agriculture, we’ve been trapped in repetitive work that produced goods and then trapped more and more people in the same cycle. And I think now, we are on the verge of reversing this cycle. So automation technology will free people from doing work they don’t like, because nobody … [ Read more ]

Binyamin Appelbaum

This conceit that markets exists outside of government and that government intrudes on the marketplace is fundamentally wrong. Markets exist in the context of a well-regulated society, they are creatures of that well-regulated society. They have rules, either implicitly or explicitly. And if you’re not writing those rules and just defaulting to the principle that companies can do what they want, you’re going to get … [ Read more ]

Ginia Bellafante

Modern capitalism’s fundamental myth is that acquiring money is the equivalent of achieving success.

Kate Raworth

To the alarm of governments and financiers, forecasts for GDP growth in many high-income countries are flat-lining, opening up a crisis in growth-based economics. Mainstream economics views endless GDP growth as a must, but nothing in nature grows forever, and the economic attempt to buck that trend is raising tough questions in high-income but low-growth countries. That’s because today we have economies that need to … [ Read more ]

Kate Raworth

In the 20th century economic theory whispered a powerful message when it comes to inequality: it has to get worse before it can get better, and growth will eventually even things up. But extreme inequality, as it turns out, is not an economic law or necessity: it is a design failure. Twenty-first century economists recognize that there are many ways to design economies to be … [ Read more ]

Winston Churchill

Capitalism is the unequal distribution of wealth. Socialism is the equal distribution of poverty.