"What is capitalism and what should it look like moving forward? How do we make sure that people are not left behind?"
As high inflation continues and recession fears abound, there is great concern that the working class will be left further behind as the top 1 percent continues to accrue wealth – which begs the question, is capitalism working for all of us? At least four forces are pushing for new ideas about capitalism and many potential areas of inquiry arise from these pressures, including: changes in the economic environment; the roles of investors in influencing business decision-making; effects of social movements on business decision-making; and actions by individual firms or groups of firms to address climate change.
Shareholders vs. Stakeholders: How Business Leaders Should Prepare for the Future of Capitalism
New CBS research suggests how corporate powers can overcome non-market forces and create success. In a New York Times essay, "A Friedman Doctrine," famed economist Milton Friedman argued that the single point of social responsibility for any business is to “increase its profits so long as it stays within the rules of the game.”
Rethinking Capitalism: Is the Current System Working for America?
Oren Cass and Professor Glenn Hubbard Discuss the Challenges and Solutions for an Evolving Capitalist System. Hundreds of students graduating from prestigious business schools every year will go on to run global companies, economies, and even countries. As part of their education, significant swathes of those graduates will have studied the theories of modern political economists like Adam Smith, David Ricardo, and other proponents of classical liberalism, as well as champions of the neoliberal school, like Friedrich Hayek and Milton Friedman.
The Future of Capitalism @TheHub Speaker Series with Joe Stiglitz
On February 22, 2023, Columbia Business School hosted Nobel Prize recipient Professor Joseph E. Stiglitz during the first installment of a new speaker series from The Hub. February's event, "The Future of Capitalism," was led by CBS Dean Emeritus Glenn Hubbard.
Professor Stiglitz discussed his vision for developing a more progressive capitalism that seeks to strike a better balance between free markets and the necessary restraints of regulation.
He answered questions on the importance of competition, the role of business leaders, economic inequality, and excessive consumerism, among other topics posed by event attendees.
Dean Emeritus and Russell L. Carson Professor of Finance and Economics Glenn Hubbard will convene business professionals, philanthropic leaders, academics, and journalists to explore these issues, including whether traditional cultural and economic factors supporting innovation and capitalism are still the right ones, as well as the roles for business and government in a modern capitalist economy.